BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Has $1.05 Million Stock Position in Paramount Global (NASDAQ:PARA)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp cut its stake in shares of Paramount Global (NASDAQ:PARA) by 2.7% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 99,174 shares of the company’s stock after selling 2,759 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Paramount Global were worth $1,052,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. HBK Investments L P bought a new stake in shares of Paramount Global during the 3rd quarter worth approximately $5,098,000. Rockefeller Capital Management L.P. increased its holdings in Paramount Global by 9.6% during the third quarter. Rockefeller Capital Management L.P. now owns 21,146 shares of the company’s stock worth $225,000 after buying an additional 1,845 shares during the last quarter. Financial Counselors Inc. raised its position in Paramount Global by 0.4% during the third quarter. Financial Counselors Inc. now owns 868,044 shares of the company’s stock worth $9,219,000 after acquiring an additional 3,757 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Paramount Global by 27.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 106,504 shares of the company’s stock valued at $1,131,000 after acquiring an additional 22,650 shares during the last quarter. Finally, MetLife Investment Management LLC grew its position in shares of Paramount Global by 15.7% in the 3rd quarter. MetLife Investment Management LLC now owns 154,584 shares of the company’s stock valued at $1,642,000 after acquiring an additional 20,984 shares during the period. 73.00% of the stock is currently owned by institutional investors.

Paramount Global Trading Down 1.9 %

PARA opened at $10.81 on Friday. The company has a quick ratio of 1.10, a current ratio of 1.27 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 stock has a market capitalization of $7.21 billion, a price-to-earnings ratio of -1.32, a P/E/G ratio of 1.32 and a beta of 1.71. The company has a 50-day simple moving average of $10.73 and a 200 day simple moving average of $10.89.

Paramount Global (NASDAQ:PARA) last posted its quarterly earnings results on Friday, November 8th. The company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business 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 posted $0.30 EPS. The firm’s revenue for the quarter was down 5.6% on a year-over-year basis. Analysts predict that Paramount Global will post 1.86 EPS for the current fiscal year.

Paramount Global Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be issued a dividend of $0.05 per share. The ex-dividend date is Monday, December 16th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.85%. Paramount Global’s dividend payout ratio (DPR) is currently -2.43%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PARA. Needham & Company LLC reaffirmed a “hold” rating on shares of Paramount Global in a report on Monday, November 11th. Wells Fargo & Company upgraded Paramount Global from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $10.00 to $11.00 in a research note on Friday, August 9th. JPMorgan Chase & Co. reduced their target price on Paramount Global from $12.00 to $11.00 and set an “underweight” rating for the company in a research note on Thursday, August 15th. StockNews.com upgraded Paramount Global from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Finally, Macquarie reissued an “underperform” rating and issued a $10.00 price objective on shares of Paramount Global in a research report on Monday, November 11th. Eight 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.com, the company has an average rating of “Hold” and an average price target of $12.40.

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.