Wells Fargo & Company MN Sells 74,756 Shares of Paramount Global (NASDAQ:PARA)

Wells Fargo & Company MN reduced its stake in Paramount Global (NASDAQ:PARA) by 1.2% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 5,930,968 shares of the company’s stock after selling 74,756 shares during the quarter. Wells Fargo & Company MN’s holdings in Paramount Global were worth $62,038,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in PARA. Allworth Financial LP raised its holdings in Paramount Global by 140.1% in the 4th quarter. Allworth Financial LP now owns 2,391 shares of the company’s stock valued at $25,000 after acquiring an additional 1,395 shares in the last quarter. Mountain Hill Investment Partners Corp. acquired a new position in Paramount Global in the fourth quarter valued at about $31,000. Rakuten Securities Inc. lifted its position in Paramount Global by 187.8% during the fourth quarter. Rakuten Securities Inc. now owns 3,094 shares of the company’s stock worth $32,000 after purchasing an additional 2,019 shares during the period. Atlas Capital Advisors Inc. acquired a new stake in Paramount Global during the fourth quarter worth about $35,000. Finally, SBI Securities Co. Ltd. bought a new position in Paramount Global in the 4th quarter valued at about $57,000. Institutional investors and hedge funds own 73.00% of the company’s stock.

Paramount Global Stock Performance

Shares of Paramount Global stock opened at $10.65 on Wednesday. The stock has a market cap of $7.10 billion, a price-to-earnings ratio of -1.30, a P/E/G ratio of 1.68 and a beta of 1.31. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.85. Paramount Global has a twelve month low of $9.54 and a twelve month high of $14.54. The company’s fifty day moving average is $11.36 and its 200 day moving average is $10.94.

Paramount Global (NASDAQ:PARA) last issued 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). The company had revenue of $7.98 billion during the quarter, compared to analyst estimates of $8.07 billion. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. Sell-side analysts forecast that Paramount Global will post 1.77 EPS for the current year.

Paramount Global Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.88%. Paramount Global’s dividend payout ratio (DPR) is currently -2.15%.

Analyst Upgrades and Downgrades

PARA has been the topic of several analyst reports. Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a research report on Thursday, February 27th. Benchmark reiterated a “buy” rating and issued a $19.00 price target on shares of Paramount Global in a research note on Thursday, February 27th. Guggenheim restated a “buy” rating and set a $14.00 price objective on shares of Paramount Global in a research report on Thursday, February 27th. StockNews.com initiated coverage on Paramount Global in a research report on Monday. They issued a “hold” rating on the stock. Finally, Deutsche Bank Aktiengesellschaft cut shares of Paramount Global from a “buy” rating to a “hold” rating and set a $12.00 target price for the company. in a report on Wednesday, April 2nd. Six equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Paramount Global currently has an average rating of “Hold” and a consensus target price of $12.09.

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.