Kovack Advisors Inc. Has $185,000 Stake in Paramount Global (NASDAQ:PARA)

Kovack Advisors Inc. lowered its holdings in Paramount Global (NASDAQ:PARA) by 8.8% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 17,405 shares of the company’s stock after selling 1,677 shares during the quarter. Kovack Advisors Inc.’s holdings in Paramount Global were worth $185,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of PARA. Allspring Global Investments Holdings LLC lifted its holdings in shares of Paramount Global by 3.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 24,682 shares of the company’s stock valued at $291,000 after purchasing an additional 934 shares in the last quarter. Empowered Funds LLC boosted its holdings in Paramount Global by 45.1% during the 1st quarter. Empowered Funds LLC now owns 15,270 shares of the company’s stock worth $180,000 after acquiring an additional 4,748 shares during the last quarter. ProShare Advisors LLC grew its stake in shares of Paramount Global by 146.5% in the 1st quarter. ProShare Advisors LLC now owns 151,864 shares of the company’s stock worth $1,787,000 after acquiring an additional 90,262 shares in the last quarter. State Board of Administration of Florida Retirement System raised its holdings in shares of Paramount Global by 5.4% in the first quarter. State Board of Administration of Florida Retirement System now owns 679,519 shares of the company’s stock valued at $7,998,000 after purchasing an additional 34,541 shares during the last quarter. Finally, SageView Advisory Group LLC purchased a new position in Paramount Global during the first quarter worth about $56,000. Institutional investors own 73.00% of the company’s stock.

Paramount Global Stock Performance

Shares of PARA opened at $10.84 on Friday. Paramount Global has a 52-week low of $9.54 and a 52-week high of $17.50. The stock’s 50-day simple moving average is $10.61 and its 200 day simple moving average is $11.08. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.10 and a current ratio of 1.27. The stock has a market capitalization of $7.23 billion, a price-to-earnings ratio of -1.32, a price-to-earnings-growth ratio of 1.37 and a beta of 1.74.

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

Paramount Global Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be issued 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 payout ratio is currently -2.43%.

Analysts Set New Price Targets

Several research firms have commented on PARA. Benchmark reissued a “buy” rating and set a $19.00 target price on shares of Paramount Global in a research report on Friday, August 9th. Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a report on Monday, November 11th. Guggenheim reduced their price objective on Paramount Global from $19.00 to $14.00 and set a “buy” rating for the company in a research note on Wednesday, September 25th. Macquarie reissued an “underperform” rating and issued a $10.00 price target on shares of Paramount Global in a report on Monday, November 11th. Finally, StockNews.com upgraded shares of Paramount Global from a “sell” rating to a “hold” rating in a report on Monday, November 11th. Eight investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Paramount Global presently has a consensus rating of “Hold” and a consensus price target of $12.40.

Paramount Global 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.