Paramount Global (NASDAQ:PARA) Shares Bought by Kovitz Investment Group Partners LLC

Kovitz Investment Group Partners LLC raised its stake in Paramount Global (NASDAQ:PARA) by 12.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,751 shares of the company’s stock after acquiring an additional 4,200 shares during the period. Kovitz Investment Group Partners LLC’s holdings in Paramount Global were worth $412,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Whitebox Advisors LLC raised its holdings in shares of Paramount Global by 32.3% in the third quarter. Whitebox Advisors LLC now owns 163,723 shares of the company’s stock valued at $1,739,000 after buying an additional 40,000 shares during the last quarter. State Street Corp raised its holdings in shares of 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 buying an additional 6,848,037 shares during the last quarter. Quantinno Capital Management LP raised its holdings in shares of Paramount Global by 77.4% in the third quarter. Quantinno Capital Management LP now owns 34,316 shares of the company’s stock valued at $364,000 after buying an additional 14,969 shares during the last quarter. Readystate Asset Management LP raised its holdings in shares of Paramount Global by 67.4% in the third quarter. Readystate Asset Management LP now owns 1,002,324 shares of the company’s stock valued at $10,645,000 after buying an additional 403,554 shares during the last quarter. Finally, Pingora Partners LLC raised its holdings in shares of Paramount Global by 28.5% in the third quarter. Pingora Partners LLC now owns 48,444 shares of the company’s stock valued at $514,000 after buying an additional 10,736 shares during the last quarter. 73.00% of the stock is owned by hedge funds and other institutional investors.

Paramount Global Stock Up 3.9 %

PARA stock opened at $11.63 on Friday. The company’s 50 day simple moving average is $10.79 and its 200-day simple moving average is $10.87. The firm has a market capitalization of $7.76 billion, a PE ratio of -1.41, a P/E/G ratio of 1.33 and a beta of 1.71. Paramount Global has a 12 month low of $9.54 and a 12 month high of $16.83. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.27 and a quick ratio of 1.10.

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

Paramount Global Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date of this dividend is Monday, December 16th. Paramount Global’s dividend payout ratio is currently -2.43%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. JPMorgan Chase & Co. reduced their target price on shares of Paramount Global from $12.00 to $11.00 and set an “underweight” rating for the company in a report on Thursday, August 15th. StockNews.com raised shares of Paramount Global from a “sell” rating to a “hold” rating in a report on Monday, November 11th. Needham & Company LLC reissued a “hold” rating on shares of Paramount Global in a report on Monday, November 11th. Macquarie reissued an “underperform” rating and set a $10.00 price target on shares of Paramount Global in a report on Monday, November 11th. Finally, Guggenheim cut their price target on shares of Paramount Global from $19.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, September 25th. Seven analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $12.43.

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.