Tabor Asset Management LP Takes $244,000 Position in Paramount Global (NASDAQ:PARA)

Tabor Asset Management LP bought a new stake in Paramount Global (NASDAQ:PARA - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 20,400 shares of the company's stock, valued at approximately $244,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Paramount Global by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 67,040,366 shares of the company's stock worth $701,242,000 after acquiring an additional 761,561 shares during the last quarter. Invesco Ltd. increased its position in Paramount Global by 5.7% during the 4th quarter. Invesco Ltd. now owns 20,593,954 shares of the company's stock valued at $215,413,000 after purchasing an additional 1,119,314 shares during the period. Geode Capital Management LLC raised its holdings in Paramount Global by 4.9% during the 4th quarter. Geode Capital Management LLC now owns 15,567,531 shares of the company's stock worth $162,731,000 after purchasing an additional 724,565 shares during the last quarter. Ariel Investments LLC lifted its position in shares of Paramount Global by 3.2% in the 4th quarter. Ariel Investments LLC now owns 14,663,907 shares of the company's stock worth $153,384,000 after purchasing an additional 460,539 shares during the period. Finally, Slate Path Capital LP lifted its position in shares of Paramount Global by 42.3% in the 4th quarter. Slate Path Capital LP now owns 12,586,000 shares of the company's stock worth $131,650,000 after purchasing an additional 3,741,000 shares during the period. Institutional investors and hedge funds own 73.00% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on PARA. Citigroup reiterated a "neutral" rating and set a $12.00 price objective (down from $13.00) on shares of Paramount Global in a research report on Thursday, May 29th. UBS Group cut their price target on shares of Paramount Global from $11.00 to $10.00 and set a "sell" rating on the stock 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. Deutsche Bank Aktiengesellschaft cut shares of Paramount Global from a "buy" rating to a "hold" rating and set a $12.00 price target on the stock. in a research report on Wednesday, April 2nd. Finally, Benchmark cut their price target on shares of Paramount Global from $19.00 to $16.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. Four analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $11.67.

Paramount Global Stock Up 0.4%

Shares of NASDAQ PARA traded up $0.06 during trading on Thursday, hitting $13.26. 6,731,543 shares of the company traded hands, compared to its average volume of 8,369,576. The business's fifty day moving average is $12.32 and its 200 day moving average is $11.60. Paramount Global has a fifty-two week low of $9.95 and a fifty-two week high of $13.30. The firm has a market capitalization of $8.94 billion, a price-to-earnings ratio of -1.61, a P/E/G ratio of 3.97 and a beta of 1.19. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.18 and a current ratio of 1.29.

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

Paramount Global Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Monday, June 16th were issued a dividend of $0.05 per share. The ex-dividend date was Monday, June 16th. This represents a $0.20 annualized dividend and a dividend yield of 1.51%. Paramount Global's dividend payout ratio 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.