Neo Ivy Capital Management Lowers Stake in Paramount Global (NASDAQ:PARA)

Neo Ivy Capital Management lowered its position in shares of Paramount Global (NASDAQ:PARA) by 50.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 233,740 shares of the company’s stock after selling 236,364 shares during the quarter. Paramount Global accounts for about 0.8% of Neo Ivy Capital Management’s investment portfolio, making the stock its 18th largest position. Neo Ivy Capital Management’s holdings in Paramount Global were worth $2,482,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in PARA. Great Valley Advisor Group Inc. raised its position in shares of Paramount Global by 5.3% during the second quarter. Great Valley Advisor Group Inc. now owns 19,940 shares of the company’s stock valued at $207,000 after buying an additional 1,002 shares during the last quarter. Carson Advisory Inc. raised its position in shares of Paramount Global by 1.9% during the third quarter. Carson Advisory Inc. now owns 54,364 shares of the company’s stock valued at $577,000 after buying an additional 1,004 shares during the last quarter. Prestige Wealth Management Group LLC raised its position in shares of Paramount Global by 13.2% during the second quarter. Prestige Wealth Management Group LLC now owns 8,648 shares of the company’s stock valued at $90,000 after buying an additional 1,011 shares during the last quarter. B. Riley Wealth Advisors Inc. raised its position in shares of Paramount Global by 8.4% during the second quarter. B. Riley Wealth Advisors Inc. now owns 17,411 shares of the company’s stock valued at $181,000 after buying an additional 1,356 shares during the last quarter. Finally, Stonehearth Capital Management LLC raised its position in shares of Paramount Global by 9.3% during the third quarter. Stonehearth Capital Management LLC now owns 16,182 shares of the company’s stock valued at $172,000 after buying an additional 1,374 shares during the last quarter. Hedge funds and other institutional investors own 73.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. StockNews.com upgraded shares of Paramount Global from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a research report on Monday, November 11th. Guggenheim reduced their price target on shares of Paramount Global from $19.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday, September 25th. JPMorgan Chase & Co. reduced their price target on shares of Paramount Global from $12.00 to $11.00 and set an “underweight” rating on the stock in a research report on Thursday, August 15th. Finally, Macquarie restated an “underperform” rating and issued a $10.00 price target on shares of Paramount Global in a research report on Monday, November 11th. Seven equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $12.43.

Paramount Global Stock Up 0.3 %

Shares of PARA opened at $11.20 on Wednesday. The firm has a market capitalization of $7.47 billion, a P/E ratio of -1.36, a P/E/G ratio of 1.33 and a beta of 1.71. Paramount Global has a 12-month low of $9.54 and a 12-month high of $17.50. 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 firm has a fifty day moving average price of $10.76 and a 200-day moving average price of $10.86.

Paramount Global (NASDAQ:PARA) last issued its earnings results on Friday, November 8th. The company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.25. The firm 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%. The business’s revenue was down 5.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.30 earnings per share. Equities research analysts expect that Paramount Global will post 1.86 earnings per share for the current year.

Paramount Global Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date is Monday, December 16th. Paramount Global’s dividend payout ratio is currently -2.43%.

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.