Algert Global LLC Takes $1 Million Position in Paramount Global (NASDAQ:PARA)

Algert Global LLC bought a new position in Paramount Global (NASDAQ:PARA) during the fourth quarter, according to its most recent filing with the SEC. The firm bought 95,750 shares of the company’s stock, valued at approximately $1,002,000.

Several other hedge funds have also bought and sold shares of PARA. Vanguard Group Inc. lifted its stake in shares of Paramount Global by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 67,040,366 shares of the company’s stock valued at $701,242,000 after buying an additional 761,561 shares in the last quarter. Lingotto Investment Management LLP lifted its position in Paramount Global by 3.7% in the 4th quarter. Lingotto Investment Management LLP now owns 44,753,299 shares of the company’s stock valued at $468,120,000 after acquiring an additional 1,593,579 shares in the last quarter. Invesco Ltd. boosted its stake in Paramount Global by 5.7% during the 4th quarter. Invesco Ltd. now owns 20,593,954 shares of the company’s stock valued at $215,413,000 after purchasing an additional 1,119,314 shares during the last quarter. Geode Capital Management LLC increased its holdings in Paramount Global by 4.9% during the 4th quarter. Geode Capital Management LLC now owns 15,567,531 shares of the company’s stock worth $162,731,000 after purchasing an additional 724,565 shares in the last quarter. Finally, Ariel Investments LLC raised its stake in shares of Paramount Global by 3.2% in the fourth quarter. Ariel Investments LLC now owns 14,663,907 shares of the company’s stock worth $153,384,000 after purchasing an additional 460,539 shares during the last quarter. Institutional investors and hedge funds own 73.00% of the company’s stock.

Analyst Upgrades and Downgrades

PARA has been the subject of several recent analyst reports. StockNews.com began coverage on shares of Paramount Global in a research note on Friday. They issued a “hold” rating for the company. Morgan Stanley decreased their price objective on shares of Paramount Global from $11.00 to $10.00 and set an “underweight” rating for the company in a research note on Tuesday, May 6th. Guggenheim reaffirmed a “buy” rating and issued a $14.00 target price on shares of Paramount Global in a report on Thursday, February 27th. Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a report on Thursday, February 27th. Finally, Benchmark reduced their price objective on Paramount Global from $19.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday, May 6th. Six equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $11.58.

Paramount Global Price Performance

PARA opened at $11.94 on Friday. The company has a market capitalization of $8.01 billion, a price-to-earnings ratio of -1.45, a PEG ratio of 1.68 and a beta of 1.25. 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 firm has a 50-day moving average price of $11.43 and a 200-day moving average price of $11.07. Paramount Global has a twelve month low of $9.54 and a twelve month high of $13.40.

Paramount Global (NASDAQ:PARA) last issued its earnings results on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.02. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The business had revenue of $7.19 billion for the quarter, compared to analysts’ expectations of $7.14 billion. During the same quarter in the previous year, the firm posted $0.62 EPS. The business’s revenue for the quarter was down 6.4% compared to the same quarter last year. Equities analysts expect that Paramount Global will post 1.77 EPS for the current year.

Paramount Global Announces Dividend

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