Franklin Resources Inc. Substantially Reduces Stake in Paramount Global

In a significant move during the 4th quarter, Franklin Resources Inc. reduced its ownership in Paramount Global (NASDAQ:PARA) by a remarkable 59.4 percent. This change in investment strategy was detailed in the company's latest 13F filing with the Securities & Exchange Commission, indicating that Franklin Resources Inc. divested 799,011 shares, leaving it with a stake of 546,822 shares in Paramount Global.

Investor Activity Surrounding Paramount Global

The actions of Franklin Resources Inc. resonate with a trend observed among other institutional investors and hedge funds, who have also adjusted their holdings in Paramount Global. Notably, Amalgamated Bank elevated its stake by 9.1 percent in the 4th quarter, while International Assets Investment Management LLC augmented its position by a substantial 541.7 percent during the same period. In contrast, Ariel Investments LLC increased their shares by 18.0 percent in the 3rd quarter, and Caprock Group LLC saw a modest increase of 2.9 percent in the 4th quarter.

Paramount Global's Stock and Performance

The stock for Paramount Global opened at $11.82. Despite fluctuations, Paramount Global reported promising quarterly earnings with a $0.62 EPS, surpassing expectations by $0.28. Revenue saw a 5.8% increase from the previous year, hinting at positive trends for the company's performance.

Dividends and Analyst Insights

Amid these shifts, Paramount Global announced a quarterly dividend to be paid to investors registered as of mid-June, with a yield of 1.69%. Meanwhile, analysts have mixed views on Paramount Global's shares, resulting in a collective stance of 'Hold' with varying target prices.

Paramount Global continues to maneuver in the competitive media and entertainment landscape, with various TV, streaming, and filmed entertainment ventures under its umbrella.

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