Alpine Associates Management Inc. Sells 17,300 Shares of Paramount Global (NASDAQ:PARA)

Alpine Associates Management Inc. decreased its stake in shares of Paramount Global (NASDAQ:PARA) by 3.5% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 471,000 shares of the company’s stock after selling 17,300 shares during the period. Alpine Associates Management Inc.’s holdings in Paramount Global were worth $4,927,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of PARA. Robeco Institutional Asset Management B.V. grew its position in shares of Paramount Global by 85.2% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 58,753 shares of the company’s stock worth $624,000 after purchasing an additional 27,023 shares in the last quarter. Asset Management One Co. Ltd. grew its position in shares of Paramount Global by 1.1% during the 3rd quarter. Asset Management One Co. Ltd. now owns 192,750 shares of the company’s stock worth $2,047,000 after purchasing an additional 2,151 shares in the last quarter. Graypoint LLC acquired a new position in shares of Paramount Global during the 3rd quarter worth approximately $232,000. Principal Financial Group Inc. grew its position in shares of Paramount Global by 22.3% during the 3rd quarter. Principal Financial Group Inc. now owns 683,401 shares of the company’s stock worth $7,258,000 after purchasing an additional 124,740 shares in the last quarter. Finally, CWA Asset Management Group LLC acquired a new position in shares of Paramount Global during the 3rd quarter worth approximately $286,000. Institutional investors own 73.00% of the company’s stock.

Wall Street Analysts Forecast Growth

PARA has been the topic of a number of analyst reports. StockNews.com upgraded shares of Paramount Global from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Benchmark reaffirmed a “buy” rating and set a $19.00 price target on shares of Paramount Global in a report on Thursday, February 27th. Guggenheim reaffirmed a “buy” rating and set a $14.00 price target on shares of Paramount Global in a report on Thursday, February 27th. Morgan Stanley upped their price target on shares of Paramount Global from $10.00 to $11.00 and gave the stock an “underweight” rating in a report on Tuesday, February 4th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Paramount Global in a report on Thursday, February 27th. Six equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Paramount Global currently has an average rating of “Hold” and an average price target of $12.10.

Paramount Global Price Performance

Shares of NASDAQ:PARA opened at $12.14 on Friday. The company has a market cap of $8.10 billion, a price-to-earnings ratio of -1.48, a PEG ratio of 1.68 and a beta of 1.60. 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 firm has a 50 day simple moving average of $10.94 and a 200 day simple moving average of $10.78. Paramount Global has a one year low of $9.54 and a one year high of $14.54.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings data on Wednesday, February 26th. The company reported ($0.11) EPS 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 the consensus estimate of $8.07 billion. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. Research analysts predict that Paramount Global will post 1.77 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 17th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.65%. The ex-dividend date of this dividend is Monday, March 17th. Paramount Global’s 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.