Kennon Green & Company LLC Reduces Stake in Paramount Global (NASDAQ:PARA)

Kennon Green & Company LLC decreased its position in shares of Paramount Global (NASDAQ:PARA) by 18.4% during the 4th quarter, HoldingsChannel reports. The fund owned 151,229 shares of the company’s stock after selling 34,209 shares during the quarter. Paramount Global comprises approximately 2.3% of Kennon Green & Company LLC’s portfolio, making the stock its 20th biggest holding. Kennon Green & Company LLC’s holdings in Paramount Global were worth $2,237,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. grew its position in Paramount Global by 15.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 13,299,798 shares of the company’s stock worth $171,567,000 after acquiring an additional 1,767,173 shares during the period. Ariel Investments LLC raised its stake in shares of Paramount Global by 18.0% in the 3rd quarter. Ariel Investments LLC now owns 11,330,850 shares of the company’s stock valued at $146,168,000 after acquiring an additional 1,731,714 shares during the period. Simplex Trading LLC lifted its holdings in shares of Paramount Global by 200.3% in the 4th quarter. Simplex Trading LLC now owns 781,676 shares of the company’s stock worth $11,560,000 after acquiring an additional 1,561,007 shares during the last quarter. Invesco Ltd. increased its holdings in Paramount Global by 9.4% in the 3rd quarter. Invesco Ltd. now owns 14,832,568 shares of the company’s stock valued at $191,340,000 after purchasing an additional 1,272,851 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. purchased a new stake in Paramount Global in the third quarter valued at approximately $8,850,000. 73.00% of the stock is currently owned by institutional investors and hedge funds.

Paramount Global Stock Performance

Shares of Paramount Global stock traded up $0.35 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. Paramount Global has a 52-week low of $10.12 and a 52-week high of $24.00. The company’s 50 day moving average price is $11.48 and its 200 day moving average price is $12.88. 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 released its quarterly earnings results on Wednesday, February 28th. The company reported $0.04 EPS for the quarter, beating the consensus estimate of ($0.05) by $0.09. The firm had revenue of $7.64 billion during the quarter, compared to the consensus estimate of $7.80 billion. Paramount Global had a negative net margin of 2.05% and a positive return on equity of 1.78%. Paramount Global’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.08 EPS. On average, analysts expect that Paramount Global will post 1.19 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Raymond James reaffirmed a “market perform” rating on shares of Paramount Global in a research note on Tuesday, March 26th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Paramount Global from $20.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, February 28th. Benchmark cut their price objective on Paramount Global from $30.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, February 29th. JPMorgan Chase & Co. decreased their target price on Paramount Global from $13.00 to $12.00 and set an “underweight” rating for the company in a report on Thursday, April 4th. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $13.00 price objective on shares of Paramount Global in a research note on Tuesday, April 9th. Eight investment analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $13.79.

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.