Hudson Bay Capital Management LP Purchases 545,448 Shares of Paramount Global (NASDAQ:PARA)

Hudson Bay Capital Management LP lifted its stake in shares of Paramount Global (NASDAQ:PARA - Free Report) by 9.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,601,039 shares of the company's stock after purchasing an additional 545,448 shares during the quarter. Paramount Global accounts for about 0.2% of Hudson Bay Capital Management LP's portfolio, making the stock its 23rd largest position. Hudson Bay Capital Management LP owned about 0.99% of Paramount Global worth $69,047,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of PARA. Charles Schwab Investment Management Inc. lifted its position in shares of Paramount Global by 4.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,743,123 shares of the company's stock worth $80,993,000 after purchasing an additional 348,298 shares during the period. Franklin Resources Inc. boosted its position in shares of Paramount Global by 824.1% during the 3rd quarter. Franklin Resources Inc. now owns 195,690 shares of the company's stock valued at $2,029,000 after purchasing an additional 174,514 shares in the last quarter. Wilsey Asset Management Inc. lifted its stake in Paramount Global by 16.2% in the fourth quarter. Wilsey Asset Management Inc. now owns 1,902,332 shares of the company's stock valued at $19,898,000 after buying an additional 265,408 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Paramount Global by 24.7% during the 4th quarter. Bank of New York Mellon Corp now owns 4,586,288 shares of the company's stock worth $47,973,000 after buying an additional 908,515 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Paramount Global during the 4th quarter valued at $5,457,000. 73.00% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. StockNews.com assumed coverage on shares of Paramount Global in a research report on Friday, May 9th. They set a "hold" rating on the stock. Needham & Company LLC restated a "hold" rating on shares of Paramount Global in a report on Thursday, February 27th. Deutsche Bank Aktiengesellschaft cut Paramount Global from a "buy" rating to a "hold" rating and set a $12.00 target price on the stock. in a research report on Wednesday, April 2nd. 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, April 15th. Finally, Morgan Stanley dropped their price target on shares of Paramount Global from $11.00 to $10.00 and set an "underweight" rating on the stock in a research report on Tuesday, May 6th. Six equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, Paramount Global has an average rating of "Hold" and a consensus target price of $11.58.

Paramount Global Stock Performance

NASDAQ PARA traded down $0.19 during trading on Friday, hitting $11.72. 3,716,337 shares of the company's stock traded hands, compared to its average volume of 8,844,959. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.10 and a current ratio of 1.27. The stock has a market capitalization of $7.86 billion, a price-to-earnings ratio of -1.43, a PEG ratio of 1.68 and a beta of 1.25. Paramount Global has a 12-month low of $9.54 and a 12-month high of $13.05. The business has a 50 day moving average of $11.44 and a 200-day moving average of $11.11.

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

Paramount Global Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Monday, March 17th were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.71%. Paramount Global's payout ratio is -2.43%.

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.