Mitsubishi UFJ Asset Management Co. Ltd. Sells 212,576 Shares of Paramount Global (NASDAQ:PARA)

Mitsubishi UFJ Asset Management Co. Ltd. lessened its holdings in Paramount Global (NASDAQ:PARA) by 27.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 567,938 shares of the company’s stock after selling 212,576 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Paramount Global were worth $6,060,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Paramount Global by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 67,040,366 shares of the company’s stock valued at $701,242,000 after acquiring an additional 761,561 shares during the period. Lingotto Investment Management LLP grew its stake in shares of Paramount Global by 3.7% in the fourth quarter. Lingotto Investment Management LLP now owns 44,753,299 shares of the company’s stock worth $468,120,000 after purchasing an additional 1,593,579 shares during the last quarter. State Street Corp increased its holdings in Paramount Global by 18.4% in the third quarter. State Street Corp now owns 44,154,027 shares of the company’s stock valued at $470,695,000 after purchasing an additional 6,848,037 shares during the period. Geode Capital Management LLC raised its position in Paramount Global by 12.1% during the 3rd quarter. Geode Capital Management LLC now owns 14,842,966 shares of the company’s stock worth $157,168,000 after purchasing an additional 1,606,779 shares during the last quarter. Finally, Contrarius Group Holdings Ltd acquired a new position in Paramount Global during the 4th quarter worth about $146,230,000. 73.00% of the stock is currently owned by institutional investors and hedge funds.

Paramount Global Trading Up 3.5 %

NASDAQ:PARA opened at $11.96 on Tuesday. Paramount Global has a 12 month low of $9.54 and a 12 month high of $14.54. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.85. The stock has a market capitalization of $7.98 billion, a price-to-earnings ratio of -1.45, a PEG ratio of 1.68 and a beta of 1.60. The firm has a fifty day simple moving average of $11.31 and a two-hundred day simple moving average of $10.91.

Paramount Global (NASDAQ:PARA) last issued its earnings results on Wednesday, February 26th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.29). The firm had revenue of $7.98 billion during the quarter, compared to the consensus estimate of $8.07 billion. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. Analysts expect that Paramount Global will post 1.77 EPS for the current fiscal year.

Paramount Global Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 17th will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date of this dividend is Monday, March 17th. Paramount Global’s dividend payout ratio is currently -2.15%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on PARA. StockNews.com began coverage on Paramount Global in a research note on Sunday. They issued a “hold” rating for the company. Guggenheim reissued a “buy” rating and set a $14.00 target price on shares of Paramount Global in a research report on Thursday, February 27th. Needham & Company LLC restated a “hold” rating on shares of Paramount Global in a report on Thursday, February 27th. Benchmark reaffirmed a “buy” rating and issued a $19.00 price objective on shares of Paramount Global in a research note on Thursday, February 27th. Finally, Morgan Stanley lifted their target price on shares of Paramount Global from $10.00 to $11.00 and gave the stock an “underweight” rating in a research note on Tuesday, February 4th. Six equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $12.10.

About Paramount Global

Paramount Global operates as a media, streaming, and entertainment company worldwide. It operates through TV Media, Direct-to-Consumer, and Filmed Entertainment segments. The TV Media segment operates CBS Television Network, a domestic broadcast television network; CBS Stations, a television station; and international free-to-air networks comprising Network 10, Channel 5, Telefe, and Chilevisión; domestic premium and basic cable networks, such as Paramount+ with Showtime, MTV, Comedy Central, Paramount Network, The Smithsonian Channel, Nickelodeon, BET Media Group, and CBS Sports Network; and international extensions of these brands.