IPG Investment Advisors LLC Sells 5,928 Shares of Paramount Global (NASDAQ:PARA)

IPG Investment Advisors LLC trimmed its holdings in shares of Paramount Global (NASDAQ:PARA) by 1.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 550,272 shares of the company’s stock after selling 5,928 shares during the period. Paramount Global accounts for about 1.5% of IPG Investment Advisors LLC’s investment portfolio, making the stock its 15th biggest holding. IPG Investment Advisors LLC owned approximately 0.08% of Paramount Global worth $6,609,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Mattson Financial Services LLC bought a new stake in shares of Paramount Global during the fourth quarter worth approximately $28,000. Ossiam raised its stake in shares of Paramount Global by 57.2% during the fourth quarter. Ossiam now owns 2,810 shares of the company’s stock worth $29,000 after buying an additional 1,022 shares during the last quarter. Atlas Capital Advisors Inc. bought a new stake in shares of Paramount Global during the fourth quarter worth approximately $35,000. Resona Asset Management Co. Ltd. bought a new stake in shares of Paramount Global during the fourth quarter worth approximately $36,000. Finally, Canada Post Corp Registered Pension Plan bought a new stake in shares of Paramount Global during the fourth quarter worth approximately $45,000. 73.00% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. dropped their price target on shares of Paramount Global from $11.00 to $10.00 and set an “underweight” rating for the company in a research note on Wednesday, May 21st. Citigroup reaffirmed a “neutral” rating and issued a $12.00 target price (down previously from $13.00) on shares of Paramount Global in a research note on Thursday, May 29th. Guggenheim reaffirmed a “buy” rating and issued a $14.00 target price on shares of Paramount Global in a research note on Thursday, June 26th. UBS Group lowered their target price on shares of Paramount Global from $11.00 to $10.00 and set a “sell” rating for the company in a research note on Tuesday, April 15th. Finally, Wall Street Zen began coverage on shares of Paramount Global in a research note on Saturday, May 17th. They issued a “hold” rating for the company. Seven investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Paramount Global has an average rating of “Hold” and a consensus target price of $11.70.

Paramount Global Stock Performance

Shares of PARA opened at $13.01 on Monday. Paramount Global has a 12 month low of $9.95 and a 12 month high of $13.59. The firm has a fifty day simple moving average of $12.52 and a 200 day simple moving average of $11.75. The stock has a market capitalization of $8.77 billion, a price-to-earnings ratio of -433.52, a PEG ratio of 3.99 and a beta of 1.17. The company has a current ratio of 1.39, a quick ratio of 1.21 and a debt-to-equity ratio of 0.83.

Paramount Global (NASDAQ:PARA) last announced its earnings results on Thursday, July 31st. The company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.37 by $0.09. Paramount Global had a negative net margin of 0.05% and a positive return on equity of 4.51%. The business had revenue of $6.85 billion during the quarter, compared to analysts’ expectations of $6.88 billion. During the same quarter in the prior year, the company posted $0.54 earnings per share. The firm’s revenue was up .5% on a year-over-year basis. Research analysts forecast that Paramount Global will post 1.77 EPS for the current fiscal year.

Paramount Global Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Monday, June 16th were issued a dividend of $0.05 per share. The ex-dividend date was Monday, June 16th. This represents a $0.20 annualized dividend and a yield of 1.5%. Paramount Global’s dividend payout ratio is presently -666.67%.

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.