Rhumbline Advisers Purchases 225,696 Shares of Paramount Global (NASDAQ:PARA)

Rhumbline Advisers grew its stake in shares of Paramount Global (NASDAQ:PARA - Free Report) by 23.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,179,711 shares of the company's stock after acquiring an additional 225,696 shares during the quarter. Rhumbline Advisers owned about 0.18% of Paramount Global worth $14,109,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Ossiam grew its position in Paramount Global by 57.2% during the fourth quarter. Ossiam now owns 2,810 shares of the company's stock valued at $29,000 after buying an additional 1,022 shares during the period. Allworth Financial LP grew its position in Paramount Global by 140.1% during the fourth quarter. Allworth Financial LP now owns 2,391 shares of the company's stock valued at $25,000 after buying an additional 1,395 shares during the period. Treasurer of the State of North Carolina grew its position in Paramount Global by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 260,198 shares of the company's stock valued at $2,722,000 after buying an additional 1,640 shares during the period. Norinchukin Bank The grew its position in Paramount Global by 6.8% during the fourth quarter. Norinchukin Bank The now owns 25,793 shares of the company's stock valued at $270,000 after buying an additional 1,640 shares during the period. Finally, Rakuten Securities Inc. grew its position in Paramount Global by 187.8% during the fourth quarter. Rakuten Securities Inc. now owns 3,094 shares of the company's stock valued at $32,000 after buying an additional 2,019 shares during the period. Hedge funds and other institutional investors own 73.00% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. JPMorgan Chase & Co. cut 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. Morgan Stanley lowered their price target on shares of Paramount Global from $11.00 to $10.00 and set an "underweight" rating on the stock in a report on Tuesday, May 6th. Wall Street Zen initiated coverage on shares of Paramount Global in a report on Saturday, May 17th. They set a "hold" rating on the stock. UBS Group lowered their price target on shares of Paramount Global from $11.00 to $10.00 and set a "sell" rating on the stock in a report on Tuesday, April 15th. Finally, Guggenheim reaffirmed a "buy" rating and set a $14.00 price target on shares of Paramount Global in a report on Thursday, February 27th. Six analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Paramount Global has a consensus rating of "Hold" and a consensus target price of $11.33.

Paramount Global Price Performance

PARA stock opened at $11.92 on Monday. Paramount Global has a one year low of $9.54 and a one year high of $12.54. The company's fifty day moving average price is $11.52 and its 200-day moving average price is $11.22. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.10 and a current ratio of 1.27. The company has a market capitalization of $8.04 billion, a PE ratio of -1.45, a price-to-earnings-growth ratio of 1.68 and a beta of 1.19.

Paramount Global (NASDAQ:PARA - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.27 by $0.02. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The firm had revenue of $7.19 billion for the quarter, compared to the consensus estimate of $7.14 billion. During the same quarter in the previous year, the firm earned $0.62 earnings per share. The company's quarterly revenue was down 6.4% compared to the same quarter last year. On average, equities analysts anticipate that Paramount Global will post 1.77 EPS for the current fiscal year.

Paramount Global Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 16th will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.68%. The ex-dividend date is Monday, June 16th. Paramount Global's dividend payout ratio is presently -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.

Want to see what other hedge funds are holding PARA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paramount Global (NASDAQ:PARA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.