Allspring Global Investments Holdings LLC Purchases New Shares in Paramount Global (NASDAQ:PARA)

Allspring Global Investments Holdings LLC purchased a new stake in Paramount Global (NASDAQ:PARA – Get Rating) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 46,343 shares of the company’s stock, valued at approximately $882,000.

A number of other institutional investors and hedge funds have also bought and sold shares of PARA. Legal & General Group Plc purchased a new stake in Paramount Global in the 2nd quarter valued at $104,561,000. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in Paramount Global in the 3rd quarter valued at $34,059,000. Villere ST Denis J & Co. LLC purchased a new stake in Paramount Global in the 3rd quarter valued at $24,397,000. Amundi purchased a new stake in shares of Paramount Global during the 2nd quarter valued at $25,692,000. Finally, Metropolis Capital Ltd bought a new stake in shares of Paramount Global during the 3rd quarter worth $19,249,000. 74.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on PARA. The Goldman Sachs Group decreased their price objective on shares of Paramount Global from $18.00 to $16.00 and set a “sell” rating for the company in a report on Thursday, November 3rd. Wells Fargo & Company cut shares of Paramount Global from an “equal weight” rating to an “underweight” rating and dropped their target price for the company from $19.00 to $13.00 in a research note on Monday, October 31st. Royal Bank of Canada dropped their target price on shares of Paramount Global from $34.00 to $28.00 and set an “outperform” rating on the stock in a research note on Thursday, November 3rd. Barclays dropped their target price on shares of Paramount Global from $20.00 to $15.00 in a research note on Tuesday, October 11th. Finally, Guggenheim boosted their target price on shares of Paramount Global from $20.00 to $22.00 in a research note on Thursday, January 12th. Nine analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Paramount Global currently has an average rating of “Hold” and a consensus target price of $21.68.

Paramount Global Price Performance

Shares of NASDAQ:PARA opened at $20.30 on Monday. The company’s fifty day moving average price is $18.68 and its 200-day moving average price is $20.91. The firm has a market capitalization of $13.18 billion, a price-to-earnings ratio of 4.32, a PEG ratio of 1.26 and a beta of 1.51. Paramount Global has a one year low of $15.29 and a one year high of $39.21. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.31 and a quick ratio of 1.17.

Paramount Global (NASDAQ:PARA – Get Rating) last issued its quarterly earnings results on Wednesday, November 2nd. The company reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.04). The company had revenue of $6.92 billion during the quarter, compared to the consensus estimate of $7.05 billion. Paramount Global had a return on equity of 5.55% and a net margin of 10.46%. On average, equities research analysts anticipate that Paramount Global will post 1.85 earnings per share for the current fiscal year.

Paramount Global Company Profile

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Paramount Global operates as a mass media company, which creates and distributes content across a variety of platforms to audiences around the world. It operates its business through the following segments: Entertainment, Cable Networks, Publishing, and Local Media. The Entertainment segment is composed of the CBS Television Network, CBS Television Studios, CBS Studios International, CBS Television Distribution, CBS Interactive, and CBS Films, as well as the company’s digital streaming services, CBS All Access and CBSN.