A number of other equities research analysts also recently weighed in on PARA. Barclays cut their target price on Paramount Global from $13.00 to $11.00 and set an underweight rating for the company in a research report on Monday, October 9th. Seaport Res Ptn restated a buy rating on shares of Paramount Global in a research report on Friday, October 6th. JPMorgan Chase & Co. upped their target price on Paramount Global from $16.00 to $17.00 and gave the stock an underweight rating in a research report on Tuesday, August 8th. Sanford C. Bernstein started coverage on Paramount Global in a research report on Thursday, October 5th. They issued an underperform rating and a $11.00 target price for the company. Finally, TheStreet cut Paramount Global from a c- rating to a d+ rating in a report on Friday, October 27th. Ten analysts have rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Paramount Global presently has an average rating of Hold and an average price target of $15.72.
Paramount Global Stock Performance
Paramount Global Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.44%. The ex-dividend date of this dividend is Thursday, December 14th. Paramount Global’s dividend payout ratio (DPR) is presently -11.24%.
Hedge Funds Weigh In On Paramount Global
A number of hedge funds have recently modified their holdings of PARA. BlackRock Inc. increased its stake in shares of Paramount Global by 30.4% in the first quarter. BlackRock Inc. now owns 54,882,034 shares of the company’s stock worth $1,224,418,000 after acquiring an additional 12,783,448 shares during the last quarter. Contrarius Investment Management Ltd increased its stake in shares of Paramount Global by 33.2% in the second quarter. Contrarius Investment Management Ltd now owns 10,351,771 shares of the company’s stock worth $164,697,000 after acquiring an additional 2,579,501 shares during the last quarter. Ariel Investments LLC increased its stake in shares of Paramount Global by 35.4% in the second quarter. Ariel Investments LLC now owns 9,599,136 shares of the company’s stock worth $152,722,000 after acquiring an additional 2,512,163 shares during the last quarter. State Street Corp increased its stake in shares of Paramount Global by 7.3% in the first quarter. State Street Corp now owns 35,333,056 shares of the company’s stock worth $796,459,000 after acquiring an additional 2,402,874 shares during the last quarter. Finally, Two Sigma Investments LP acquired a new position in shares of Paramount Global in the first quarter worth $41,174,000. 72.39% of the stock is owned by institutional investors and hedge funds.
Paramount Global Company Profile
Paramount Global operates as a media and entertainment company worldwide. The company operates through TV Media, Direct-to-Consumer, and Filmed Entertainment segments. Its TV Media segment operates domestic and international broadcast networks, including CBS Television Network, Network 10, Channel 5, Telefe, and Chilevisión; and cable networks comprising Paramount Media Networks, Nickelodeon, BET Media Group, and CBS Sports.
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