Paramount Global (NASDAQ:PARA) Shares Bought by Neo Ivy Capital Management

Key Points

• Neo Ivy Capital Management increased its stake in Paramount Global (NASDAQ:PARA) by 300.6% during the 1st quarter, now owning a total of 137,886 shares valued at approximately $1.65 million.
• Paramount Global reported a quarterly revenue of $7.19 billion, surpassing analyst expectations, but experienced a negative net margin of 19.09% compared to the previous year.
• The stock currently has an average rating of "Hold" from analysts with a revised price target of $11.67, reflecting mixed sentiments among institutional investors.

Neo Ivy Capital Management boosted its holdings in Paramount Global (NASDAQ:PARA - Free Report) by 300.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 137,886 shares of the company's stock after purchasing an additional 103,470 shares during the period. Neo Ivy Capital Management's holdings in Paramount Global were worth $1,649,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Mattson Financial Services LLC purchased a new position in shares of Paramount Global in the fourth quarter valued at about $28,000. Ossiam lifted its stake in shares of Paramount Global by 57.2% in 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. Atlas Capital Advisors Inc. bought a new position in Paramount Global during the fourth quarter valued at approximately $35,000. Resona Asset Management Co. Ltd. bought a new position in Paramount Global during the fourth quarter valued at approximately $36,000. Finally, Canada Post Corp Registered Pension Plan purchased a new stake in Paramount Global during the fourth quarter valued at approximately $45,000. 73.00% of the stock is owned by institutional investors.

Analysts Set New Price Targets

PARA has been the subject of a number of research reports. Seaport Res Ptn cut shares of Paramount Global from a "hold" rating to a "strong sell" rating in a report on Monday. UBS Group reduced 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. Needham & Company LLC reissued a "hold" rating on shares of Paramount Global in a research note on Tuesday, July 22nd. Benchmark reduced their price objective on shares of Paramount Global from $19.00 to $16.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Finally, Wall Street Zen started coverage on shares of Paramount Global in a research note on Saturday, May 17th. They issued a "hold" rating for the company. Six equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $11.60.

Paramount Global Stock Up 1.7%

NASDAQ PARA traded up $0.23 during trading on Tuesday, reaching $13.27. 6,431,532 shares of the company's stock traded hands, compared to its average volume of 8,621,145. 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 firm has a market cap of $8.94 billion, a price-to-earnings ratio of -1.61, a price-to-earnings-growth ratio of 3.95 and a beta of 1.19. The company's 50 day simple moving average is $12.43 and its two-hundred day simple moving average is $11.68. Paramount Global has a 12-month low of $9.95 and a 12-month high of $13.59.

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

Paramount Global Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Monday, June 16th were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.51%. The ex-dividend date of this dividend 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.