Pictet Asset Management Holding SA Reduces Stake in Paramount Global (NASDAQ:PARA)

Pictet Asset Management Holding SA lessened its position in shares of Paramount Global (NASDAQ:PARA) by 33.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 259,035 shares of the company’s stock after selling 131,899 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Paramount Global were worth $2,710,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Contrarius Group Holdings Ltd bought a new position in shares of Paramount Global in the 4th quarter worth approximately $146,230,000. State Street Corp raised its position in Paramount Global by 18.4% in the third quarter. State Street Corp now owns 44,154,027 shares of the company’s stock worth $470,695,000 after acquiring an additional 6,848,037 shares during the period. Norges Bank bought a new position in Paramount Global in the fourth quarter worth approximately $45,202,000. New Age Alpha Advisors LLC purchased a new position in shares of Paramount Global during the 4th quarter worth $20,292,000. Finally, Geode Capital Management LLC grew its position in shares of Paramount Global by 12.1% during the 3rd quarter. Geode Capital Management LLC now owns 14,842,966 shares of the company’s stock valued at $157,168,000 after acquiring an additional 1,606,779 shares during the period. 73.00% of the stock is owned by hedge funds and other institutional investors.

Paramount Global Price Performance

Shares of Paramount Global stock opened at $11.07 on Friday. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.85. Paramount Global has a 12 month low of $9.54 and a 12 month high of $14.54. The stock has a 50 day moving average of $11.38 and a 200 day moving average of $10.93. The firm has a market cap of $7.38 billion, a PE ratio of -1.35, a PEG ratio of 1.68 and a beta of 1.60.

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

Paramount Global Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Monday, March 17th were given a $0.05 dividend. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.20 annualized dividend and a yield of 1.81%. Paramount Global’s dividend payout ratio is currently -2.15%.

Analysts Set New Price Targets

Several research firms recently weighed in on PARA. StockNews.com assumed coverage on Paramount Global in a research report on Sunday, March 30th. They set a “hold” rating on the stock. Deutsche Bank Aktiengesellschaft downgraded Paramount Global from a “buy” rating to a “hold” rating and set a $12.00 price objective for the company. in a research note on Wednesday. Benchmark restated a “buy” rating and set a $19.00 target price on shares of Paramount Global in a research note on Thursday, February 27th. Morgan Stanley upped their price target on shares of Paramount Global from $10.00 to $11.00 and gave the stock an “underweight” rating in a research report on Tuesday, February 4th. Finally, Guggenheim reissued a “buy” rating and issued a $14.00 price objective on shares of Paramount Global in a research note on Thursday, February 27th. Six equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Paramount Global has a consensus rating of “Hold” and an average target price of $12.09.

Paramount Global Company Profile

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.