Edgestream Partners L.P. Makes New Investment in Paramount Global (NASDAQ:PARA)

Edgestream Partners L.P. bought a new position in shares of Paramount Global (NASDAQ:PARA - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 223,504 shares of the company's stock, valued at approximately $2,673,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. New York State Common Retirement Fund lifted its position in Paramount Global by 6.8% during the 1st quarter. New York State Common Retirement Fund now owns 320,866 shares of the company's stock worth $3,838,000 after acquiring an additional 20,500 shares during the period. Nisa Investment Advisors LLC lifted its position in Paramount Global by 36.8% during the 1st quarter. Nisa Investment Advisors LLC now owns 112,045 shares of the company's stock worth $1,346,000 after acquiring an additional 30,128 shares during the period. Linden Thomas Advisory Services LLC lifted its position in Paramount Global by 4.0% during the 1st quarter. Linden Thomas Advisory Services LLC now owns 81,339 shares of the company's stock worth $973,000 after acquiring an additional 3,128 shares during the period. M&T Bank Corp lifted its position in Paramount Global by 31.2% during the 1st quarter. M&T Bank Corp now owns 44,233 shares of the company's stock worth $529,000 after acquiring an additional 10,528 shares during the period. Finally, Envestnet Asset Management Inc. lifted its position in Paramount Global by 77.8% during the 1st quarter. Envestnet Asset Management Inc. now owns 152,175 shares of the company's stock worth $1,820,000 after acquiring an additional 66,595 shares during the period. 73.00% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PARA has been the subject of a number of research reports. Morgan Stanley lowered their price target on Paramount Global from $11.00 to $10.00 and set an "underweight" rating for the company in a research report on Tuesday, May 6th. UBS Group lowered their price target on Paramount Global from $11.00 to $10.00 and set a "sell" rating for the company in a research report on Tuesday, April 15th. Guggenheim reaffirmed a "buy" rating and set a $14.00 price target on shares of Paramount Global in a research report on Thursday, June 26th. JPMorgan Chase & Co. decreased their price objective on Paramount Global from $11.00 to $10.00 and set an "underweight" rating for the company in a report on Wednesday, May 21st. Finally, Deutsche Bank Aktiengesellschaft cut Paramount Global from a "buy" rating to a "hold" rating and set a $12.00 price objective for the company. in a report on Wednesday, April 2nd. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Paramount Global presently has a consensus rating of "Hold" and a consensus target price of $11.67.

Paramount Global Price Performance

NASDAQ PARA traded down $0.03 during trading hours on Thursday, reaching $12.94. The company's stock had a trading volume of 5,851,784 shares, compared to its average volume of 8,820,203. The firm has a market capitalization of $8.72 billion, a price-to-earnings ratio of -1.57, a P/E/G ratio of 3.93 and a beta of 1.19. Paramount Global has a 1-year low of $9.95 and a 1-year high of $13.29. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.29 and a quick ratio of 1.18. The company's 50-day moving average is $12.26 and its two-hundred day moving average is $11.54.

Paramount Global (NASDAQ:PARA - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.29 earnings per share for the quarter, topping 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 4.80% and a negative net margin of 19.09%. Paramount Global's quarterly revenue was down 6.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.62 EPS. On average, equities analysts predict that Paramount Global will post 1.77 EPS for the current year.

Paramount Global Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Monday, June 16th were issued a $0.05 dividend. The ex-dividend date was Monday, June 16th. This represents a $0.20 dividend on an annualized basis and a yield of 1.55%. Paramount Global's payout ratio is -2.43%.

About Paramount Global

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.