ING Groep NV Trims Stock Holdings in Paramount Global (NASDAQ:PARA)

ING Groep NV reduced its position in Paramount Global (NASDAQ:PARA) by 60.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 28,177 shares of the company’s stock after selling 42,490 shares during the quarter. ING Groep NV’s holdings in Paramount Global were worth $299,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of PARA. Blue Trust Inc. grew its position in Paramount Global by 162.8% during the 3rd quarter. Blue Trust Inc. now owns 2,539 shares of the company’s stock worth $26,000 after purchasing an additional 1,573 shares during the last quarter. Huntington National Bank grew its holdings in shares of Paramount Global by 129.0% during the third quarter. Huntington National Bank now owns 2,771 shares of the company’s stock worth $29,000 after buying an additional 1,561 shares during the last quarter. Atlas Capital Advisors LLC acquired a new position in Paramount Global in the 2nd quarter valued at about $35,000. Ashton Thomas Private Wealth LLC purchased a new stake in Paramount Global during the 2nd quarter valued at approximately $43,000. Finally, Kennebec Savings Bank acquired a new stake in Paramount Global during the 3rd quarter worth approximately $47,000. 73.00% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on PARA. Benchmark restated a “buy” rating and set a $19.00 price target on shares of Paramount Global in a research note on Friday, August 9th. StockNews.com upgraded shares of Paramount Global from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Macquarie reiterated an “underperform” rating and set a $10.00 price target on shares of Paramount Global in a research note on Monday, November 11th. Guggenheim reduced their price objective on shares of Paramount Global from $19.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, September 25th. Finally, JPMorgan Chase & Co. dropped their target price on Paramount Global from $12.00 to $11.00 and set an “underweight” rating on the stock in a research report on Thursday, August 15th. Eight research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $12.40.

Paramount Global Stock Performance

NASDAQ:PARA opened at $10.84 on Monday. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.85. The company has a market capitalization of $7.23 billion, a P/E ratio of -1.32, a price-to-earnings-growth ratio of 1.31 and a beta of 1.74. The firm has a 50-day moving average price of $10.61 and a two-hundred day moving average price of $11.07. Paramount Global has a twelve month low of $9.54 and a twelve month high of $17.50.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings data on Friday, November 8th. The company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.25. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The business had revenue of $6.73 billion during the quarter, compared to analysts’ expectations of $6.94 billion. During the same period last year, the company posted $0.30 EPS. The company’s revenue was down 5.6% on a year-over-year basis. As a group, research analysts expect that Paramount Global will post 1.86 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

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 given a $0.05 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.20 annualized dividend and a dividend yield of 1.85%. Paramount Global’s dividend payout ratio is currently -2.43%.

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.