Two Sigma Advisers LP Makes New Investment in Paramount Global (NASDAQ:PARA)

Two Sigma Advisers LP bought a new position in shares of Paramount Global (NASDAQ:PARA - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 175,800 shares of the company's stock, valued at approximately $1,839,000.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Two Sigma Investments LP purchased a new stake in shares of Paramount Global during the fourth quarter worth about $21,229,000. Toronto Dominion Bank increased its stake in shares of Paramount Global by 125.6% during the fourth quarter. Toronto Dominion Bank now owns 449,917 shares of the company's stock worth $4,706,000 after purchasing an additional 250,487 shares in the last quarter. Rafferty Asset Management LLC increased its stake in shares of Paramount Global by 12.5% during the fourth quarter. Rafferty Asset Management LLC now owns 51,642 shares of the company's stock worth $540,000 after purchasing an additional 5,738 shares in the last quarter. ProShare Advisors LLC increased its stake in shares of Paramount Global by 7.3% during the fourth quarter. ProShare Advisors LLC now owns 173,173 shares of the company's stock worth $1,811,000 after purchasing an additional 11,791 shares in the last quarter. Finally, Prodigy Asset Management LLC purchased a new stake in Paramount Global during the 4th quarter valued at about $292,000. Hedge funds and other institutional investors own 73.00% of the company's stock.

Paramount Global Trading Up 0.8%

Shares of PARA stock traded up $0.09 during trading hours on Tuesday, hitting $12.03. The company had a trading volume of 566,516 shares, compared to its average volume of 10,024,638. The company's fifty day moving average is $11.50 and its 200 day moving average is $11.18. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.27 and a quick ratio of 1.10. Paramount Global has a fifty-two week low of $9.54 and a fifty-two week high of $13.05. The stock has a market capitalization of $8.11 billion, a PE ratio of -1.46, a price-to-earnings-growth ratio of 1.68 and a beta of 1.25.

Paramount Global (NASDAQ:PARA - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.27 by $0.02. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The firm had revenue of $7.19 billion for the quarter, compared to analyst estimates of $7.14 billion. During the same period in the prior year, the business posted $0.62 EPS. The business's revenue for the quarter was down 6.4% compared to the same quarter last year. Research analysts expect that Paramount Global will post 1.77 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. UBS Group dropped their price objective on shares of Paramount Global from $11.00 to $10.00 and set a "sell" rating for the company in a research note on Tuesday, April 15th. Deutsche Bank Aktiengesellschaft cut shares of Paramount Global from a "buy" rating to a "hold" rating and set a $12.00 price objective for the company. in a research note on Wednesday, April 2nd. JPMorgan Chase & Co. dropped their price objective on shares of Paramount Global from $11.00 to $10.00 and set an "underweight" rating for the company in a research note on Wednesday, May 21st. Wall Street Zen assumed coverage on shares of Paramount Global in a research note on Saturday, May 17th. They set a "hold" rating for the company. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Paramount Global in a research note on Thursday, February 27th. Six analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $11.54.

Paramount Global Profile

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.