Paramount Global (NASDAQ:PARA) Shares Purchased by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. grew its holdings in Paramount Global (NASDAQ:PARA - Free Report) by 77.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 152,175 shares of the company's stock after acquiring an additional 66,595 shares during the period. Envestnet Asset Management Inc.'s holdings in Paramount Global were worth $1,820,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in PARA. Norges Bank acquired a new position in Paramount Global during the fourth quarter worth $45,202,000. Slate Path Capital LP raised its position in Paramount Global by 42.3% during 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 during the period. Two Sigma Investments LP acquired a new position in Paramount Global during the fourth quarter worth $21,229,000. SG Americas Securities LLC raised its position in Paramount Global by 435.8% during the first quarter. SG Americas Securities LLC now owns 1,428,254 shares of the company's stock worth $17,082,000 after acquiring an additional 1,161,696 shares during the period. Finally, Invesco Ltd. raised its position in Paramount Global by 5.7% during the fourth quarter. Invesco Ltd. now owns 20,593,954 shares of the company's stock worth $215,413,000 after acquiring an additional 1,119,314 shares during the period. 73.00% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on PARA shares. Needham & Company LLC restated a "hold" rating on shares of Paramount Global in a research report on Tuesday, July 22nd. Morgan Stanley reduced their target price on shares of Paramount Global from $11.00 to $10.00 and set an "underweight" rating for the company in a research report on Tuesday, May 6th. Benchmark reduced their target price on shares of Paramount Global from $19.00 to $16.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. Deutsche Bank Aktiengesellschaft cut shares of Paramount Global from a "buy" rating to a "hold" rating and set a $12.00 target price for the company. in a research report on Wednesday, April 2nd. Finally, JPMorgan Chase & Co. reduced their target price on shares of Paramount Global from $11.00 to $10.00 and set an "underweight" rating for the company in a research report on Wednesday, May 21st. Six 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. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $11.60.

Paramount Global Trading Down 5.5%

Paramount Global stock traded down $0.73 during midday trading on Thursday, hitting $12.57. 12,946,740 shares of the stock were exchanged, compared to its average volume of 10,583,184. Paramount Global has a fifty-two week low of $9.95 and a fifty-two week high of $13.59. The stock has a market capitalization of $8.47 billion, a price-to-earnings ratio of -1.53, a PEG ratio of 4.08 and a beta of 1.19. The stock's 50-day simple moving average is $12.50 and its 200 day simple moving average is $11.71. 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, July 31st. The company reported $0.46 earnings per share for the quarter, beating analysts' consensus estimates of $0.37 by $0.09. Paramount Global had a negative net margin of 19.09% and a positive return on equity of 4.80%. During the same quarter in the previous year, the firm earned $0.54 earnings per share. The company's revenue for the quarter was up .5% compared to the same quarter last year. On average, equities analysts anticipate that Paramount Global will post 1.77 EPS for the current year.

Paramount Global Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th were given a dividend of $0.05 per share. The ex-dividend date was Monday, June 16th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.6%. Paramount Global's dividend payout ratio (DPR) is currently -2.43%.

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.