PNC Financial Services Group Inc. Sells 16,061 Shares of Paramount Global (NASDAQ:PARA)

PNC Financial Services Group Inc. lowered its holdings in shares of Paramount Global (NASDAQ:PARA) by 17.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 75,958 shares of the company’s stock after selling 16,061 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Paramount Global were worth $795,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Principal Financial Group Inc. lifted its stake in Paramount Global by 22.3% in the third quarter. Principal Financial Group Inc. now owns 683,401 shares of the company’s stock valued at $7,258,000 after buying an additional 124,740 shares in the last quarter. Huntington National Bank raised its holdings in shares of Paramount Global by 129.0% in the third quarter. Huntington National Bank now owns 2,771 shares of the company’s stock valued at $29,000 after purchasing an additional 1,561 shares during the last quarter. Metis Global Partners LLC increased its position in shares of Paramount Global by 17.1% in the third quarter. Metis Global Partners LLC now owns 48,184 shares of the company’s stock valued at $512,000 after acquiring an additional 7,050 shares during the last quarter. OneDigital Investment Advisors LLC acquired a new position in shares of Paramount Global during the 3rd quarter worth about $135,000. Finally, CIBC Asset Management Inc increased its holdings in shares of Paramount Global by 24.0% during the 3rd quarter. CIBC Asset Management Inc now owns 83,043 shares of the company’s stock worth $882,000 after acquiring an additional 16,077 shares during the last quarter. Institutional investors own 73.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Morgan Stanley increased their price target on shares of Paramount Global from $10.00 to $11.00 and gave the company an “underweight” rating in a report on Tuesday, February 4th. Needham & Company LLC reissued a “hold” rating on shares of Paramount Global in a report on Thursday, February 27th. Guggenheim reaffirmed a “buy” rating and issued a $14.00 price objective on shares of Paramount Global in a report on Thursday, February 27th. Finally, Benchmark reissued a “buy” rating and set a $19.00 target price on shares of Paramount Global in a report on Thursday, February 27th. Six research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $12.10.

Paramount Global Stock Down 0.1 %

Shares of NASDAQ PARA opened at $11.68 on Tuesday. The stock has a 50-day moving average price of $11.07 and a two-hundred day moving average price of $10.80. Paramount Global has a 12 month low of $9.54 and a 12 month high of $14.54. 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 cap of $7.79 billion, a price-to-earnings ratio of -1.42, a PEG ratio of 1.68 and a beta of 1.60.

Paramount Global (NASDAQ:PARA) last issued its earnings results on Wednesday, February 26th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates 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%. As a group, analysts forecast that Paramount Global will post 1.77 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 17th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.20 dividend on an annualized basis and a yield of 1.71%. Paramount Global’s dividend payout ratio is currently -2.15%.

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.