The Manufacturers Life Insurance Company Buys 266,160 Shares of Paramount Global (NASDAQ:PARA)

The Manufacturers Life Insurance Company increased its holdings in shares of Paramount Global (NASDAQ:PARA - Free Report) by 65.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 671,445 shares of the company's stock after acquiring an additional 266,160 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.10% of Paramount Global worth $6,976,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of PARA. Bank of Nova Scotia grew its stake in shares of Paramount Global by 74.3% during the 4th quarter. Bank of Nova Scotia now owns 33,481 shares of the company's stock worth $495,000 after acquiring an additional 14,270 shares during the period. Royal London Asset Management Ltd. boosted its position in Paramount Global by 10.0% during the fourth quarter. Royal London Asset Management Ltd. now owns 238,973 shares of the company's stock worth $3,534,000 after purchasing an additional 21,784 shares during the period. Cibc World Markets Corp purchased a new position in shares of Paramount Global in the fourth quarter worth about $4,989,000. Quadrature Capital Ltd bought a new stake in shares of Paramount Global in the fourth quarter valued at approximately $1,512,000. Finally, Personal CFO Solutions LLC lifted its stake in shares of Paramount Global by 2.4% during the 4th quarter. Personal CFO Solutions LLC now owns 43,468 shares of the company's stock valued at $643,000 after buying an additional 1,030 shares in the last quarter. Hedge funds and other institutional investors own 73.00% of the company's stock.

Paramount Global Trading Up 0.7 %

Shares of PARA traded up $0.07 during trading hours on Friday, hitting $10.52. The company had a trading volume of 5,154,125 shares, compared to its average volume of 16,029,692. Paramount Global has a 52-week low of $9.54 and a 52-week high of $17.50. The company has a quick ratio of 1.15, a current ratio of 1.30 and a debt-to-equity ratio of 0.85. The stock's 50 day moving average price is $10.61 and its 200 day moving average price is $11.28. The firm has a market cap of $7.01 billion, a P/E ratio of -70.13, a P/E/G ratio of 0.58 and a beta of 1.75.

Paramount Global (NASDAQ:PARA - Get Free Report) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.40. The business had revenue of $6.81 billion during the quarter, compared to analysts' expectations of $7.21 billion. Paramount Global had a negative net margin of 17.62% and a positive return on equity of 4.88%. On average, research analysts predict that Paramount Global will post 1.57 EPS for the current year.

Paramount Global Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 16th will be issued a dividend of $0.05 per share. The ex-dividend date is Monday, December 16th. This represents a $0.20 dividend on an annualized basis and a yield of 1.90%. Paramount Global's dividend payout ratio is presently -133.32%.

Analyst Ratings Changes

A number of research firms recently weighed in on PARA. JPMorgan Chase & Co. reduced their price objective on shares of Paramount Global from $12.00 to $11.00 and set an "underweight" rating for the company in a research note on Thursday, August 15th. The Goldman Sachs Group began coverage on Paramount Global in a report on Tuesday, June 25th. They set a "sell" rating and a $9.50 price objective on the stock. Wells Fargo & Company upgraded Paramount Global from an "underweight" rating to an "equal weight" rating and upped their price target for the company from $10.00 to $11.00 in a research report on Friday, August 9th. Guggenheim lowered their target price on shares of Paramount Global from $19.00 to $14.00 and set a "buy" rating on the stock in a research note on Wednesday, September 25th. Finally, Benchmark reiterated a "buy" rating and issued a $19.00 price objective on shares of Paramount Global in a research report on Friday, August 9th. Ten analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $12.25.

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.