Canada Pension Plan Investment Board Purchases 68,700 Shares of Paramount Global (NASDAQ:PARA)

Canada Pension Plan Investment Board grew its stake in Paramount Global (NASDAQ:PARA - Free Report) by 8.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 847,300 shares of the company's stock after purchasing an additional 68,700 shares during the period. Canada Pension Plan Investment Board owned approximately 0.13% of Paramount Global worth $8,863,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Virtu Financial LLC purchased a new position in Paramount Global during the third quarter worth $196,000. Franklin Resources Inc. boosted its stake in shares of Paramount Global by 824.1% during the 3rd quarter. Franklin Resources Inc. now owns 195,690 shares of the company's stock worth $2,029,000 after purchasing an additional 174,514 shares during the period. Retirement Systems of Alabama boosted its stake in shares of Paramount Global by 12.8% during the 3rd quarter. Retirement Systems of Alabama now owns 179,384 shares of the company's stock worth $1,905,000 after purchasing an additional 20,335 shares during the period. Principal Financial Group Inc. grew its holdings in Paramount Global by 22.3% during the 3rd quarter. Principal Financial Group Inc. now owns 683,401 shares of the company's stock valued at $7,258,000 after purchasing an additional 124,740 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in Paramount Global by 74.0% in the 4th quarter. GAMMA Investing LLC now owns 10,842 shares of the company's stock worth $113,000 after purchasing an additional 4,611 shares during the period. Hedge funds and other institutional investors own 73.00% of the company's stock.

Paramount Global Stock Up 2.6 %

Shares of NASDAQ:PARA traded up $0.30 during trading hours on Friday, hitting $11.73. The company's stock had a trading volume of 9,440,814 shares, compared to its average volume of 11,272,071. The firm's fifty day moving average price is $11.38 and its 200 day moving average price is $10.97. Paramount Global has a 52 week low of $9.54 and a 52 week high of $14.54. The company has a market capitalization of $7.82 billion, a price-to-earnings ratio of -1.43, a P/E/G ratio of 1.68 and a beta of 1.31. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.27 and a quick ratio of 1.10.

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

Paramount Global Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Monday, March 17th were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date was Monday, March 17th. Paramount Global's payout ratio is currently -2.15%.

Analysts Set New Price Targets

A number of research firms have recently commented on PARA. UBS Group cut their target price on Paramount Global from $11.00 to $10.00 and set a "sell" rating on the stock in a research note on Tuesday, April 15th. Morgan Stanley upped their price objective on Paramount Global from $10.00 to $11.00 and gave the company an "underweight" rating in a research report on Tuesday, February 4th. Guggenheim reiterated a "buy" rating and set a $14.00 target price on shares of Paramount Global in a research report on Thursday, February 27th. StockNews.com initiated coverage on shares of Paramount Global in a report on Wednesday. They issued a "hold" rating on the stock. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Paramount Global in a report on Thursday, February 27th. Seven investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat, Paramount Global presently has a consensus rating of "Hold" and an average target price of $11.92.

About Paramount Global

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.