Geode Capital Management LLC Purchases 1,606,779 Shares of Paramount Global (NASDAQ:PARA)

Geode Capital Management LLC boosted its holdings in Paramount Global (NASDAQ:PARA) by 12.1% during the 3rd quarter, Holdings Channel reports. The firm owned 14,842,966 shares of the company’s stock after acquiring an additional 1,606,779 shares during the period. Geode Capital Management LLC’s holdings in Paramount Global were worth $157,168,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in PARA. Vestcor Inc boosted its position in Paramount Global by 1,475.0% during the third quarter. Vestcor Inc now owns 144,725 shares of the company’s stock worth $1,537,000 after purchasing an additional 135,536 shares during the period. M&T Bank Corp grew its position in shares of Paramount Global by 25.9% in the third quarter. M&T Bank Corp now owns 38,415 shares of the company’s stock valued at $408,000 after purchasing an additional 7,908 shares in the last quarter. Executive Wealth Management LLC bought a new stake in shares of Paramount Global during the 3rd quarter valued at $160,000. Nomura Asset Management Co. Ltd. lifted its holdings in Paramount Global by 21.2% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 216,645 shares of the company’s stock worth $2,301,000 after purchasing an additional 37,868 shares in the last quarter. Finally, Orion Portfolio Solutions LLC bought a new position in Paramount Global in the 3rd quarter worth about $692,000. Institutional investors own 73.00% of the company’s stock.

Analysts Set New Price Targets

PARA has been the topic of a number of recent analyst reports. Needham & Company LLC reissued a “hold” rating on shares of Paramount Global in a report on Monday, November 11th. StockNews.com upgraded shares of Paramount Global from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Macquarie restated an “underperform” rating and set a $10.00 price target on shares of Paramount Global in a research report on Monday, November 11th. Finally, Guggenheim lowered their price objective on Paramount Global from $19.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday, September 25th. Seven equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $12.43.

Paramount Global Price Performance

Shares of Paramount Global stock opened at $10.98 on Tuesday. The business’s 50-day moving average price is $10.82 and its 200-day moving average price is $10.84. The firm has a market capitalization of $7.32 billion, a PE ratio of -1.34, a price-to-earnings-growth ratio of 1.35 and a beta of 1.71. Paramount Global has a 12 month low of $9.54 and a 12 month high of $16.30. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.85.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings results on Friday, November 8th. The company reported $0.49 EPS for the quarter, beating 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 negative net margin of 18.89% and a positive return on equity of 5.81%. The business’s quarterly revenue was down 5.6% on a year-over-year basis. During the same period last year, the business earned $0.30 earnings per share. Sell-side analysts forecast that Paramount Global will post 1.86 EPS for the current fiscal year.

Paramount Global Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.20 annualized dividend and a dividend yield of 1.82%. Paramount Global’s dividend payout ratio is currently -2.43%.

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.