Franklin Resources Inc. Boosts Stock Holdings in Paramount Global (NASDAQ:PARA)

Franklin Resources Inc. grew its holdings in Paramount Global (NASDAQ:PARA - Free Report) by 824.1% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 195,690 shares of the company's stock after acquiring an additional 174,514 shares during the quarter. Franklin Resources Inc.'s holdings in Paramount Global were worth $2,029,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Blue Trust Inc. boosted its holdings in Paramount Global by 162.8% in the 3rd quarter. Blue Trust Inc. now owns 2,539 shares of the company's stock valued at $26,000 after purchasing an additional 1,573 shares during the period. Huntington National Bank grew its position in Paramount Global by 129.0% during the third quarter. Huntington National Bank now owns 2,771 shares of the company's stock worth $29,000 after buying an additional 1,561 shares in the last quarter. Atlas Capital Advisors LLC bought a new position in Paramount Global during the 2nd quarter worth $35,000. Ashton Thomas Private Wealth LLC acquired a new position in Paramount Global in the 2nd quarter valued at $43,000. Finally, Kennebec Savings Bank bought a new stake in shares of Paramount Global during the 3rd quarter valued at $47,000. 73.00% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Paramount Global Price Performance

Shares of PARA traded down $0.04 during trading hours on Friday, reaching $10.40. 5,764,398 shares of the company's stock traded hands, compared to its average volume of 14,415,467. The firm's 50 day simple moving average is $10.84 and its 200-day simple moving average is $10.76. The stock has a market cap of $6.94 billion, a PE ratio of -1.27, 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. Paramount Global has a 12 month low of $9.54 and a 12 month high of $15.70.

Paramount Global (NASDAQ:PARA - Get Free Report) last posted its quarterly earnings data on Friday, November 8th. The company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.25. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The firm had revenue of $6.73 billion for the quarter, compared to analysts' expectations of $6.94 billion. During the same quarter last year, the company posted $0.30 EPS. The business's quarterly revenue was down 5.6% on a year-over-year basis. Equities analysts expect that Paramount Global will post 1.86 EPS for the current year.

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.