Monaco Asset Management SAM Cuts Holdings in Paramount Global (NASDAQ:PARA)

Monaco Asset Management SAM trimmed its stake in Paramount Global (NASDAQ:PARA) by 7.7% during the first quarter, Holdings Channel reports. The fund owned 900,000 shares of the company’s stock after selling 75,000 shares during the quarter. Paramount Global accounts for 2.2% of Monaco Asset Management SAM’s holdings, making the stock its 7th largest position. Monaco Asset Management SAM’s holdings in Paramount Global were worth $10,764,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Banque Cantonale Vaudoise bought a new position in shares of Paramount Global in the 1st quarter valued at approximately $252,000. GSA Capital Partners LLP raised its stake in shares of Paramount Global by 12.3% in the 1st quarter. GSA Capital Partners LLP now owns 288,932 shares of the company’s stock valued at $3,456,000 after acquiring an additional 31,674 shares in the last quarter. Empirical Finance LLC raised its stake in shares of Paramount Global by 11.8% in the 1st quarter. Empirical Finance LLC now owns 18,130 shares of the company’s stock valued at $217,000 after acquiring an additional 1,914 shares in the last quarter. Neo Ivy Capital Management raised its stake in shares of Paramount Global by 300.6% in the 1st quarter. Neo Ivy Capital Management now owns 137,886 shares of the company’s stock valued at $1,649,000 after acquiring an additional 103,470 shares in the last quarter. Finally, Oak Thistle LLC raised its stake in shares of Paramount Global by 81.8% in the 1st quarter. Oak Thistle LLC now owns 36,341 shares of the company’s stock valued at $435,000 after acquiring an additional 16,346 shares in the last quarter. 73.00% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on PARA shares. Deutsche Bank Aktiengesellschaft downgraded Paramount Global from a “buy” rating to a “hold” rating and set a $12.00 price objective on the stock. in a research note on Wednesday, April 2nd. Wall Street Zen assumed coverage on Paramount Global in a report on Saturday, May 17th. They issued a “hold” rating on the stock. Guggenheim reaffirmed a “buy” rating and issued a $14.00 target price on shares of Paramount Global in a report on Thursday, June 26th. Loop Capital raised their target price on Paramount Global from $10.00 to $11.00 and gave the company a “sell” rating in a report on Friday, July 25th. Finally, Benchmark lowered their target price on Paramount Global from $19.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday, May 6th. Six research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Paramount Global currently has a consensus rating of “Hold” and a consensus target price of $11.60.

Paramount Global Price Performance

Shares of NASDAQ:PARA opened at $13.25 on Wednesday. Paramount Global has a 1-year low of $9.95 and a 1-year high of $13.59. The firm has a market capitalization of $8.93 billion, a PE ratio of -1.61, a PEG ratio of 3.95 and a beta of 1.19. The business’s 50 day moving average is $12.46 and its 200-day moving average is $11.69. The company has a current ratio of 1.29, a quick ratio of 1.18 and a debt-to-equity ratio of 0.84.

Paramount Global (NASDAQ:PARA) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.02. Paramount Global had a positive return on equity of 4.80% and a negative net margin of 19.09%. The company had revenue of $7.19 billion for the quarter, compared to analyst estimates of $7.14 billion. During the same quarter last year, the firm earned $0.62 EPS. Paramount Global’s revenue for the quarter was down 6.4% compared to the same quarter last year. Sell-side analysts predict that Paramount Global will post 1.77 earnings per share for the current year.

Paramount Global Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Monday, June 16th were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.51%. The ex-dividend date of this dividend was Monday, June 16th. Paramount Global’s payout ratio is presently -2.43%.

Paramount Global 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.