Vanguard Group Inc. Boosts Stock Position in Paramount Global (NASDAQ:PARA)

Vanguard Group Inc. increased its position in Paramount Global (NASDAQ:PARA - Free Report) by 1.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 68,119,342 shares of the company's stock after acquiring an additional 1,078,976 shares during the period. Vanguard Group Inc. owned about 10.16% of Paramount Global worth $814,707,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. ING Groep NV grew its stake in shares of Paramount Global by 239.9% in the first quarter. ING Groep NV now owns 75,964 shares of the company's stock worth $909,000 after acquiring an additional 53,618 shares during the period. R Squared Ltd boosted its holdings in Paramount Global by 72.9% in the first quarter. R Squared Ltd now owns 25,420 shares of the company's stock worth $304,000 after purchasing an additional 10,720 shares during the last quarter. Commerce Bank boosted its holdings in Paramount Global by 77.3% in the first quarter. Commerce Bank now owns 21,719 shares of the company's stock worth $260,000 after purchasing an additional 9,471 shares during the last quarter. US Bancorp DE grew its position in Paramount Global by 61.1% in the 1st quarter. US Bancorp DE now owns 19,319 shares of the company's stock worth $231,000 after purchasing an additional 7,327 shares during the period. Finally, Shufro Rose & Co. LLC purchased a new stake in Paramount Global during the 1st quarter valued at $150,000. 73.00% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PARA. JPMorgan Chase & Co. dropped their price target on Paramount Global from $11.00 to $10.00 and set an "underweight" rating on the stock in a research note on Wednesday, May 21st. Wells Fargo & Company dropped their target price on Paramount Global from $12.00 to $10.00 and set an "underweight" rating on the stock in a research report on Friday, August 1st. Citigroup restated a "neutral" rating and set a $12.00 price target (down from $13.00) on shares of Paramount Global in a research note on Thursday, May 29th. Benchmark lowered their price objective on shares of Paramount Global from $19.00 to $16.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Finally, Wall Street Zen began coverage on shares of Paramount Global in a research report on Saturday, May 17th. They set a "hold" rating for the company. Seven investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Paramount Global presently has an average rating of "Hold" and a consensus target price of $11.70.

Paramount Global Price Performance

NASDAQ PARA remained flat at $11.04 during trading on Friday. The firm's fifty day moving average price is $12.39 and its 200-day moving average price is $11.77. Paramount Global has a 12 month low of $9.95 and a 12 month high of $13.59. The stock has a market capitalization of $7.44 billion, a P/E ratio of -367.88, a price-to-earnings-growth ratio of 3.07 and a beta of 1.17. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.21 and a current ratio of 1.39.

Paramount Global (NASDAQ:PARA - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.46 EPS for the quarter, topping analysts' consensus estimates of $0.37 by $0.09. Paramount Global had a negative net margin of 0.05% and a positive return on equity of 4.51%. The firm had revenue of $6.85 billion during the quarter, compared to analysts' expectations of $6.88 billion. During the same period in the previous year, the company earned $0.54 EPS. The firm's revenue for the quarter was up .5% compared to the same quarter last year. Research analysts predict that Paramount Global will post 1.77 EPS for the current year.

Paramount Global Announces Dividend

The company 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 dividend yield of 1.8%. Paramount Global's payout ratio is presently -666.67%.

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.