Gruss & Co. LLC Invests $520,000 in Paramount Global (NASDAQ:PARA)

Gruss & Co. LLC purchased a new position in Paramount Global (NASDAQ:PARA) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 50,000 shares of the company’s stock, valued at approximately $520,000. Paramount Global accounts for 2.8% of Gruss & Co. LLC’s holdings, making the stock its 13th biggest position.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Paramount Global by 6.5% in the first quarter. Vanguard Group Inc. now owns 62,090,467 shares of the company’s stock worth $730,805,000 after purchasing an additional 3,803,928 shares in the last quarter. Ariel Investments LLC grew its stake in Paramount Global by 9.3% in the first quarter. Ariel Investments LLC now owns 12,049,689 shares of the company’s stock worth $141,825,000 after purchasing an additional 1,028,314 shares in the last quarter. Kodai Capital Management LP grew its stake in Paramount Global by 9.2% in the first quarter. Kodai Capital Management LP now owns 6,264,374 shares of the company’s stock worth $73,732,000 after purchasing an additional 527,897 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Paramount Global by 6.4% in the second quarter. Bank of New York Mellon Corp now owns 3,724,532 shares of the company’s stock worth $38,698,000 after purchasing an additional 225,191 shares in the last quarter. Finally, Lingotto Investment Management LLP grew its stake in Paramount Global by 375.8% in the fourth quarter. Lingotto Investment Management LLP now owns 3,263,978 shares of the company’s stock worth $48,388,000 after purchasing an additional 2,577,978 shares in the last quarter. Institutional investors own 73.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on PARA shares. Wells Fargo & Company raised Paramount Global from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $10.00 to $11.00 in a research note on Friday, August 9th. JPMorgan Chase & Co. cut their price target on Paramount Global from $12.00 to $11.00 and set an “underweight” rating on the stock in a report on Thursday, August 15th. Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a report on Friday, August 9th. Wolfe Research downgraded Paramount Global from a “peer perform” rating to an “underperform” rating and set a $10.00 price target on the stock. in a report on Tuesday, July 9th. Finally, Benchmark reiterated a “buy” rating and issued a $19.00 price target on shares of Paramount Global in a report on Friday, August 9th. Ten research 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $12.47.

Paramount Global Stock Performance

Shares of PARA opened at $9.98 on Thursday. The stock has a 50-day moving average of $10.98 and a two-hundred day moving average of $11.34. Paramount Global has a one year low of $9.54 and a one year high of $17.50. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.15 and a current ratio of 1.30. The stock has a market cap of $6.65 billion, a P/E ratio of -66.53, a P/E/G ratio of 0.56 and a beta of 1.75.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.40. Paramount Global had a positive return on equity of 4.88% and a negative net margin of 17.62%. The company had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $7.21 billion. As a group, research analysts predict that Paramount Global will post 1.57 EPS for the current year.

Paramount Global Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be issued a $0.05 dividend. The ex-dividend date is Monday, September 16th. This represents a $0.20 annualized dividend and a dividend yield of 2.00%. Paramount Global’s dividend payout ratio (DPR) is presently -133.33%.

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.