The Manufacturers Life Insurance Company reduced its position in Paramount Global (NASDAQ:PARA) by 25.4% during the fourth quarter, according to its latest SEC filing. The firm now owns 367,903 shares valued at $3,848,000, representing about 0.06% of the company’s stock.
Other institutional investors have also made significant changes to their Paramount Global holdings. Coldstream Capital Management Inc. increased its stake by 44.5%, now owning 63,665 shares worth $666,000. Credit Industriel ET Commercial established a new position worth approximately $1,046,000, while Adage Capital Partners GP L.L.C. boosted its holdings by 85.1% to 1,563,142 shares valued at $16,350,000. Pinebridge Investments L.P. also initiated a new stake worth about $107,000.
Paramount Global’s stock opened at $11.68 on Friday, with a 50-day moving average of $11.42 and a 200-day moving average of $11.05. The company has a market capitalization of $7.83 billion and a debt-to-equity ratio of 0.85. Institutional investors and hedge funds collectively own 73.00% of Paramount Global’s stock.
The company recently reported quarterly earnings of $0.29 per share, missing analysts’ consensus estimates of $0.35. Paramount Global announced a quarterly dividend of $0.05 per share, paid on April 1st, representing an annualized dividend yield of 1.71%.
Analyst ratings for Paramount Global are mixed, with six ‘sell’ ratings, six ‘hold’ ratings, and two ‘buy’ ratings. The consensus rating is ‘Hold’ with an average target price of $11.58.
