New York Life Investment Management LLC increased its position in shares of Paramount Global (NASDAQ:PARA – Free Report) by 62.0% in the third quarter, Holdings Channel.com reports. The firm owned 125,505 shares of the company’s stock after purchasing an additional 48,013 shares during the quarter. New York Life Investment Management LLC’s holdings in Paramount Global were worth $1,619,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. Point72 Middle East FZE bought a new stake in Paramount Global during the 2nd quarter valued at about $7,438,000. Invenomic Capital Management LP bought a new stake in Paramount Global during the 2nd quarter valued at about $2,760,000. The Manufacturers Life Insurance Company raised its holdings in shares of Paramount Global by 1.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 395,819 shares of the company’s stock valued at $6,297,000 after purchasing an additional 4,065 shares in the last quarter. Handelsbanken Fonder AB raised its holdings in shares of Paramount Global by 11.2% in the 2nd quarter. Handelsbanken Fonder AB now owns 176,294 shares of the company’s stock valued at $2,805,000 after purchasing an additional 17,806 shares in the last quarter. Finally, abrdn plc raised its holdings in shares of Paramount Global by 7.2% in the 3rd quarter. abrdn plc now owns 740,251 shares of the company’s stock valued at $9,549,000 after purchasing an additional 49,910 shares in the last quarter. 72.39% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several research firms recently commented on PARA. Benchmark reiterated a “buy” rating and set a $30.00 price objective on shares of Paramount Global in a research note on Monday, December 18th. StockNews.com cut shares of Paramount Global from a “hold” rating to a “sell” rating in a research report on Wednesday, January 31st. Morgan Stanley decreased their target price on shares of Paramount Global from $15.00 to $9.00 and set an “underweight” rating for the company in a research report on Wednesday, November 1st. The Goldman Sachs Group decreased their target price on shares of Paramount Global from $15.00 to $11.00 and set a “sell” rating for the company in a research report on Friday, October 20th. Finally, Wells Fargo & Company raised shares of Paramount Global from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $15.00 to $18.00 in a research report on Wednesday, December 20th. Eleven investment analysts have rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $15.40.
Paramount Global Trading Down 0.2 %
PARA stock opened at $13.99 on Wednesday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.09 and a current ratio of 1.26. The firm’s fifty day moving average is $14.62 and its 200 day moving average is $13.87. Paramount Global has a one year low of $10.51 and a one year high of $24.66.
Paramount Global Company Profile
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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