Alpine Associates Management Inc. Purchases New Position in Paramount Global (NASDAQ:PARA)

Alpine Associates Management Inc. purchased a new position in Paramount Global (NASDAQ:PARA - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 488,300 shares of the company's stock, valued at approximately $5,186,000. Alpine Associates Management Inc. owned 0.07% of Paramount Global at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of PARA. Blue Trust Inc. increased its holdings in Paramount Global by 162.8% in the third quarter. Blue Trust Inc. now owns 2,539 shares of the company's stock valued at $26,000 after buying an additional 1,573 shares during the last quarter. Huntington National Bank increased its holdings in Paramount Global by 129.0% during the 3rd quarter. Huntington National Bank now owns 2,771 shares of the company's stock valued at $29,000 after acquiring an additional 1,561 shares in the last quarter. Atlas Capital Advisors LLC acquired a new position in shares of Paramount Global in the second quarter worth $35,000. Ashton Thomas Private Wealth LLC acquired a new stake in Paramount Global during the second quarter worth approximately $43,000. Finally, Kennebec Savings Bank acquired a new position in shares of Paramount Global during the 3rd quarter valued at about $47,000. Hedge funds and other institutional investors own 73.00% of the company's stock.

Paramount Global Price Performance

PARA stock traded up $0.10 during midday trading on Wednesday, reaching $10.43. The company had a trading volume of 4,581,820 shares, compared to its average volume of 14,800,196. The firm has a 50-day moving average price of $10.62 and a 200-day moving average price of $11.03. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.27 and a quick ratio of 1.10. The company has a market capitalization of $6.96 billion, a P/E ratio of -1.26, a P/E/G ratio of 1.31 and a beta of 1.74. Paramount Global has a 1 year low of $9.54 and a 1 year high of $17.50.

Paramount Global (NASDAQ:PARA - Get Free Report) last announced its quarterly earnings results on Friday, November 8th. The company reported $0.49 EPS for the quarter, topping analysts' consensus estimates of $0.24 by $0.25. The business had revenue of $6.73 billion for the quarter, compared to analysts' expectations of $6.94 billion. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. The business's quarterly revenue was down 5.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.30 EPS. On average, research analysts anticipate that Paramount Global will post 1.86 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date is Monday, December 16th. Paramount Global's dividend payout ratio (DPR) is -2.43%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. StockNews.com upgraded shares of Paramount Global from a "sell" rating to a "hold" rating in a research note on Monday, November 11th. Macquarie reiterated an "underperform" rating and set a $10.00 price objective on shares of Paramount Global in a research report on Monday, November 11th. Benchmark reaffirmed a "buy" rating and issued a $19.00 target price on shares of Paramount Global in a research report on Friday, August 9th. Wells Fargo & Company raised Paramount Global from an "underweight" rating to an "equal weight" rating and increased their price objective for the company from $10.00 to $11.00 in a report on Friday, August 9th. Finally, 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 report on Wednesday, September 25th. Eight analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $12.40.

Paramount Global Company 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.