Readystate Asset Management LP Increases Stock Holdings in Paramount Global (NASDAQ:PARA)

Readystate Asset Management LP boosted its stake in shares of Paramount Global (NASDAQ:PARA - Free Report) by 67.4% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,002,324 shares of the company's stock after buying an additional 403,554 shares during the quarter. Readystate Asset Management LP owned approximately 0.15% of Paramount Global worth $10,645,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its holdings in shares of Paramount Global by 162.8% in the third quarter. Blue Trust Inc. now owns 2,539 shares of the company's stock worth $26,000 after buying an additional 1,573 shares in the last quarter. Huntington National Bank increased its position in shares of Paramount Global by 129.0% in the third quarter. Huntington National Bank now owns 2,771 shares of the company's stock worth $29,000 after purchasing an additional 1,561 shares during the last quarter. Atlas Capital Advisors LLC bought a new position in shares of Paramount Global in the second quarter worth approximately $35,000. Ashton Thomas Private Wealth LLC bought a new position in shares of Paramount Global in the second quarter worth approximately $43,000. Finally, Kennebec Savings Bank bought a new position in shares of Paramount Global in the third quarter worth approximately $47,000. Institutional investors own 73.00% of the company's stock.

Analyst Ratings Changes

Several research firms recently weighed in on PARA. JPMorgan Chase & Co. decreased their price objective on shares of Paramount Global from $12.00 to $11.00 and set an "underweight" rating on the stock in a research report on Thursday, August 15th. Macquarie reiterated an "underperform" rating and set a $10.00 price target on shares of Paramount Global in a research report on Monday, November 11th. Guggenheim reduced their price target on shares of Paramount Global from $19.00 to $14.00 and set a "buy" rating on the stock in a research report on Wednesday, September 25th. Benchmark reiterated a "buy" rating and set a $19.00 price target on shares of Paramount Global in a research report on Friday, August 9th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Paramount Global in a research report on Monday, November 11th. Eight investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, Paramount Global presently has an average rating of "Hold" and an average target price of $12.40.

Paramount Global Price Performance

Shares of Paramount Global stock traded down $0.12 on Thursday, reaching $10.90. The company's stock had a trading volume of 2,440,388 shares, compared to its average volume of 14,733,211. The stock has a 50-day moving average price of $10.73 and a 200-day moving average price of $10.89. 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 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.85. The company has a market capitalization of $7.27 billion, a P/E ratio of -1.34, a PEG ratio of 1.32 and a beta of 1.71.

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

Paramount Global Dividend Announcement

The company also recently announced 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. This represents a $0.20 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date 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.