Bank of New York Mellon Corp Purchases 908,515 Shares of Paramount Global (NASDAQ:PARA)

Bank of New York Mellon Corp raised its holdings in Paramount Global (NASDAQ:PARA - Free Report) by 24.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,586,288 shares of the company's stock after buying an additional 908,515 shares during the quarter. Bank of New York Mellon Corp owned 0.69% of Paramount Global worth $47,973,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of PARA. State Street Corp lifted its position in shares of Paramount Global by 18.4% during the 3rd quarter. State Street Corp now owns 44,154,027 shares of the company's stock valued at $470,695,000 after acquiring an additional 6,848,037 shares during the period. Geode Capital Management LLC increased its stake in Paramount Global by 12.1% in the third quarter. Geode Capital Management LLC now owns 14,842,966 shares of the company's stock valued at $157,168,000 after purchasing an additional 1,606,779 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Paramount Global by 16.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 7,394,825 shares of the company's stock valued at $78,533,000 after purchasing an additional 1,030,592 shares during the period. Allianz Asset Management GmbH boosted its position in shares of Paramount Global by 48.1% during the 4th quarter. Allianz Asset Management GmbH now owns 2,425,849 shares of the company's stock worth $25,374,000 after purchasing an additional 787,516 shares in the last quarter. Finally, Alpine Associates Management Inc. acquired a new stake in shares of Paramount Global in the 3rd quarter valued at about $5,186,000. 73.00% of the stock is currently owned by institutional investors.

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Wall Street Analyst Weigh In

PARA has been the topic of a number of research reports. Needham & Company LLC reaffirmed a "hold" rating on shares of Paramount Global in a research note on Thursday, February 27th. Benchmark reaffirmed a "buy" rating and set a $19.00 target price on shares of Paramount Global in a research report on Thursday, February 27th. StockNews.com raised shares of Paramount Global from a "sell" rating to a "hold" rating in a research report on Monday, November 11th. Macquarie restated an "underperform" rating and set a $10.00 price target on shares of Paramount Global in a research note on Monday, November 11th. Finally, Guggenheim reaffirmed a "buy" rating and issued a $14.00 price objective on shares of Paramount Global in a research note on Thursday, February 27th. Six research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $12.10.

Paramount Global Stock Up 3.2 %

NASDAQ:PARA traded up $0.38 on Friday, hitting $12.14. The stock had a trading volume of 23,487,711 shares, compared to its average volume of 9,486,248. Paramount Global has a 1 year low of $9.54 and a 1 year high of $14.54. The firm's fifty day simple moving average is $10.90 and its two-hundred day simple moving average is $10.77. The stock has a market cap of $8.10 billion, a P/E ratio of -1.48, a price-to-earnings-growth ratio of 1.68 and a beta of 1.60. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.10 and a current ratio of 1.27.

Paramount Global (NASDAQ:PARA - Get Free Report) last issued its quarterly earnings results on Wednesday, February 26th. The company reported ($0.11) EPS for the quarter, missing analysts' consensus estimates of $0.18 by ($0.29). Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The business had revenue of $7.98 billion for the quarter, compared to analysts' expectations of $8.07 billion. Analysts predict that Paramount Global will post 1.77 earnings per share for the current year.

Paramount Global Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 17th 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 1.65%. The ex-dividend date of this dividend is Monday, March 17th. Paramount Global's payout ratio is -2.15%.

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.