Wellington Management Group LLP Has $1.96 Million Holdings in Paramount Global (NASDAQ:PARA)

Wellington Management Group LLP grew its holdings in Paramount Global (NASDAQ:PARA - Free Report) by 83.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 187,453 shares of the company's stock after purchasing an additional 85,047 shares during the period. Wellington Management Group LLP's holdings in Paramount Global were worth $1,961,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Contrarius Group Holdings Ltd bought a new position in Paramount Global during the fourth quarter worth $146,230,000. Norges Bank bought a new position in Paramount Global during the fourth quarter worth $45,202,000. Slate Path Capital LP boosted 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 purchasing an additional 3,741,000 shares during the period. Two Sigma Investments LP bought a new position in Paramount Global during the fourth quarter worth $21,229,000. Finally, New Age Alpha Advisors LLC bought a new position in Paramount Global during the fourth quarter worth $20,292,000. 73.00% of the stock is owned by institutional investors.

Paramount Global Stock Down 0.3%

Shares of PARA opened at $11.90 on Friday. The business's 50 day moving average is $11.51 and its 200 day moving average is $11.20. The company has a market capitalization of $8.02 billion, a PE ratio of -1.45, a price-to-earnings-growth ratio of 1.68 and a beta of 1.19. Paramount Global has a 12-month low of $9.54 and a 12-month high of $12.54. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.85.

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

Paramount Global Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date of this dividend is Monday, June 16th. Paramount Global's dividend payout ratio (DPR) is presently -2.43%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft downgraded Paramount Global from a "buy" rating to a "hold" rating and set a $12.00 target price for the company. in a report on Wednesday, April 2nd. JPMorgan Chase & Co. lowered their target price on Paramount Global from $11.00 to $10.00 and set an "underweight" rating for the company in a research note on Wednesday, May 21st. Needham & Company LLC reissued a "hold" rating on shares of Paramount Global in a research note on Thursday, February 27th. Citigroup reissued a "neutral" rating and set a $12.00 target price (down previously from $13.00) on shares of Paramount Global in a research note on Thursday, May 29th. Finally, Wall Street Zen assumed coverage on Paramount Global in a report on Saturday, May 17th. They set a "hold" rating on the stock. Six analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Paramount Global currently has a consensus rating of "Hold" and an average price target of $11.33.

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.

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