Aljian Capital Management LLC Invests $362,000 in Paramount Global (NASDAQ:PARA)

Aljian Capital Management LLC bought a new stake in Paramount Global (NASDAQ:PARA) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 34,123 shares of the company’s stock, valued at approximately $362,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in Paramount Global by 6.5% during the 1st quarter. Vanguard Group Inc. now owns 62,090,467 shares of the company’s stock worth $730,805,000 after acquiring an additional 3,803,928 shares in the last quarter. Lingotto Investment Management LLP increased its stake in Paramount Global by 628.8% during the second quarter. Lingotto Investment Management LLP now owns 29,937,007 shares of the company’s stock worth $311,046,000 after purchasing an additional 25,829,185 shares during the period. Ariel Investments LLC boosted its stake in shares of Paramount Global by 16.5% in the second quarter. Ariel Investments LLC now owns 14,042,265 shares of the company’s stock valued at $145,899,000 after purchasing an additional 1,992,576 shares during the period. Kodai Capital Management LP boosted its stake in shares of Paramount Global by 9.2% in the first quarter. Kodai Capital Management LP now owns 6,264,374 shares of the company’s stock valued at $73,732,000 after purchasing an additional 527,897 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of Paramount Global by 6.4% in the second quarter. Bank of New York Mellon Corp now owns 3,724,532 shares of the company’s stock valued at $38,698,000 after purchasing an additional 225,191 shares in the last quarter. Institutional investors and hedge funds own 73.00% of the company’s stock.

Paramount Global Price Performance

Shares of NASDAQ:PARA opened at $10.84 on Monday. Paramount Global has a 12 month low of $9.54 and a 12 month high of $17.50. The firm has a market capitalization of $7.23 billion, a P/E ratio of -1.32, a P/E/G ratio of 1.31 and a beta of 1.74. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.27 and a quick ratio of 1.10. The company’s fifty day moving average price is $10.61 and its 200 day moving average price is $11.07.

Paramount Global (NASDAQ:PARA) last posted its earnings results on Friday, November 8th. The company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.25. The business had revenue of $6.73 billion for the quarter, compared to analysts’ expectations of $6.94 billion. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. The business’s revenue was down 5.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.30 earnings per share. As a group, sell-side analysts predict that Paramount Global will post 1.86 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date of this dividend is Monday, December 16th. Paramount Global’s dividend payout ratio is currently -2.43%.

Wall Street Analyst Weigh In

PARA has been the subject of several recent research reports. Macquarie reissued an “underperform” rating and issued a $10.00 price target on shares of Paramount Global in a research report on Monday, November 11th. Benchmark reiterated a “buy” rating and issued a $19.00 target price on shares of Paramount Global in a report on Friday, August 9th. Wells Fargo & Company upgraded Paramount Global from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $10.00 to $11.00 in a report on Friday, August 9th. JPMorgan Chase & Co. decreased their price objective on Paramount Global from $12.00 to $11.00 and set an “underweight” rating for the company in a research note on Thursday, August 15th. Finally, StockNews.com raised Paramount Global from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Eight analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $12.40.

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.