Comerica Bank Purchases New Shares in Paramount Global (NASDAQ:PARA)

Comerica Bank purchased a new stake in shares of Paramount Global (NASDAQ:PARA – Get Rating) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 61,711 shares of the company’s stock, valued at approximately $1,178,000.

A number of other large investors also recently made changes to their positions in PARA. Legal & General Group Plc bought a new position in shares of Paramount Global during the second quarter valued at about $104,561,000. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in Paramount Global during the third quarter worth about $34,059,000. Villere ST Denis J & Co. LLC purchased a new stake in Paramount Global during the third quarter worth about $24,397,000. Amundi purchased a new stake in Paramount Global during the second quarter worth about $25,692,000. Finally, Metropolis Capital Ltd purchased a new stake in Paramount Global during the third quarter worth about $19,249,000. 74.13% of the stock is owned by institutional investors.

Paramount Global Price Performance

Shares of NASDAQ:PARA opened at $21.16 on Tuesday. The company has a 50 day moving average of $18.73 and a 200 day moving average of $20.88. The stock has a market cap of $13.74 billion, a P/E ratio of 4.50, a P/E/G ratio of 1.26 and a beta of 1.51. Paramount Global has a 12 month low of $15.29 and a 12 month high of $39.21. The company has a current ratio of 1.31, a quick ratio of 1.17 and a debt-to-equity ratio of 0.68.

Paramount Global (NASDAQ:PARA – Get Rating) last issued its quarterly earnings data on Wednesday, November 2nd. The company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.04). Paramount Global had a net margin of 10.46% and a return on equity of 5.55%. The firm had revenue of $6.92 billion for the quarter, compared to analysts’ expectations of $7.05 billion. As a group, sell-side analysts forecast that Paramount Global will post 1.85 EPS for the current fiscal year.

Wall Street Analyst Weigh In

PARA has been the subject of a number of research analyst reports. Rosenblatt Securities decreased their price objective on shares of Paramount Global from $15.00 to $13.00 and set a “sell” rating for the company in a report on Thursday, November 3rd. Royal Bank of Canada decreased their price objective on shares of Paramount Global from $34.00 to $28.00 and set an “outperform” rating for the company in a report on Thursday, November 3rd. 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. StockNews.com initiated coverage on shares of Paramount Global in a report on Wednesday, October 12th. They set a “hold” rating for the company. Finally, Barclays reduced their target price on shares of Paramount Global from $20.00 to $15.00 in a research note on Tuesday, October 11th. Nine analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Paramount Global currently has an average rating of “Hold” and a consensus price target of $21.68.

About Paramount Global

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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.