Sumitomo Mitsui Trust Group Inc. Lowers Position in Paramount Global (NASDAQ:PARA)

Sumitomo Mitsui Trust Group Inc. lessened its holdings in Paramount Global (NASDAQ:PARA) by 4.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,042,760 shares of the company’s stock after selling 53,191 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.16% of Paramount Global worth $11,074,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. Lingotto Investment Management LLP boosted its stake in Paramount Global by 628.8% in the 2nd quarter. Lingotto Investment Management LLP now owns 29,937,007 shares of the company’s stock worth $311,046,000 after purchasing an additional 25,829,185 shares during the period. Vanguard Group Inc. increased its stake in Paramount Global by 6.5% in the 1st quarter. Vanguard Group Inc. now owns 62,090,467 shares of the company’s stock worth $730,805,000 after purchasing an additional 3,803,928 shares during the period. Capitolis Liquid Global Markets LLC purchased a new position in Paramount Global in the 1st quarter worth approximately $33,191,000. Jane Street Group LLC increased its stake in Paramount Global by 323.5% in the 1st quarter. Jane Street Group LLC now owns 2,754,222 shares of the company’s stock worth $32,417,000 after purchasing an additional 2,103,938 shares during the period. Finally, Ariel Investments LLC increased its stake in Paramount Global by 16.5% in the 2nd quarter. Ariel Investments LLC now owns 14,042,265 shares of the company’s stock worth $145,899,000 after purchasing an additional 1,992,576 shares during the period. Institutional investors own 73.00% of the company’s stock.

Paramount Global Price Performance

PARA stock opened at $10.84 on Monday. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.27 and a quick ratio of 1.10. The business has a 50 day simple moving average of $10.61 and a 200-day simple moving average of $11.07. The firm has a market capitalization of $7.23 billion, a PE ratio of -1.32, a price-to-earnings-growth ratio of 1.31 and a beta of 1.74. Paramount Global has a 1 year low of $9.54 and a 1 year high of $17.50.

Paramount Global (NASDAQ:PARA) last released its quarterly earnings results on Friday, November 8th. The company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.25. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. The company had revenue of $6.73 billion for the quarter, compared to analysts’ expectations of $6.94 billion. During the same period in the prior year, the firm earned $0.30 earnings per share. The firm’s revenue was down 5.6% compared to the same quarter last year. Equities research analysts anticipate that Paramount Global will post 1.86 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.85%. The ex-dividend date is Monday, December 16th. Paramount Global’s payout ratio is currently -2.43%.

Analyst Ratings Changes

PARA has been the topic of a number of recent analyst reports. Wells Fargo & Company upgraded Paramount Global from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $10.00 to $11.00 in a research report on Friday, August 9th. Benchmark reiterated a “buy” rating and set a $19.00 price objective on shares of Paramount Global in a research note on Friday, August 9th. Macquarie restated an “underperform” rating and issued a $10.00 price target on shares of Paramount Global in a research note on Monday, November 11th. Guggenheim decreased their price target on Paramount Global from $19.00 to $14.00 and set a “buy” rating for the company in a research note on Wednesday, September 25th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a research report on Monday, November 11th. Eight research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $12.40.

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.