Hudson Bay Capital Management LP Buys 545,448 Shares of Paramount Global (NASDAQ:PARA)

Hudson Bay Capital Management LP increased its stake in Paramount Global (NASDAQ:PARA) by 9.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,601,039 shares of the company’s stock after buying an additional 545,448 shares during the quarter. Paramount Global makes up 0.2% of Hudson Bay Capital Management LP’s holdings, making the stock its 23rd biggest position. Hudson Bay Capital Management LP owned about 0.99% of Paramount Global worth $69,047,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Contrarius Group Holdings Ltd acquired a new stake in shares of Paramount Global during the fourth quarter worth $146,230,000. Norges Bank acquired a new stake in Paramount Global during the fourth quarter worth approximately $45,202,000. Slate Path Capital LP increased its stake in Paramount Global by 42.3% during the 4th quarter. Slate Path Capital LP now owns 12,586,000 shares of the company’s stock worth $131,650,000 after acquiring an additional 3,741,000 shares during the period. New Age Alpha Advisors LLC acquired a new position in Paramount Global in the 4th quarter valued at $20,292,000. Finally, Lingotto Investment Management LLP lifted its position in shares of Paramount Global by 3.7% during 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 during the period. 73.00% of the stock is owned by institutional investors.

Paramount Global Stock Performance

Shares of PARA stock opened at $11.94 on Friday. The firm 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 current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.85. The business’s 50-day moving average price is $11.43 and its 200-day moving average price is $11.07. Paramount Global has a 12 month low of $9.54 and a 12 month high of $13.40.

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

Paramount Global Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Monday, March 17th were given 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 dividend payout ratio is presently -2.43%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Benchmark dropped their price target 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. Deutsche Bank Aktiengesellschaft cut shares of Paramount Global from a “buy” rating to a “hold” rating and set a $12.00 target price for the company. in a research report on Wednesday, April 2nd. Guggenheim reissued a “buy” rating and issued a $14.00 price objective on shares of Paramount Global in a research note on Thursday, February 27th. Morgan Stanley cut their target price on Paramount Global from $11.00 to $10.00 and set an “underweight” rating for the company in a research note on Tuesday, May 6th. Finally, StockNews.com started coverage on Paramount Global in a research note on Friday. They issued a “hold” rating on the stock. Six research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $11.58.

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.