Moors & Cabot Inc. Raises Stock Holdings in Paramount Global (NASDAQ:PARA)

Moors & Cabot Inc. raised its holdings in shares of Paramount Global (NASDAQ:PARA) by 26.2% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 303,793 shares of the company’s stock after buying an additional 62,982 shares during the quarter. Moors & Cabot Inc.’s holdings in Paramount Global were worth $3,156,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Personalized Indexing Management LLC boosted its position in Paramount Global by 19.9% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 57,368 shares of the company’s stock worth $848,000 after purchasing an additional 9,512 shares in the last quarter. ING Groep NV lifted its stake in Paramount Global by 382.5% in the 4th quarter. ING Groep NV now owns 70,150 shares of the company’s stock worth $1,038,000 after purchasing an additional 55,612 shares in the last quarter. Norges Bank acquired a new position in Paramount Global during the fourth quarter worth $41,497,000. BI Asset Management Fondsmaeglerselskab A S boosted its position in shares of Paramount Global by 83.2% during the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 21,880 shares of the company’s stock valued at $324,000 after acquiring an additional 9,939 shares during the last quarter. Finally, Coldstream Capital Management Inc. grew its stake in shares of Paramount Global by 10.5% in the 4th quarter. Coldstream Capital Management Inc. now owns 11,400 shares of the company’s stock valued at $169,000 after buying an additional 1,081 shares during the period. 73.00% of the stock is currently owned by institutional investors and hedge funds.

Paramount Global Price Performance

Shares of PARA opened at $10.44 on Wednesday. The company has a current ratio of 1.30, a quick ratio of 1.15 and a debt-to-equity ratio of 0.85. Paramount Global has a twelve month low of $9.54 and a twelve month high of $17.50. The firm has a market capitalization of $6.96 billion, a PE ratio of -69.27, a P/E/G ratio of 0.57 and a beta of 1.75. The stock’s 50 day moving average is $10.92 and its two-hundred day moving average is $11.33.

Paramount Global (NASDAQ:PARA) last released its quarterly earnings data on Thursday, August 8th. The company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.40. The firm had revenue of $6.81 billion for the quarter, compared to the consensus estimate of $7.21 billion. Paramount Global had a negative net margin of 17.62% and a positive return on equity of 4.88%. Research analysts anticipate that Paramount Global will post 1.57 earnings per share for the current year.

Paramount Global Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be paid a $0.05 dividend. The ex-dividend date is Monday, September 16th. This represents a $0.20 dividend on an annualized basis and a yield of 1.92%. Paramount Global’s payout ratio is -133.33%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on PARA shares. The Goldman Sachs Group assumed coverage on Paramount Global in a research report on Tuesday, June 25th. They set a “sell” rating and a $9.50 price objective for the company. Wolfe Research lowered Paramount Global from a “peer perform” rating to an “underperform” rating and set a $10.00 target price for the company. in a report on Tuesday, July 9th. Benchmark reiterated a “buy” rating and set a $19.00 price target on shares of Paramount Global in a report on Friday, August 9th. Wells Fargo & Company upgraded Paramount Global from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $10.00 to $11.00 in a report on Friday, August 9th. Finally, Evercore ISI cut their price target on shares of Paramount Global from $13.00 to $11.50 and set an “in-line” rating on the stock in a research note on Tuesday, July 9th. Eleven research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $12.47.

About Paramount Global

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.