Sumitomo Mitsui DS Asset Management Company Ltd Acquires 897 Shares of Paramount Global (NASDAQ:PARA)

Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in Paramount Global (NASDAQ:PARA) by 1.9% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 48,971 shares of the company’s stock after purchasing an additional 897 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Paramount Global were worth $724,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the business. OVERSEA CHINESE BANKING Corp Ltd acquired a new position in shares of Paramount Global during the fourth quarter worth $201,000. Lindbrook Capital LLC increased its position in shares of Paramount Global by 102.1% during the fourth quarter. Lindbrook Capital LLC now owns 4,308 shares of the company’s stock worth $64,000 after purchasing an additional 2,176 shares in the last quarter. abrdn plc increased its position in shares of Paramount Global by 20.2% during the fourth quarter. abrdn plc now owns 889,923 shares of the company’s stock worth $13,162,000 after purchasing an additional 149,672 shares in the last quarter. Wetzel Investment Advisors Inc. acquired a new position in shares of Paramount Global during the fourth quarter worth $67,000. Finally, Institute for Wealth Management LLC. increased its position in shares of Paramount Global by 42.7% during the fourth quarter. Institute for Wealth Management LLC. now owns 44,930 shares of the company’s stock worth $665,000 after purchasing an additional 13,438 shares in the last quarter. 73.00% of the stock is owned by institutional investors and hedge funds.

Paramount Global Trading Down 3.9 %

PARA stock opened at $12.18 on Friday. The company has a current ratio of 1.32, a quick ratio of 1.17 and a debt-to-equity ratio of 0.63. Paramount Global has a 12-month low of $10.12 and a 12-month high of $24.00. The stock has a market cap of $7.95 billion, a price-to-earnings ratio of -11.94, a PEG ratio of 0.45 and a beta of 1.77. The business’s 50-day moving average is $11.49 and its 200 day moving average is $12.88.

Paramount Global (NASDAQ:PARA) last posted its quarterly earnings data on Wednesday, February 28th. The company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.09. Paramount Global had a positive return on equity of 1.78% and a negative net margin of 2.05%. The company had revenue of $7.64 billion for the quarter, compared to analysts’ expectations of $7.80 billion. During the same period in the previous year, the firm posted $0.08 EPS. Paramount Global’s revenue was down 6.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Paramount Global will post 1.2 EPS for the current fiscal year.

Paramount Global Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 17th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.64%. The ex-dividend date is Monday, June 17th. Paramount Global’s payout ratio is -19.61%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on PARA shares. Rosenblatt Securities reissued a “neutral” rating and issued a $13.00 target price on shares of Paramount Global in a research report on Tuesday, April 9th. JPMorgan Chase & Co. cut their target price on Paramount Global from $13.00 to $12.00 and set an “underweight” rating on the stock in a research report on Thursday, April 4th. Morgan Stanley cut their target price on Paramount Global from $11.00 to $10.00 and set an “underweight” rating on the stock in a research report on Tuesday, February 27th. Wolfe Research raised Paramount Global from an “underperform” rating to a “peer perform” rating in a research report on Thursday, April 4th. Finally, Moffett Nathanson raised Paramount Global from a “sell” rating to a “neutral” rating and set a $13.00 price target on the stock in a research report on Tuesday, January 9th. Eight investment analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Paramount Global currently has an average rating of “Hold” and an average price target of $13.79.

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.