Geode Capital Management LLC Acquires 1,606,779 Shares of Paramount Global (NASDAQ:PARA)

Geode Capital Management LLC boosted its stake in shares of Paramount Global (NASDAQ:PARA - Free Report) by 12.1% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,842,966 shares of the company's stock after buying an additional 1,606,779 shares during the period. Geode Capital Management LLC owned approximately 2.23% of Paramount Global worth $157,168,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Lingotto Investment Management LLP lifted its stake in shares of Paramount Global by 628.8% in the second quarter. Lingotto Investment Management LLP now owns 29,937,007 shares of the company's stock worth $311,046,000 after buying an additional 25,829,185 shares in the last quarter. State Street Corp lifted its position in Paramount Global by 18.4% in 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 in the last quarter. Ariel Investments LLC lifted its position in Paramount Global by 16.5% in the 2nd quarter. Ariel Investments LLC now owns 14,042,265 shares of the company's stock valued at $145,899,000 after acquiring an additional 1,992,576 shares in the last quarter. AQR Capital Management LLC boosted its stake in Paramount Global by 602.8% during the 2nd quarter. AQR Capital Management LLC now owns 1,783,489 shares of the company's stock valued at $18,530,000 after purchasing an additional 1,529,719 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Paramount Global by 16.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,394,825 shares of the company's stock worth $78,533,000 after purchasing an additional 1,030,592 shares in the last quarter. Institutional investors own 73.00% of the company's stock.

Paramount Global Stock Performance

Paramount Global stock traded down $0.17 during trading on Tuesday, reaching $10.81. The company had a trading volume of 7,240,534 shares, compared to its average volume of 14,555,866. The firm has a market capitalization of $7.21 billion, a price-to-earnings ratio of -1.32, a price-to-earnings-growth ratio of 1.35 and a beta of 1.71. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.85. The firm's 50-day simple moving average is $10.82 and its 200 day simple moving average is $10.83. Paramount Global has a 52 week low of $9.54 and a 52 week high of $16.30.

Paramount Global (NASDAQ:PARA - Get Free Report) last posted its quarterly earnings data on Friday, November 8th. The company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.24 by $0.25. The firm had revenue of $6.73 billion for the quarter, compared to the consensus estimate 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 revenue for the quarter was down 5.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.30 earnings per share. Sell-side analysts forecast that Paramount Global will post 1.86 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.85%. The ex-dividend date is Monday, December 16th. Paramount Global's dividend payout ratio is currently -2.43%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PARA. StockNews.com raised Paramount Global from a "sell" rating to a "hold" rating in a report on Monday, November 11th. Needham & Company LLC reaffirmed a "hold" rating on shares of Paramount Global in a report on Monday, November 11th. Guggenheim reduced their price target on shares of Paramount Global from $19.00 to $14.00 and set a "buy" rating for the company in a research note on Wednesday, September 25th. Finally, Macquarie restated an "underperform" rating and set a $10.00 price objective on shares of Paramount Global in a research report on Monday, November 11th. Seven analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, Paramount Global has a consensus rating of "Hold" and an average target price of $12.43.

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.