KLP Kapitalforvaltning AS Makes New Investment in Paramount Global (NASDAQ:PARA)

KLP Kapitalforvaltning AS acquired a new position in shares of Paramount Global (NASDAQ:PARA - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 120,400 shares of the company's stock, valued at approximately $1,265,000.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Allworth Financial LP lifted its position in Paramount Global by 140.1% during the 4th quarter. Allworth Financial LP now owns 2,391 shares of the company's stock worth $25,000 after acquiring an additional 1,395 shares in the last quarter. Insight Inv LLC lifted its position in shares of Paramount Global by 9.8% during the fourth quarter. Insight Inv LLC now owns 20,435 shares of the company's stock worth $215,000 after purchasing an additional 1,825 shares in the last quarter. Rockefeller Capital Management L.P. boosted its stake in shares of Paramount Global by 9.6% in the third quarter. Rockefeller Capital Management L.P. now owns 21,146 shares of the company's stock valued at $225,000 after purchasing an additional 1,845 shares during the period. Mitchell & Pahl Private Wealth LLC grew its holdings in Paramount Global by 3.8% during the 4th quarter. Mitchell & Pahl Private Wealth LLC now owns 50,770 shares of the company's stock valued at $531,000 after purchasing an additional 1,848 shares in the last quarter. Finally, Perigon Wealth Management LLC boosted its position in Paramount Global by 7.0% in the 4th quarter. Perigon Wealth Management LLC now owns 28,821 shares of the company's stock valued at $293,000 after buying an additional 1,874 shares during the last quarter. Hedge funds and other institutional investors own 73.00% of the company's stock.

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Analyst Upgrades and Downgrades

Several research firms recently issued reports on PARA. StockNews.com assumed coverage on shares of Paramount Global in a report on Sunday. They issued a "hold" rating on the stock. Morgan Stanley increased their price target on Paramount Global from $10.00 to $11.00 and gave the stock an "underweight" rating in a research report on Tuesday, February 4th. Deutsche Bank Aktiengesellschaft downgraded shares of Paramount Global from a "buy" rating to a "hold" rating and set a $12.00 price objective on the stock. in a research report on Wednesday. Needham & Company LLC restated a "hold" rating on shares of Paramount Global in a research note on Thursday, February 27th. Finally, Guggenheim reaffirmed a "buy" rating and set a $14.00 price target on shares of Paramount Global in a report on Thursday, February 27th. Six 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 stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $12.09.

Paramount Global Price Performance

Shares of NASDAQ:PARA traded up $0.08 during midday trading on Wednesday, reaching $11.81. 5,153,007 shares of the company's stock were exchanged, compared to its average volume of 9,232,059. 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 company's 50 day simple moving average is $11.34 and its two-hundred day simple moving average is $10.92. Paramount Global has a 12 month low of $9.54 and a 12 month high of $14.54. The firm has a market capitalization of $7.88 billion, a PE ratio of -1.44, a price-to-earnings-growth ratio of 1.68 and a beta of 1.60.

Paramount Global (NASDAQ:PARA - Get Free Report) last issued 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). The company had revenue of $7.98 billion for the quarter, compared to the consensus estimate of $8.07 billion. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. Equities research analysts expect 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 dividend of $0.05 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.20 annualized dividend and a yield of 1.69%. Paramount Global's dividend payout ratio is presently -2.15%.

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.