Charles Schwab Investment Management Inc. Sells 82,981 Shares of Paramount Global (NASDAQ:PARA)

Charles Schwab Investment Management Inc. lowered its stake in shares of Paramount Global (NASDAQ:PARA) by 0.6% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 13,216,817 shares of the company’s stock after selling 82,981 shares during the period. Charles Schwab Investment Management Inc. owned approximately 2.03% of Paramount Global worth $195,477,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Cambridge Financial Group Inc. raised its holdings in shares of Paramount Global by 41.6% in the 4th quarter. Cambridge Financial Group Inc. now owns 382,437 shares of the company’s stock worth $5,656,000 after buying an additional 112,292 shares in the last quarter. Legacy Financial Advisors Inc. acquired a new stake in shares of Paramount Global in the 4th quarter valued at $296,000. M&T Bank Corp grew its holdings in shares of Paramount Global by 4.8% in the 4th quarter. M&T Bank Corp now owns 28,451 shares of the company’s stock worth $421,000 after purchasing an additional 1,308 shares during the last quarter. Merit Financial Group LLC increased its position in shares of Paramount Global by 9.9% during the 4th quarter. Merit Financial Group LLC now owns 13,773 shares of the company’s stock worth $204,000 after purchasing an additional 1,242 shares in the last quarter. Finally, Carson Advisory Inc. lifted its holdings in Paramount Global by 10.2% during the 4th quarter. Carson Advisory Inc. now owns 49,630 shares of the company’s stock valued at $734,000 after purchasing an additional 4,603 shares during the last quarter. 73.00% of the stock is owned by institutional investors and hedge funds.

Paramount Global Price Performance

Shares of PARA opened at $13.08 on Friday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.19 and a current ratio of 1.29. The firm has a market capitalization of $8.72 billion, a PE ratio of -87.20, a P/E/G ratio of 0.39 and a beta of 1.74. The stock has a 50 day simple moving average of $11.71 and a 200 day simple moving average of $12.91. Paramount Global has a 52-week low of $10.12 and a 52-week high of $17.50.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings data on Monday, April 29th. The company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.28. The company had revenue of $7.69 billion during the quarter, compared to the consensus estimate of $7.73 billion. Paramount Global had a negative net margin of 0.15% and a positive return on equity of 3.35%. The firm’s revenue was up 5.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.09 earnings per share. Sell-side analysts predict that Paramount Global will post 1.32 EPS for the current fiscal year.

Paramount Global Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 17th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.53%. The ex-dividend date of this dividend is Monday, June 17th. Paramount Global’s dividend payout ratio is -133.33%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on PARA shares. Argus cut shares of Paramount Global from a “hold” rating to a “sell” rating in a research report on Friday, May 3rd. Wolfe Research raised Paramount Global from an “underperform” rating to a “peer perform” rating in a report on Thursday, April 4th. Rosenblatt Securities reissued a “neutral” rating and issued a $13.00 target price on shares of Paramount Global in a research note on Tuesday, April 9th. StockNews.com upgraded Paramount Global from a “sell” rating to a “hold” rating in a report on Wednesday. Finally, Wells Fargo & Company dropped their price objective on Paramount Global from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Tuesday, April 30th. Nine research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $13.58.

Paramount Global Company 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.