Principal Financial Group Inc. Has $7.26 Million Holdings in Paramount Global (NASDAQ:PARA)

Principal Financial Group Inc. boosted its position in Paramount Global (NASDAQ:PARA - Free Report) by 22.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 683,401 shares of the company's stock after acquiring an additional 124,740 shares during the quarter. Principal Financial Group Inc. owned 0.10% of Paramount Global worth $7,258,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Financial Counselors Inc. lifted its holdings in Paramount Global by 6.9% in the second quarter. Financial Counselors Inc. now owns 864,287 shares of the company's stock worth $8,980,000 after buying an additional 56,021 shares during the period. CANADA LIFE ASSURANCE Co raised its holdings in Paramount Global by 33.9% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 406,895 shares of the company's stock worth $4,790,000 after acquiring an additional 103,103 shares during the last quarter. Hoertkorn Richard Charles raised its holdings in Paramount Global by 38.1% in the 3rd quarter. Hoertkorn Richard Charles now owns 221,696 shares of the company's stock worth $2,354,000 after acquiring an additional 61,191 shares during the last quarter. AustralianSuper Pty Ltd bought a new stake in Paramount Global in the 3rd quarter worth approximately $7,222,000. Finally, Canada Pension Plan Investment Board grew its position in Paramount Global by 798.0% in the 2nd quarter. Canada Pension Plan Investment Board now owns 684,300 shares of the company's stock worth $7,110,000 after purchasing an additional 608,100 shares during the period. 73.00% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on PARA shares. Guggenheim cut their price objective on shares of Paramount Global from $19.00 to $14.00 and set a "buy" rating for the company in a research report on Wednesday, September 25th. Benchmark restated a "buy" rating and set a $19.00 target price on shares of Paramount Global in a research report on Friday, August 9th. StockNews.com upgraded shares of Paramount Global from a "sell" rating to a "hold" rating in a report on Monday, November 11th. Wells Fargo & Company upgraded shares of 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 report on Friday, August 9th. Finally, Needham & Company LLC restated a "hold" rating on shares of Paramount Global in a research note on Monday, November 11th. Eight investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $12.40.

Paramount Global Trading Up 1.0 %

Shares of PARA traded up $0.10 during mid-day trading on Wednesday, hitting $10.43. The company had a trading volume of 4,718,715 shares, compared to its average volume of 14,800,805. The stock has a market cap of $6.96 billion, a PE ratio of -1.26, a P/E/G ratio of 1.31 and a beta of 1.74. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.85. Paramount Global has a 1-year low of $9.54 and a 1-year high of $17.50. The business's 50-day simple moving average is $10.62 and its 200-day simple moving average is $11.03.

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

Paramount Global Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.92%. The ex-dividend date of this dividend is Monday, December 16th. Paramount Global's dividend payout ratio (DPR) is -2.43%.

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.