Allianz Asset Management GmbH Grows Stake in Paramount Global (NASDAQ:PARA)

Allianz Asset Management GmbH lifted its stake in Paramount Global (NASDAQ:PARA) by 48.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,425,849 shares of the company’s stock after purchasing an additional 787,516 shares during the quarter. Allianz Asset Management GmbH owned 0.36% of Paramount Global worth $25,374,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. State Street Corp raised 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 buying an additional 6,848,037 shares during the last quarter. Geode Capital Management LLC raised its holdings in Paramount Global by 12.1% in the 3rd quarter. Geode Capital Management LLC now owns 14,842,966 shares of the company’s stock worth $157,168,000 after acquiring an additional 1,606,779 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Paramount Global by 16.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,394,825 shares of the company’s stock valued at $78,533,000 after acquiring an additional 1,030,592 shares in the last quarter. AustralianSuper Pty Ltd purchased a new stake in Paramount Global during the 3rd quarter valued at $7,222,000. Finally, Alpine Associates Management Inc. bought a new stake in shares of Paramount Global in the 3rd quarter worth $5,186,000. Institutional investors own 73.00% of the company’s stock.

Paramount Global Trading Up 1.6 %

NASDAQ:PARA opened at $11.67 on Tuesday. Paramount Global has a one year low of $9.54 and a one year high of $14.54. The business has a fifty day moving average price of $10.76 and a 200-day moving average price of $10.72. The firm has a market capitalization of $7.78 billion, a price-to-earnings ratio of -1.42, a price-to-earnings-growth ratio of 1.68 and a beta of 1.69. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.27 and a quick ratio of 1.10.

Paramount Global Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 17th will be given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date of this dividend is Monday, March 17th. Paramount Global’s payout ratio is -2.43%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Morgan Stanley increased their price objective on Paramount Global from $10.00 to $11.00 and gave the company an “underweight” rating in a research report on Tuesday, February 4th. StockNews.com raised shares of Paramount Global from a “sell” rating to a “hold” rating in a report on Monday, November 11th. Needham & Company LLC reissued a “hold” rating on shares of Paramount Global in a report on Monday, November 11th. Finally, Macquarie restated an “underperform” rating and set a $10.00 price objective on shares of Paramount Global in a research report on Monday, November 11th. Six research analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $12.58.

About Paramount Global

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.