Kennon Green & Company LLC Sells 34,209 Shares of Paramount Global (NASDAQ:PARA)

Kennon Green & Company LLC lessened its holdings in Paramount Global (NASDAQ:PARA) by 18.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 151,229 shares of the company’s stock after selling 34,209 shares during the quarter. Paramount Global accounts for 2.3% of Kennon Green & Company LLC’s investment portfolio, making the stock its 20th biggest position. Kennon Green & Company LLC’s holdings in Paramount Global were worth $2,237,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. VisionPoint Advisory Group LLC purchased a new stake in Paramount Global during the 3rd quarter valued at about $25,000. Anchor Investment Management LLC bought a new stake in Paramount Global in the 4th quarter worth $30,000. Archer Investment Corp purchased a new position in shares of Paramount Global in the fourth quarter valued at about $30,000. WFA of San Diego LLC raised its stake in shares of Paramount Global by 635.0% during the third quarter. WFA of San Diego LLC now owns 2,646 shares of the company’s stock valued at $34,000 after acquiring an additional 2,286 shares during the last quarter. Finally, Cornerstone Planning Group LLC raised its stake in shares of Paramount Global by 55.1% during the third quarter. Cornerstone Planning Group LLC now owns 2,972 shares of the company’s stock valued at $38,000 after acquiring an additional 1,056 shares during the last quarter. 73.00% of the stock is currently owned by hedge funds and other institutional investors.

Paramount Global Stock Performance

Paramount Global stock traded up $0.35 during trading hours on Monday, hitting $12.26. The stock had a trading volume of 15,642,735 shares, compared to its average volume of 19,012,402. The stock’s 50-day moving average price is $11.48 and its 200-day moving average price is $12.88. Paramount Global has a 12-month low of $10.12 and a 12-month high of $24.00. The company has a quick ratio of 1.17, a current ratio of 1.32 and a debt-to-equity ratio of 0.63.

Paramount Global (NASDAQ:PARA) last announced its quarterly earnings data on Wednesday, February 28th. The company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.09. Paramount Global had a negative net margin of 2.05% and a positive return on equity of 1.78%. The company had revenue of $7.64 billion during the quarter, compared to analyst estimates of $7.80 billion. During the same period in the previous year, the business earned $0.08 EPS. The firm’s revenue for the quarter was down 6.1% on a year-over-year basis. Equities analysts predict that Paramount Global will post 1.19 EPS for the current year.

Paramount Global Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 17th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, June 17th. This represents a $0.20 annualized dividend and a dividend yield of 1.63%. Paramount Global’s dividend payout ratio (DPR) is presently -19.61%.

Analyst Ratings Changes

Several research firms have weighed in on PARA. Redburn Atlantic cut Paramount Global from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $17.00 to $11.00 in a report on Thursday, January 11th. Raymond James reaffirmed a “market perform” rating on shares of Paramount Global in a research report on Tuesday, March 26th. JPMorgan Chase & Co. reduced their price target on shares of Paramount Global from $13.00 to $12.00 and set an “underweight” rating on the stock in a research report on Thursday, April 4th. Moffett Nathanson upgraded shares of Paramount Global from a “sell” rating to a “neutral” rating and set a $13.00 price objective for the company in a report on Tuesday, January 9th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $15.00 target price on shares of Paramount Global in a report on Thursday, February 29th. Eight research analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $13.79.

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.