CI Investments Inc. raised its position in Paramount Global (NASDAQ:PARA – Get Rating) by 1,100.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,306 shares of the company’s stock after purchasing an additional 8,531 shares during the quarter. CI Investments Inc.’s holdings in Paramount Global were worth $157,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently bought and sold shares of PARA. General Partner Inc. purchased a new position in Paramount Global in the fourth quarter valued at about $27,000. Armstrong Advisory Group Inc. acquired a new stake in shares of Paramount Global in the fourth quarter worth about $28,000. Annapolis Financial Services LLC lifted its position in shares of Paramount Global by 404.9% in the fourth quarter. Annapolis Financial Services LLC now owns 1,641 shares of the company’s stock worth $28,000 after buying an additional 1,316 shares during the last quarter. CVA Family Office LLC acquired a new stake in shares of Paramount Global in the third quarter worth about $32,000. Finally, Huntington National Bank acquired a new stake in shares of Paramount Global in the third quarter worth about $34,000. Hedge funds and other institutional investors own 74.13% of the company’s stock.
Analyst Upgrades and Downgrades
A number of brokerages have weighed in on PARA. Citigroup reduced their price target on Paramount Global from $32.00 to $22.00 in a research report on Monday, May 15th. Benchmark reissued a “buy” rating and set a $31.00 price objective on shares of Paramount Global in a research report on Wednesday, February 15th. StockNews.com initiated coverage on Paramount Global in a research report on Thursday, May 18th. They set a “sell” rating for the company. Barclays cut their price objective on Paramount Global from $15.00 to $13.00 in a research report on Friday, May 12th. Finally, Bank of America raised Paramount Global from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $24.00 to $32.00 in a research report on Tuesday, March 28th. Eleven equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $21.09.
Insider Buying and Selling
In other Paramount Global news, Director Shari Redstone purchased 165,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 16th. The shares were acquired at an average cost of $15.06 per share, for a total transaction of $2,484,900.00. Following the transaction, the director now directly owns 577,064 shares in the company, valued at $8,690,583.84. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.53% of the stock is owned by corporate insiders.
Paramount Global Stock Down 1.9 %
PARA stock opened at $14.64 on Thursday. Paramount Global has a 1-year low of $14.34 and a 1-year high of $34.50. The business’s 50 day moving average is $19.94 and its 200-day moving average is $20.03. The company has a current ratio of 1.12, a quick ratio of 1.02 and a debt-to-equity ratio of 0.70.
Paramount Global (NASDAQ:PARA – Get Rating) last released its quarterly earnings data on Thursday, May 4th. The company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.03). Paramount Global had a negative net margin of 1.49% and a positive return on equity of 3.64%. The company had revenue of $7.27 billion during the quarter, compared to the consensus estimate of $7.42 billion. During the same quarter in the prior year, the company posted $0.60 earnings per share. The company’s revenue for the quarter was down .9% on a year-over-year basis. On average, sell-side analysts expect that Paramount Global will post 0.68 earnings per share for the current year.
Paramount Global Cuts Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 3rd. Investors of record on Thursday, June 15th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Wednesday, June 14th. This represents a $0.20 dividend on an annualized basis and a yield of 1.37%. Paramount Global’s dividend payout ratio (DPR) is presently -123.08%.
Paramount Global Company Profile
Paramount Global operates as a mass media company, which creates and distributes content across a variety of platforms to audiences around the world. It operates its business through the following segments: Entertainment, Cable Networks, Publishing, and Local Media. The Entertainment segment is composed of the CBS Television Network, CBS Television Studios, CBS Studios International, CBS Television Distribution, CBS Interactive, and CBS Films, as well as the company’s digital streaming services, CBS All Access and CBSN.