abrdn plc Raises Position in Paramount Global (NASDAQ:PARA)

abrdn plc grew its stake in Paramount Global (NASDAQ:PARA - Free Report) by 20.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 889,923 shares of the company's stock after buying an additional 149,672 shares during the period. abrdn plc owned 0.14% of Paramount Global worth $13,162,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. grew its stake in Paramount Global by 15.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 13,299,798 shares of the company's stock worth $171,567,000 after purchasing an additional 1,767,173 shares during the period. Ariel Investments LLC grew its stake in Paramount Global by 18.0% during the third quarter. Ariel Investments LLC now owns 11,330,850 shares of the company's stock worth $146,168,000 after purchasing an additional 1,731,714 shares during the period. Invesco Ltd. grew its stake in Paramount Global by 9.4% during the third quarter. Invesco Ltd. now owns 14,832,568 shares of the company's stock worth $191,340,000 after purchasing an additional 1,272,851 shares during the period. Jacobs Levy Equity Management Inc. acquired a new stake in Paramount Global during the third quarter worth approximately $8,850,000. Finally, International Assets Investment Management LLC grew its stake in Paramount Global by 541.7% during the fourth quarter. International Assets Investment Management LLC now owns 708,662 shares of the company's stock worth $10,481,000 after purchasing an additional 598,235 shares during the period. Institutional investors and hedge funds own 73.00% of the company's stock.

Paramount Global Stock Performance

Paramount Global stock traded down $0.27 during mid-day trading on Friday, reaching $11.91. 15,332,203 shares of the company's stock were exchanged, compared to its average volume of 19,059,674. The business's fifty day simple moving average is $11.48 and its 200 day simple moving average is $12.87. The firm has a market capitalization of $7.77 billion, a PE ratio of -11.68, a P/E/G ratio of 0.45 and a beta of 1.77. Paramount Global has a one year low of $10.12 and a one year high of $24.00. The company has a quick ratio of 1.17, a current ratio of 1.32 and a debt-to-equity ratio of 0.63.

Paramount Global (NASDAQ:PARA - Get Free Report) last issued its quarterly earnings results on Wednesday, February 28th. The company reported $0.04 EPS for the quarter, topping analysts' consensus estimates of ($0.05) by $0.09. The business had revenue of $7.64 billion for the quarter, compared to analyst estimates of $7.80 billion. Paramount Global had a positive return on equity of 1.78% and a negative net margin of 2.05%. Paramount Global's quarterly revenue was down 6.1% compared to the same quarter last year. During the same period last year, the company posted $0.08 earnings per share. On average, sell-side analysts expect that Paramount Global will post 1.2 earnings per share for the current year.

Paramount Global Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 17th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, June 17th. This represents a $0.20 dividend on an annualized basis and a yield of 1.68%. Paramount Global's dividend payout ratio (DPR) is currently -19.61%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on PARA shares. Rosenblatt Securities reiterated a "neutral" rating and issued a $13.00 price target on shares of Paramount Global in a report on Tuesday, April 9th. Redburn Atlantic lowered Paramount Global from a "neutral" rating to a "sell" rating and cut their price target for the stock from $17.00 to $11.00 in a report on Thursday, January 11th. StockNews.com upgraded Paramount Global from a "sell" rating to a "hold" rating in a report on Wednesday, April 10th. Benchmark cut their price target on Paramount Global from $30.00 to $19.00 and set a "buy" rating on the stock in a report on Thursday, February 29th. Finally, Morgan Stanley cut their price target on Paramount Global from $11.00 to $10.00 and set an "underweight" rating on the stock in a report on Tuesday, February 27th. Eight equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Paramount Global presently has a consensus rating of "Hold" and a consensus price target of $13.79.

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.