Gabelli Funds LLC Purchases 260,084 Shares of Paramount Global (NASDAQ:PARA)

Gabelli Funds LLC raised its holdings in shares of Paramount Global (NASDAQ:PARA - Free Report) by 54.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 734,984 shares of the company's stock after purchasing an additional 260,084 shares during the quarter. Gabelli Funds LLC owned approximately 0.11% of Paramount Global worth $7,688,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Allworth Financial LP lifted its holdings in shares of Paramount Global by 140.1% during the fourth quarter. Allworth Financial LP now owns 2,391 shares of the company's stock worth $25,000 after buying an additional 1,395 shares in the last quarter. Mountain Hill Investment Partners Corp. bought a new stake in Paramount Global in the 4th quarter valued at about $31,000. Rakuten Securities Inc. grew 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 worth $32,000 after purchasing an additional 2,019 shares in the last quarter. Atlas Capital Advisors Inc. bought a new position in shares of Paramount Global during the fourth quarter worth approximately $35,000. Finally, Resona Asset Management Co. Ltd. acquired a new stake in shares of Paramount Global in the fourth quarter valued at approximately $36,000. 73.00% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PARA. Morgan Stanley raised their price objective on Paramount Global from $10.00 to $11.00 and gave the stock an "underweight" rating in a research note on Tuesday, February 4th. StockNews.com initiated coverage on shares of Paramount Global in a research report on Tuesday, April 15th. They set a "hold" rating for the company. Needham & Company LLC restated a "hold" rating on shares of Paramount Global in a research report on Thursday, February 27th. Guggenheim reissued a "buy" rating and issued a $14.00 price objective on shares of Paramount Global in a research note on Thursday, February 27th. Finally, Deutsche Bank Aktiengesellschaft downgraded Paramount Global from a "buy" rating to a "hold" rating and set a $12.00 target price on the stock. in a report on Wednesday, April 2nd. Seven analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Paramount Global presently has an average rating of "Hold" and a consensus target price of $11.92.

Paramount Global Trading Up 2.1 %

Shares of PARA traded up $0.23 during mid-day trading on Friday, reaching $10.94. 6,698,723 shares of the company were exchanged, compared to its average volume of 11,376,459. The business has a 50 day simple moving average of $11.38 and a two-hundred day simple moving average of $10.96. Paramount Global has a 52 week low of $9.54 and a 52 week high of $14.54. The stock has a market capitalization of $7.30 billion, a PE ratio of -1.33, a PEG ratio of 1.68 and a beta of 1.31. 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 posted its quarterly earnings data on Wednesday, February 26th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.29). The firm had revenue of $7.98 billion for the quarter, compared to analyst estimates of $8.07 billion. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. On average, analysts predict that Paramount Global will post 1.77 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Monday, March 17th were issued a $0.05 dividend. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.20 dividend on an annualized basis and a yield of 1.83%. Paramount Global's payout ratio is currently -2.15%.

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.