Norges Bank Takes Position in Paramount Global (NASDAQ:PARA)

Norges Bank acquired a new position in shares of Paramount Global (NASDAQ:PARA - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 4,321,414 shares of the company's stock, valued at approximately $45,202,000. Norges Bank owned approximately 0.65% of Paramount Global at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of PARA. Allworth Financial LP increased its holdings in shares of Paramount Global by 140.1% in the 4th quarter. Allworth Financial LP now owns 2,391 shares of the company's stock worth $25,000 after buying an additional 1,395 shares during the last quarter. Mountain Hill Investment Partners Corp. purchased a new position in Paramount Global in the fourth quarter worth $31,000. Rakuten Securities Inc. increased its stake in Paramount Global by 187.8% in the fourth quarter. Rakuten Securities Inc. now owns 3,094 shares of the company's stock valued at $32,000 after acquiring an additional 2,019 shares during the last quarter. SBI Securities Co. Ltd. purchased a new stake in Paramount Global during the fourth quarter valued at about $57,000. Finally, FNY Investment Advisers LLC lifted its stake in Paramount Global by 102.4% during the fourth quarter. FNY Investment Advisers LLC now owns 7,224 shares of the company's stock worth $75,000 after purchasing an additional 3,654 shares during the last quarter. 73.00% of the stock is currently owned by institutional investors.

Paramount Global Trading Up 4.6 %

NASDAQ PARA traded up $0.49 on Wednesday, hitting $11.14. The company's stock had a trading volume of 13,869,222 shares, compared to its average volume of 11,831,146. The firm has a market cap of $7.43 billion, a P/E ratio of -1.36, a PEG ratio of 1.68 and a beta of 1.31. Paramount Global has a 52-week low of $9.54 and a 52-week high of $14.54. The company's 50-day simple moving average is $11.36 and its 200 day simple moving average is $10.95. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.85.

Paramount Global (NASDAQ:PARA - Get Free Report) last announced its quarterly earnings results on Wednesday, February 26th. The company reported ($0.11) EPS for the quarter, missing analysts' consensus estimates of $0.18 by ($0.29). The business had revenue of $7.98 billion during the quarter, compared to analysts' expectations of $8.07 billion. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. Research analysts predict 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 paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date of this dividend was Monday, March 17th. Paramount Global's payout ratio is -2.15%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Guggenheim reissued a "buy" rating and set a $14.00 price objective on shares of Paramount Global in a report on Thursday, February 27th. StockNews.com started coverage on shares of Paramount Global in a research note on Monday. They set a "hold" rating on the stock. Needham & Company LLC reaffirmed a "hold" rating on shares of Paramount Global in a research note on Thursday, February 27th. Morgan Stanley lifted their target price on shares of Paramount Global from $10.00 to $11.00 and gave the stock an "underweight" rating in a research report on Tuesday, February 4th. Finally, Deutsche Bank Aktiengesellschaft lowered shares of Paramount Global from a "buy" rating to a "hold" rating and set a $12.00 price target for the company. in a research report on Wednesday, April 2nd. Six research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $12.09.

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.