Two Sigma Advisers LP Makes New $1.84 Million Investment in Paramount Global (NASDAQ:PARA)

Two Sigma Advisers LP bought a new position in Paramount Global (NASDAQ:PARA - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 175,800 shares of the company's stock, valued at approximately $1,839,000.

Several other hedge funds have also added to or reduced their stakes in PARA. Contrarius Group Holdings Ltd bought a new stake in Paramount Global in the fourth quarter worth $146,230,000. Norges Bank bought a new stake in Paramount Global in the fourth quarter worth $45,202,000. Slate Path Capital LP boosted its holdings in Paramount Global by 42.3% in the fourth quarter. Slate Path Capital LP now owns 12,586,000 shares of the company's stock worth $131,650,000 after acquiring an additional 3,741,000 shares in the last quarter. Two Sigma Investments LP bought a new stake in Paramount Global in the fourth quarter worth $21,229,000. Finally, New Age Alpha Advisors LLC bought a new stake in Paramount Global in the fourth quarter worth $20,292,000. 73.00% of the stock is owned by institutional investors.

Paramount Global Stock Performance

Paramount Global stock traded up $0.07 during mid-day trading on Tuesday, reaching $12.01. 5,524,709 shares of the stock traded hands, compared to its average volume of 9,945,923. The stock has a market capitalization of $8.10 billion, a PE ratio of -1.46, a price-to-earnings-growth ratio of 1.68 and a beta of 1.25. 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 12-month low of $9.54 and a 12-month high of $12.67. The business's 50-day moving average is $11.51 and its 200-day moving average is $11.19.

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

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PARA. Deutsche Bank Aktiengesellschaft cut Paramount Global from a "buy" rating to a "hold" rating and set a $12.00 price target for the company. in a research note on Wednesday, April 2nd. Wall Street Zen began coverage on Paramount Global in a research note on Saturday, May 17th. They issued a "hold" rating for the company. Benchmark decreased their price target on Paramount Global from $19.00 to $16.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Citigroup restated a "neutral" rating and issued a $12.00 price target (down previously from $13.00) on shares of Paramount Global in a research note on Thursday, May 29th. Finally, JPMorgan Chase & Co. decreased their price target on Paramount Global from $11.00 to $10.00 and set an "underweight" rating for the company in a research note on Wednesday, May 21st. Six analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price 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.