Vanguard Group Inc. Acquires 761,561 Shares of Paramount Global (NASDAQ:PARA)

Vanguard Group Inc. grew its position in Paramount Global (NASDAQ:PARA - Free Report) by 1.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 67,040,366 shares of the company's stock after purchasing an additional 761,561 shares during the period. Vanguard Group Inc. owned about 10.05% of Paramount Global worth $701,242,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PARA. Contrarius Group Holdings Ltd acquired a new position in shares of Paramount Global during the 4th quarter worth $146,230,000. State Street Corp boosted its holdings in Paramount Global by 18.4% in the third quarter. State Street Corp now owns 44,154,027 shares of the company's stock worth $470,695,000 after purchasing an additional 6,848,037 shares in the last quarter. Geode Capital Management LLC increased its position in Paramount Global by 12.1% during the third quarter. Geode Capital Management LLC now owns 14,842,966 shares of the company's stock worth $157,168,000 after buying an additional 1,606,779 shares during the last quarter. Lingotto Investment Management LLP raised its holdings in Paramount Global by 3.7% during the fourth quarter. Lingotto Investment Management LLP now owns 44,753,299 shares of the company's stock valued at $468,120,000 after buying an additional 1,593,579 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Paramount Global by 24.7% in the fourth quarter. Bank of New York Mellon Corp now owns 4,586,288 shares of the company's stock worth $47,973,000 after buying an additional 908,515 shares during the last quarter. 73.00% of the stock is owned by hedge funds and other institutional investors.

Remove Ads

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft lowered Paramount Global from a "buy" rating to a "hold" rating and set a $12.00 price objective on the stock. in a report on Wednesday. Guggenheim reiterated a "buy" rating and set a $14.00 price target on shares of Paramount Global in a report on Thursday, February 27th. Morgan Stanley boosted their price objective on shares of Paramount Global from $10.00 to $11.00 and gave the stock an "underweight" rating in a research note on Tuesday, February 4th. Benchmark reiterated a "buy" rating and issued a $19.00 target price on shares of Paramount Global in a research note on Thursday, February 27th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Paramount Global in a research report on Thursday, February 27th. Six analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, Paramount Global presently has a consensus rating of "Hold" and an average target price of $12.09.

Paramount Global Stock Performance

Shares of NASDAQ:PARA traded up $0.17 on Wednesday, hitting $11.90. 9,128,485 shares of the company were exchanged, compared to its average volume of 12,472,678. The company's 50 day moving average price is $11.34 and its two-hundred day moving average price is $10.92. The firm has a market capitalization of $7.94 billion, a price-to-earnings ratio of -1.45, a PEG ratio of 1.68 and a beta of 1.60. 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 one year low of $9.54 and a one year high of $14.54.

Paramount Global (NASDAQ:PARA - Get Free Report) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.29). Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The firm had revenue of $7.98 billion during the quarter, compared to analyst estimates of $8.07 billion. Research analysts expect that Paramount Global will post 1.77 earnings per share for the current year.

Paramount Global Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Monday, March 17th were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.20 dividend on an annualized basis and a yield of 1.68%. Paramount Global's dividend payout ratio is currently -2.15%.

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.