Synergy Asset Management LLC Makes New Investment in Paramount Global (NASDAQ:PARA)

Synergy Asset Management LLC bought a new stake in Paramount Global (NASDAQ:PARA) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm bought 8,320 shares of the company’s stock, valued at approximately $88,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in PARA. State Street Corp increased its stake in Paramount Global by 18.4% in the third quarter. State Street Corp now owns 44,154,027 shares of the company’s stock valued at $470,695,000 after acquiring an additional 6,848,037 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Paramount Global by 12.1% in the 3rd quarter. Geode Capital Management LLC now owns 14,842,966 shares of the company’s stock valued at $157,168,000 after purchasing an additional 1,606,779 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Paramount Global by 16.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,394,825 shares of the company’s stock worth $78,533,000 after buying an additional 1,030,592 shares during the last quarter. AustralianSuper Pty Ltd acquired a new stake in Paramount Global in the third quarter valued at about $7,222,000. Finally, Alpine Associates Management Inc. bought a new position in Paramount Global in the third quarter valued at about $5,186,000. 73.00% of the stock is currently owned by institutional investors and hedge funds.

Paramount Global Trading Down 1.0 %

PARA stock opened at $10.98 on Friday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.10 and a current ratio of 1.27. The company’s fifty day simple moving average is $10.75 and its 200 day simple moving average is $10.75. Paramount Global has a 12-month low of $9.54 and a 12-month high of $15.70.

Paramount Global (NASDAQ:PARA) last announced its earnings results on Friday, November 8th. The company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.24 by $0.25. The company had revenue of $6.73 billion for the quarter, compared to analyst estimates of $6.94 billion. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. The firm’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.30 EPS. As a group, research analysts predict that Paramount Global will post 1.78 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PARA. 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 issued a $10.00 target price on shares of Paramount Global in a research report on Monday, November 11th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a report on Monday, November 11th. Six analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $12.50.

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.