DAVENPORT & Co LLC Takes $407,000 Position in Paramount Global (NASDAQ:PARA)

DAVENPORT & Co LLC purchased a new stake in shares of Paramount Global (NASDAQ:PARA - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 34,069 shares of the company's stock, valued at approximately $407,000.

Other hedge funds have also added to or reduced their stakes in the company. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Paramount Global by 8.0% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 12,259 shares of the company's stock worth $147,000 after buying an additional 907 shares in the last quarter. Ossiam lifted its holdings in shares of Paramount Global by 57.2% during the fourth quarter. Ossiam now owns 2,810 shares of the company's stock worth $29,000 after buying an additional 1,022 shares in the last quarter. Mitchell & Pahl Private Wealth LLC lifted its holdings in shares of Paramount Global by 2.3% during the first quarter. Mitchell & Pahl Private Wealth LLC now owns 51,913 shares of the company's stock worth $621,000 after buying an additional 1,143 shares in the last quarter. SOL Capital Management CO lifted its holdings in shares of Paramount Global by 0.7% during the first quarter. SOL Capital Management CO now owns 181,874 shares of the company's stock worth $2,175,000 after buying an additional 1,270 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Paramount Global by 4.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 33,372 shares of the company's stock worth $391,000 after purchasing an additional 1,359 shares during the period. Institutional investors and hedge funds own 73.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PARA. Deutsche Bank Aktiengesellschaft lowered Paramount Global from a "buy" rating to a "hold" rating and set a $12.00 price target on the stock. in a research note on Wednesday, April 2nd. UBS Group decreased their price target on Paramount Global from $11.00 to $10.00 and set a "sell" rating for the company in a report on Tuesday, April 15th. Guggenheim reiterated a "buy" rating and set a $14.00 price target on shares of Paramount Global in a report on Thursday, June 26th. Wall Street Zen assumed coverage on Paramount Global in a report on Saturday, May 17th. They set a "hold" rating for the company. Finally, Morgan Stanley reduced their price objective on Paramount Global from $11.00 to $10.00 and set an "underweight" rating for the company in a research note on Tuesday, May 6th. Five equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $11.50.

Paramount Global Trading Down 2.9%

NASDAQ PARA opened at $12.53 on Tuesday. Paramount Global has a 12 month low of $9.95 and a 12 month high of $13.29. The stock has a market cap of $8.45 billion, a P/E ratio of -1.52, a P/E/G ratio of 3.91 and a beta of 1.19. The stock's fifty day moving average price is $12.06 and its 200-day moving average price is $11.42. The company has a current ratio of 1.29, a quick ratio of 1.18 and a debt-to-equity ratio of 0.84.

Paramount Global (NASDAQ:PARA - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.27 by $0.02. Paramount Global had a positive return on equity of 4.80% and a negative net margin of 19.09%. The firm had revenue of $7.19 billion for the quarter, compared to the consensus estimate of $7.14 billion. During the same period in the prior year, the company posted $0.62 earnings per share. The company's quarterly revenue was down 6.4% on a year-over-year basis. As a group, equities analysts forecast that Paramount Global will post 1.77 EPS for the current fiscal year.

Paramount Global Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Monday, June 16th were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.60%. The ex-dividend date was Monday, June 16th. Paramount Global's dividend payout ratio is currently -2.43%.

Paramount Global Company 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.

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