State Street Corp Boosts Stock Holdings in Paramount Global (NASDAQ:PARA)

State Street Corp increased its holdings in shares of Paramount Global (NASDAQ:PARA - Free Report) by 18.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 44,154,027 shares of the company's stock after acquiring an additional 6,848,037 shares during the quarter. State Street Corp owned about 6.62% of Paramount Global worth $470,695,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Quantinno Capital Management LP grew its holdings in shares of Paramount Global by 77.4% during the 3rd quarter. Quantinno Capital Management LP now owns 34,316 shares of the company's stock worth $364,000 after purchasing an additional 14,969 shares in the last quarter. Readystate Asset Management LP lifted its position in Paramount Global by 67.4% during the third quarter. Readystate Asset Management LP now owns 1,002,324 shares of the company's stock worth $10,645,000 after purchasing an additional 403,554 shares during the period. Pingora Partners LLC grew its stake in Paramount Global by 28.5% during the third quarter. Pingora Partners LLC now owns 48,444 shares of the company's stock worth $514,000 after buying an additional 10,736 shares in the last quarter. IHT Wealth Management LLC increased its holdings in Paramount Global by 68.1% in the 3rd quarter. IHT Wealth Management LLC now owns 62,138 shares of the company's stock valued at $659,000 after buying an additional 25,180 shares during the period. Finally, Investment Management Corp of Ontario raised its position in shares of Paramount Global by 66.9% in the 3rd quarter. Investment Management Corp of Ontario now owns 19,715 shares of the company's stock valued at $209,000 after buying an additional 7,900 shares in the last quarter. Institutional investors and hedge funds own 73.00% of the company's stock.

Paramount Global Price Performance

Shares of Paramount Global stock traded up $0.18 during trading on Monday, hitting $11.17. The company's stock had a trading volume of 11,062,213 shares, compared to its average volume of 14,707,851. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.10 and a current ratio of 1.27. Paramount Global has a 52 week low of $9.54 and a 52 week high of $17.50. The stock has a 50-day moving average price of $10.73 and a two-hundred day moving average price of $10.87.

Paramount Global (NASDAQ:PARA - Get Free Report) last issued its quarterly earnings data 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. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. The company had revenue of $6.73 billion during the quarter, compared to the consensus estimate of $6.94 billion. During the same period last year, the company earned $0.30 earnings per share. The firm's revenue was down 5.6% compared to the same quarter last year. Equities analysts anticipate that Paramount Global will post 1.86 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.20 dividend on an annualized basis and a yield of 1.79%. Paramount Global's dividend payout ratio (DPR) is presently -2.43%.

Analyst Upgrades and Downgrades

PARA has been the topic of a number of recent analyst reports. 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 note on Thursday, August 15th. Macquarie reiterated an "underperform" rating and issued a $10.00 price target on shares of Paramount Global in a research note on Monday, November 11th. Needham & Company LLC reissued a "hold" rating on shares of Paramount Global in a report on Monday, November 11th. StockNews.com raised Paramount Global from a "sell" rating to a "hold" rating in a research note on Monday, November 11th. Finally, Guggenheim lowered their target price on Paramount Global from $19.00 to $14.00 and set a "buy" rating for the company in a research note on Wednesday, September 25th. Seven equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $12.43.

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.