Wintrust Investments LLC acquired a new stake in Paramount Global (NASDAQ:PARA – Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 16,677 shares of the company’s stock, valued at approximately $265,000.
A number of other hedge funds and other institutional investors also recently modified their holdings of PARA. BlackRock Inc. grew its position in shares of Paramount Global by 30.4% in the 1st quarter. BlackRock Inc. now owns 54,882,034 shares of the company’s stock valued at $1,224,418,000 after acquiring an additional 12,783,448 shares during the period. Contrarius Investment Management Ltd boosted its holdings in shares of Paramount Global by 33.2% during the 2nd quarter. Contrarius Investment Management Ltd now owns 10,351,771 shares of the company’s stock worth $164,697,000 after buying an additional 2,579,501 shares during the period. State Street Corp boosted its holdings in shares of Paramount Global by 7.3% during the 1st quarter. State Street Corp now owns 35,333,056 shares of the company’s stock worth $796,459,000 after buying an additional 2,402,874 shares during the period. Two Sigma Investments LP bought a new stake in shares of Paramount Global during the 1st quarter worth about $41,174,000. Finally, Bank Julius Baer & Co. Ltd Zurich boosted its holdings in shares of Paramount Global by 98,053.1% during the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,603,821 shares of the company’s stock worth $25,517,000 after buying an additional 1,602,187 shares during the period. Institutional investors own 72.39% of the company’s stock.
Analyst Ratings Changes
PARA has been the subject of several research analyst reports. Seaport Res Ptn reaffirmed a “buy” rating on shares of Paramount Global in a report on Friday, October 6th. Benchmark lifted their target price on shares of Paramount Global from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Tuesday, August 8th. The Goldman Sachs Group cut their price objective on shares of Paramount Global from $15.00 to $11.00 and set a “sell” rating for the company in a report on Friday, October 20th. Raymond James began coverage on shares of Paramount Global in a report on Monday, September 18th. They issued a “market perform” rating for the company. Finally, Guggenheim cut their price objective on shares of Paramount Global from $21.00 to $19.00 and set a “buy” rating for the company in a report on Monday, October 2nd. Ten investment analysts have rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $15.72.
Paramount Global Price Performance
PARA stock opened at $13.19 on Friday. The company has a 50 day simple moving average of $12.34 and a 200 day simple moving average of $14.50. The stock has a market cap of $8.59 billion, a price-to-earnings ratio of -7.41, a P/E/G ratio of 3.30 and a beta of 1.76. Paramount Global has a 1 year low of $10.51 and a 1 year high of $25.93. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.26 and a quick ratio of 1.09.
Paramount Global Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 15th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date of this dividend is Thursday, December 14th. Paramount Global’s dividend payout ratio is -11.24%.
About Paramount Global
Paramount Global operates as a media and entertainment company worldwide. The company operates through TV Media, Direct-to-Consumer, and Filmed Entertainment segments. Its TV Media segment operates domestic and international broadcast networks, including CBS Television Network, Network 10, Channel 5, Telefe, and Chilevisión; and cable networks comprising Paramount Media Networks, Nickelodeon, BET Media Group, and CBS Sports.
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