Gabelli Funds LLC Has $7.69 Million Stake in Paramount Global (NASDAQ:PARA)

Gabelli Funds LLC increased its position in shares of Paramount Global (NASDAQ:PARA - Free Report) by 54.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 734,984 shares of the company's stock after purchasing an additional 260,084 shares during the period. Gabelli Funds LLC owned 0.11% of Paramount Global worth $7,688,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Paramount Global by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 67,040,366 shares of the company's stock worth $701,242,000 after buying an additional 761,561 shares in the last quarter. Lingotto Investment Management LLP lifted its holdings in shares of Paramount Global by 3.7% during the 4th quarter. Lingotto Investment Management LLP now owns 44,753,299 shares of the company's stock worth $468,120,000 after acquiring an additional 1,593,579 shares during the period. Invesco Ltd. boosted its holdings in shares of Paramount Global by 5.7% in 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 last quarter. Geode Capital Management LLC raised its position in shares of Paramount Global by 4.9% in the 4th quarter. Geode Capital Management LLC now owns 15,567,531 shares of the company's stock worth $162,731,000 after buying an additional 724,565 shares during the period. Finally, Contrarius Group Holdings Ltd purchased a new position in shares of Paramount Global in the 4th quarter worth about $146,230,000. 73.00% of the stock is owned by institutional investors and hedge funds.

Paramount Global Stock Performance

Shares of Paramount Global stock traded up $0.21 during trading on Tuesday, hitting $10.97. 1,963,380 shares of the stock were exchanged, compared to its average volume of 9,153,461. The stock has a market cap of $7.31 billion, a PE ratio of -1.33, a P/E/G ratio of 1.68 and a beta of 1.31. The stock's fifty day moving average is $11.38 and its 200 day moving average is $10.96. Paramount Global has a 12 month low of $9.54 and a 12 month high of $14.54. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.10 and a current ratio of 1.27.

Paramount Global (NASDAQ:PARA - Get Free Report) last issued its quarterly earnings data on Wednesday, February 26th. The company reported ($0.11) earnings per share 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 the consensus estimate of $8.07 billion. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. As a group, sell-side analysts anticipate that Paramount Global will post 1.77 EPS for the current year.

Paramount Global Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Monday, March 17th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.82%. The ex-dividend date was Monday, March 17th. Paramount Global's payout ratio is -2.15%.

Analysts Set New Price Targets

A number of research analysts have weighed in on PARA shares. Guggenheim reaffirmed a "buy" rating and set a $14.00 price target on shares of Paramount Global in a research report on Thursday, February 27th. StockNews.com assumed coverage on shares of Paramount Global in a research note on Tuesday, April 15th. They set a "hold" rating on the stock. Morgan Stanley lifted their price target on shares of Paramount Global from $10.00 to $11.00 and gave the stock an "underweight" rating in a research note on Tuesday, February 4th. UBS Group dropped their target price on shares of Paramount Global from $11.00 to $10.00 and set a "sell" rating for the company in a research report on Tuesday, April 15th. Finally, Benchmark reiterated a "buy" rating and issued a $19.00 price target on shares of Paramount Global in a research note on Thursday, February 27th. Seven equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price 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.