Franklin Resources Inc. Grows Position in Paramount Global (NASDAQ:PARA)

Franklin Resources Inc. lifted its stake in shares of Paramount Global (NASDAQ:PARA - Free Report) by 40.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 275,743 shares of the company's stock after buying an additional 80,053 shares during the quarter. Franklin Resources Inc.'s holdings in Paramount Global were worth $2,884,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Allworth Financial LP grew its stake in shares of Paramount Global by 140.1% in the 4th quarter. Allworth Financial LP now owns 2,391 shares of the company's stock worth $25,000 after acquiring an additional 1,395 shares in the last quarter. Insight Inv LLC grew its position in Paramount Global by 9.8% in the 4th quarter. Insight Inv LLC now owns 20,435 shares of the company's stock worth $215,000 after purchasing an additional 1,825 shares in the last quarter. Mitchell & Pahl Private Wealth LLC increased its stake in Paramount Global by 3.8% in the 4th quarter. Mitchell & Pahl Private Wealth LLC now owns 50,770 shares of the company's stock valued at $531,000 after buying an additional 1,848 shares during the last quarter. Perigon Wealth Management LLC lifted its holdings in Paramount Global by 7.0% during the fourth quarter. Perigon Wealth Management LLC now owns 28,821 shares of the company's stock worth $293,000 after acquiring an additional 1,874 shares during the period. Finally, Rakuten Securities Inc. raised its stake in shares of Paramount Global by 187.8% during the 4th quarter. Rakuten Securities Inc. now owns 3,094 shares of the company's stock worth $32,000 after purchasing an additional 2,019 shares during the period. Institutional investors and hedge funds own 73.00% of the company's stock.

Paramount Global Stock Up 2.1 %

Paramount Global stock traded up $0.23 during trading hours on Friday, hitting $10.94. 6,698,723 shares of the stock traded hands, compared to its average volume of 11,514,076. The company has a market cap of $7.30 billion, a PE ratio of -1.33, a PEG ratio of 1.68 and a beta of 1.31. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.85. The firm's 50-day moving average price is $11.37 and its two-hundred day moving average price is $10.95. Paramount Global has a one year low of $9.54 and a one year high of $14.54.

Paramount Global (NASDAQ:PARA - Get Free Report) last announced its quarterly earnings results on Wednesday, February 26th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.18 by ($0.29). The company had revenue of $7.98 billion for the quarter, compared to analysts' expectations of $8.07 billion. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. On average, research analysts forecast that Paramount Global will post 1.77 EPS for the current year.

Paramount Global Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Monday, March 17th were paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date of this dividend was Monday, March 17th. Paramount Global's payout ratio is -2.15%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. UBS Group dropped their price objective on Paramount Global from $11.00 to $10.00 and set a "sell" rating on the stock in a research note on Tuesday. Guggenheim reaffirmed a "buy" rating and set a $14.00 price objective on shares of Paramount Global in a research note on Thursday, February 27th. Deutsche Bank Aktiengesellschaft cut Paramount Global from a "buy" rating to a "hold" rating and set a $12.00 price target on the stock. in a report on Wednesday, April 2nd. Morgan Stanley lifted their price objective on shares of Paramount Global from $10.00 to $11.00 and gave the stock an "underweight" rating in a report on Tuesday, February 4th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Paramount Global in a research report on Thursday, February 27th. Seven research analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $11.92.

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.