Contrarius Group Holdings Ltd Makes New Investment in Paramount Global (NASDAQ:PARA)

Contrarius Group Holdings Ltd bought a new stake in shares of Paramount Global (NASDAQ:PARA - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 13,979,941 shares of the company's stock, valued at approximately $146,230,000. Paramount Global accounts for approximately 9.0% of Contrarius Group Holdings Ltd's holdings, making the stock its 3rd largest position. Contrarius Group Holdings Ltd owned approximately 2.10% of Paramount Global as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PARA. Allworth Financial LP lifted its holdings in shares of Paramount Global by 140.1% in the fourth quarter. Allworth Financial LP now owns 2,391 shares of the company's stock valued at $25,000 after buying an additional 1,395 shares during the period. Huntington National Bank lifted its holdings in Paramount Global by 129.0% in 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 during the last quarter. Rakuten Securities Inc. boosted its position in shares of Paramount Global by 187.8% during the 4th quarter. Rakuten Securities Inc. now owns 3,094 shares of the company's stock valued at $32,000 after purchasing an additional 2,019 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in shares of Paramount Global during the 4th quarter valued at about $57,000. Finally, FNY Investment Advisers LLC grew its stake in shares of Paramount Global by 102.4% in the 4th quarter. FNY Investment Advisers LLC now owns 7,224 shares of the company's stock worth $75,000 after purchasing an additional 3,654 shares during the last quarter. 73.00% of the stock is currently owned by institutional investors.

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Analysts Set New Price Targets

A number of analysts recently weighed in on PARA shares. Guggenheim restated a "buy" rating and set a $14.00 target price on shares of Paramount Global in a report on Thursday, February 27th. Benchmark reissued a "buy" rating and set a $19.00 price objective on shares of Paramount Global in a research note on Thursday, February 27th. Morgan Stanley boosted their target price on Paramount Global from $10.00 to $11.00 and gave the stock an "underweight" rating in a research report on Tuesday, February 4th. StockNews.com assumed coverage on Paramount Global in a research report on Saturday. They issued a "hold" rating for the company. Finally, Needham & Company LLC restated a "hold" rating on shares of Paramount Global in a report on Thursday, February 27th. Six analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Paramount Global currently has an average rating of "Hold" and an average target price of $12.10.

Paramount Global Stock Down 1.9 %

Shares of PARA stock traded down $0.22 during trading on Monday, hitting $11.64. 8,704,600 shares of the company were exchanged, compared to its average volume of 12,300,047. The business's 50-day simple moving average is $11.18 and its 200 day simple moving average is $10.85. Paramount Global has a twelve month low of $9.54 and a twelve month high of $14.54. The firm has a market capitalization of $7.76 billion, a price-to-earnings ratio of -1.42, a P/E/G 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 earnings results on Wednesday, February 26th. The company reported ($0.11) earnings per share (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 company had revenue of $7.98 billion for the quarter, compared to analyst estimates of $8.07 billion. As a group, analysts forecast that Paramount Global will post 1.77 EPS for the current fiscal year.

Paramount Global Announces Dividend

The company also recently declared 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 1.72%. The ex-dividend date of this dividend is Monday, March 17th. Paramount Global's dividend payout ratio (DPR) is presently -2.15%.

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.