Woodline Partners LP Makes New Investment in Paramount Global (NASDAQ:PARA)

Woodline Partners LP purchased a new stake in Paramount Global (NASDAQ:PARA - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 1,060,810 shares of the company's stock, valued at approximately $11,096,000. Woodline Partners LP owned about 0.16% of Paramount Global at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of PARA. Contrarius Group Holdings Ltd acquired a new stake in Paramount Global during the fourth quarter worth approximately $146,230,000. Norges Bank acquired a new position in shares of Paramount Global during the 4th quarter worth approximately $45,202,000. Slate Path Capital LP increased its holdings in shares of 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 acquired a new stake in shares of Paramount Global in the fourth quarter valued at approximately $21,229,000. Finally, New Age Alpha Advisors LLC bought a new stake in shares of Paramount Global in the fourth quarter valued at approximately $20,292,000. Institutional investors own 73.00% of the company's stock.

Wall Street Analyst Weigh In

PARA has been the subject of several recent analyst reports. 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. JPMorgan Chase & Co. reduced their price objective on Paramount Global from $11.00 to $10.00 and set an "underweight" rating on the stock in a research report on Wednesday, May 21st. Deutsche Bank Aktiengesellschaft lowered Paramount Global from a "buy" rating to a "hold" rating and set a $12.00 price target on the stock. in a research note on Wednesday, April 2nd. Benchmark cut their target price on Paramount Global from $19.00 to $16.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. Finally, Morgan Stanley reduced their price target on shares of Paramount Global from $11.00 to $10.00 and set an "underweight" rating for the company in a report on Tuesday, May 6th. Six investment analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Paramount Global presently has a consensus rating of "Hold" and an average target price of $11.50.

Paramount Global Stock Performance

Shares of NASDAQ PARA traded up $0.05 during trading on Tuesday, reaching $12.02. 3,494,666 shares of the company traded hands, compared to its average volume of 8,716,966. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.85. The firm has a 50 day simple moving average of $11.47 and a 200-day simple moving average of $11.15. Paramount Global has a 52-week low of $9.54 and a 52-week high of $13.05. The stock has a market capitalization of $8.06 billion, a PE ratio of -1.46, a P/E/G ratio of 1.68 and a beta of 1.25.

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

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.