Banque Cantonale Vaudoise Trims Stock Position in Paramount Global (NASDAQ:PARA)

Banque Cantonale Vaudoise lessened its stake in shares of Paramount Global (NASDAQ:PARA – Get Rating) by 40.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 39,698 shares of the company’s stock after selling 26,570 shares during the quarter. Banque Cantonale Vaudoise’s holdings in Paramount Global were worth $670,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Brinker Capital Investments LLC lifted its position in shares of Paramount Global by 1.6% during the 4th quarter. Brinker Capital Investments LLC now owns 29,322 shares of the company’s stock worth $495,000 after buying an additional 448 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. raised its position in Paramount Global by 4.6% in the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 11,034 shares of the company’s stock valued at $186,000 after purchasing an additional 485 shares during the last quarter. Synovus Financial Corp raised its position in Paramount Global by 4.7% in the 4th quarter. Synovus Financial Corp now owns 12,978 shares of the company’s stock valued at $219,000 after purchasing an additional 588 shares during the last quarter. Penobscot Wealth Management raised its position in Paramount Global by 3.5% in the 4th quarter. Penobscot Wealth Management now owns 18,803 shares of the company’s stock valued at $318,000 after purchasing an additional 640 shares during the last quarter. Finally, TD Asset Management Inc raised its position in Paramount Global by 0.5% in the 4th quarter. TD Asset Management Inc now owns 181,938 shares of the company’s stock valued at $3,071,000 after purchasing an additional 834 shares during the last quarter. Hedge funds and other institutional investors own 74.13% of the company’s stock.

Insiders Place Their Bets

In other news, Director Shari Redstone purchased 165,000 shares of the firm’s stock in a transaction on Tuesday, May 16th. The shares were bought at an average cost of $15.06 per share, with a total value of $2,484,900.00. Following the purchase, the director now directly owns 577,064 shares of the company’s stock, valued at $8,690,583.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.53% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Rosenblatt Securities reiterated a “sell” rating and issued a $13.00 price target on shares of Paramount Global in a research report on Wednesday, March 22nd. Citigroup cut their price objective on shares of Paramount Global from $32.00 to $22.00 in a research report on Monday, May 15th. Credit Suisse Group upped their price objective on shares of Paramount Global from $20.00 to $23.00 and gave the stock a “neutral” rating in a research report on Friday, February 17th. Macquarie downgraded shares of Paramount Global from a “neutral” rating to an “underperform” rating and set a $15.00 price objective for the company. in a research report on Tuesday, January 31st. Finally, StockNews.com began coverage on shares of Paramount Global in a research report on Thursday, May 18th. They set a “sell” rating for the company. Ten equities research analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $21.09.

Paramount Global Price Performance

Shares of NASDAQ PARA opened at $14.08 on Friday. The stock has a market cap of $9.17 billion, a price-to-earnings ratio of -18.05, a PEG ratio of 3.79 and a beta of 1.64. Paramount Global has a 52 week low of $13.80 and a 52 week high of $34.50. The company’s 50-day moving average price is $19.82 and its 200 day moving average price is $19.99. The company has a current ratio of 1.12, a quick ratio of 1.02 and a debt-to-equity ratio of 0.70.

Paramount Global (NASDAQ:PARA – Get Rating) last issued its quarterly earnings data on Thursday, May 4th. The company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.03). The business had revenue of $7.27 billion during the quarter, compared to analyst estimates of $7.42 billion. Paramount Global had a negative net margin of 1.49% and a positive return on equity of 3.64%. Paramount Global’s revenue was down .9% on a year-over-year basis. During the same period in the previous year, the company posted $0.60 earnings per share. As a group, research analysts forecast that Paramount Global will post 0.68 earnings per share for the current fiscal year.

Paramount Global Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 3rd. Shareholders of record on Thursday, June 15th will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Wednesday, June 14th. This represents a $0.20 annualized dividend and a dividend yield of 1.42%. Paramount Global’s dividend payout ratio is currently -123.08%.

About Paramount Global

(Get Rating)

Paramount Global operates as a mass media company, which creates and distributes content across a variety of platforms to audiences around the world. It operates its business through the following segments: Entertainment, Cable Networks, Publishing, and Local Media. The Entertainment segment is composed of the CBS Television Network, CBS Television Studios, CBS Studios International, CBS Television Distribution, CBS Interactive, and CBS Films, as well as the company’s digital streaming services, CBS All Access and CBSN.