Geode Capital Management LLC Raises Stake in Paramount Global (NASDAQ:PARA)

Geode Capital Management LLC raised its holdings in shares of Paramount Global (NASDAQ:PARA - Free Report) by 4.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,567,531 shares of the company's stock after buying an additional 724,565 shares during the quarter. Geode Capital Management LLC owned about 2.33% of Paramount Global worth $162,731,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in PARA. Vanguard Group Inc. grew its holdings in shares of Paramount Global by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 67,040,366 shares of the company's stock worth $701,242,000 after purchasing an additional 761,561 shares in the last quarter. Lingotto Investment Management LLP lifted its position in Paramount Global by 3.7% during the fourth quarter. Lingotto Investment Management LLP now owns 44,753,299 shares of the company's stock valued at $468,120,000 after purchasing an additional 1,593,579 shares during the last quarter. State Street Corp grew its stake in Paramount Global by 18.4% in the 3rd quarter. State Street Corp now owns 44,154,027 shares of the company's stock worth $470,695,000 after buying an additional 6,848,037 shares in the last quarter. Contrarius Group Holdings Ltd bought a new position in shares of Paramount Global in the 4th quarter worth $146,230,000. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Paramount Global by 4.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,743,123 shares of the company's stock valued at $80,993,000 after buying an additional 348,298 shares in the last quarter. 73.00% of the stock is currently owned by institutional investors.

Paramount Global Trading Down 2.1 %

Shares of NASDAQ PARA traded down $0.23 during mid-day trading on Friday, hitting $10.69. The stock had a trading volume of 5,527,891 shares, compared to its average volume of 11,639,889. The business has a 50 day moving average price of $11.36 and a two-hundred day moving average price of $10.95. Paramount Global has a 1 year low of $9.54 and a 1 year high of $14.54. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.10 and a current ratio of 1.27. The firm has a market cap of $7.13 billion, a P/E ratio of -1.30, a price-to-earnings-growth ratio of 1.68 and a beta of 1.31.

Paramount Global (NASDAQ:PARA - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $7.98 billion during the quarter, compared to analysts' expectations of $8.07 billion. On average, equities analysts anticipate that Paramount Global will post 1.77 EPS for the current fiscal year.

Paramount Global Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Monday, March 17th were given a $0.05 dividend. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.20 annualized dividend and a dividend yield of 1.87%. Paramount Global's dividend payout ratio is -2.15%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PARA. Benchmark reiterated a "buy" rating and issued a $19.00 target price on shares of Paramount Global in a research report on Thursday, February 27th. Deutsche Bank Aktiengesellschaft cut Paramount Global from a "buy" rating to a "hold" rating and set a $12.00 price objective for the company. in a report on Wednesday, April 2nd. Needham & Company LLC reissued a "hold" rating on shares of Paramount Global in a report on Thursday, February 27th. Guggenheim restated a "buy" rating and issued a $14.00 target price on shares of Paramount Global in a research report on Thursday, February 27th. Finally, Morgan Stanley increased their price target on shares of Paramount Global from $10.00 to $11.00 and gave the company an "underweight" rating in a research report on Tuesday, February 4th. Six equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Paramount Global has an average rating of "Hold" and a consensus price target of $12.09.

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.