Prodigy Asset Management LLC Acquires New Shares in Paramount Global (NASDAQ:PARA)

Prodigy Asset Management LLC acquired a new stake in Paramount Global (NASDAQ:PARA) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 27,953 shares of the company’s stock, valued at approximately $292,000. Paramount Global makes up approximately 0.2% of Prodigy Asset Management LLC’s portfolio, making the stock its 18th biggest position.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Quantinno Capital Management LP raised its holdings in Paramount Global by 38.2% in the fourth quarter. Quantinno Capital Management LP now owns 47,424 shares of the company’s stock worth $496,000 after purchasing an additional 13,108 shares in the last quarter. Mufg Securities Americas Inc. bought a new position in Paramount Global in the fourth quarter worth about $92,000. Man Group plc raised its holdings in Paramount Global by 4.9% in the fourth quarter. Man Group plc now owns 66,104 shares of the company’s stock worth $691,000 after purchasing an additional 3,102 shares in the last quarter. OMERS ADMINISTRATION Corp raised its holdings in Paramount Global by 24.7% in the fourth quarter. OMERS ADMINISTRATION Corp now owns 20,976 shares of the company’s stock worth $219,000 after purchasing an additional 4,156 shares in the last quarter. Finally, Occudo Quantitative Strategies LP bought a new position in Paramount Global in the fourth quarter worth about $470,000. 73.00% of the stock is currently owned by institutional investors.

Paramount Global Trading Down 1.5%

Paramount Global stock opened at $11.81 on Thursday. 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 firm has a market cap of $7.92 billion, a PE ratio of -1.44, a P/E/G ratio of 1.68 and a beta of 1.25. The stock’s 50 day simple moving average is $11.44 and its two-hundred day simple moving average is $11.10. Paramount Global has a 12 month low of $9.54 and a 12 month high of $13.05.

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

Paramount Global Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Monday, March 17th were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.69%. The ex-dividend date was Monday, March 17th. Paramount Global’s dividend payout ratio is currently -2.43%.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. UBS Group reduced their target price on shares of Paramount Global from $11.00 to $10.00 and set a “sell” rating for the company in a report on Tuesday, April 15th. Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a report on Thursday, February 27th. Deutsche Bank Aktiengesellschaft downgraded shares of 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, April 2nd. StockNews.com initiated coverage on shares of Paramount Global in a report on Friday, May 9th. They set a “hold” rating on the stock. Finally, Guggenheim reiterated a “buy” rating and issued a $14.00 target price on shares of Paramount Global in a research report on Thursday, February 27th. Six equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $11.58.

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.