Pitcairn Co. Acquires Shares of 14,047 Paramount Global (NASDAQ:PARA)

Pitcairn Co. purchased a new position in shares of Paramount Global (NASDAQ:PARA) in the 1st quarter, Holdings Channel reports. The firm purchased 14,047 shares of the company’s stock, valued at approximately $165,000.

Several other institutional investors also recently modified their holdings of PARA. Kodai Capital Management LP acquired a new position in shares of Paramount Global during the fourth quarter worth $84,842,000. Vanguard Group Inc. increased its holdings in shares of Paramount Global by 6.5% during the first quarter. Vanguard Group Inc. now owns 62,090,467 shares of the company’s stock worth $730,805,000 after buying an additional 3,803,928 shares in the last quarter. Capitolis Liquid Global Markets LLC acquired a new position in shares of Paramount Global during the first quarter worth $33,191,000. Norges Bank acquired a new position in shares of Paramount Global during the fourth quarter worth $41,497,000. Finally, Lingotto Investment Management LLP increased its holdings in shares of Paramount Global by 375.8% during the fourth quarter. Lingotto Investment Management LLP now owns 3,263,978 shares of the company’s stock worth $48,388,000 after buying an additional 2,577,978 shares in the last quarter. 73.00% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Argus downgraded Paramount Global from a “hold” rating to a “sell” rating in a report on Friday, May 3rd. Needham & Company LLC downgraded Paramount Global from a “buy” rating to a “hold” rating in a report on Tuesday, April 30th. Wells Fargo & Company downgraded Paramount Global from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $14.00 to $9.00 in a report on Wednesday, June 12th. Seaport Res Ptn downgraded Paramount Global from a “buy” rating to a “neutral” rating in a report on Thursday, May 2nd. Finally, Rosenblatt Securities restated a “neutral” rating and issued a $14.00 price objective on shares of Paramount Global in a report on Tuesday, June 4th. Eleven equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $12.83.

Paramount Global Trading Up 0.4 %

NASDAQ:PARA opened at $11.51 on Friday. The company has a current ratio of 1.29, a quick ratio of 1.19 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $7.67 billion, a PE ratio of -76.39, a price-to-earnings-growth ratio of 0.77 and a beta of 1.78. The firm’s 50 day moving average is $11.32 and its 200 day moving average is $11.97. Paramount Global has a 12 month low of $9.54 and a 12 month high of $17.50.

Paramount Global (NASDAQ:PARA) last released its quarterly earnings data on Monday, April 29th. The company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.28. Paramount Global had a negative net margin of 0.15% and a positive return on equity of 3.35%. The business had revenue of $7.69 billion during the quarter, compared to analyst estimates of $7.73 billion. During the same period in the previous year, the business earned $0.09 EPS. Paramount Global’s revenue was up 5.8% compared to the same quarter last year. Sell-side analysts expect that Paramount Global will post 1.32 earnings per share for the current year.

Paramount Global 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.