HBK Investments L P Takes Position in Paramount Global (NASDAQ:PARA)

HBK Investments L P purchased a new stake in Paramount Global (NASDAQ:PARA) in the 3rd quarter, HoldingsChannel.com reports. The firm purchased 480,001 shares of the company’s stock, valued at approximately $5,098,000.

Several other large investors have also modified their holdings of the business. Lingotto Investment Management LLP raised its holdings in shares of Paramount Global by 628.8% in the 2nd quarter. Lingotto Investment Management LLP now owns 29,937,007 shares of the company’s stock valued at $311,046,000 after purchasing an additional 25,829,185 shares in the last quarter. Ariel Investments LLC grew its position in shares of Paramount Global by 16.5% in the 2nd quarter. Ariel Investments LLC now owns 14,042,265 shares of the company’s stock worth $145,899,000 after buying an additional 1,992,576 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Paramount Global by 16.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,394,825 shares of the company’s stock worth $78,533,000 after buying an additional 1,030,592 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Paramount Global by 6.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,724,532 shares of the company’s stock worth $38,698,000 after buying an additional 225,191 shares during the last quarter. Finally, AQR Capital Management LLC grew its position in shares of Paramount Global by 602.8% in the 2nd quarter. AQR Capital Management LLC now owns 1,783,489 shares of the company’s stock worth $18,530,000 after buying an additional 1,529,719 shares during the last quarter. Institutional investors own 73.00% of the company’s stock.

Paramount Global Stock Performance

PARA opened at $10.77 on Friday. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.27 and a quick ratio of 1.10. The firm has a fifty day moving average price of $10.68 and a 200 day moving average price of $10.95. Paramount Global has a 1 year low of $9.54 and a 1 year high of $17.50. The stock has a market cap of $7.18 billion, a P/E ratio of -1.31, a P/E/G ratio of 1.30 and a beta of 1.74.

Paramount Global (NASDAQ:PARA) last posted its earnings results on Friday, November 8th. The company reported $0.49 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $6.73 billion during the quarter, compared to analysts’ expectations of $6.94 billion. During the same period in the previous year, the business posted $0.30 EPS. The business’s revenue was down 5.6% compared to the same quarter last year. Equities research analysts anticipate that Paramount Global will post 1.86 earnings per share for the current year.

Paramount Global Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 16th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.86%. The ex-dividend date is Monday, December 16th. Paramount Global’s dividend payout ratio is currently -2.43%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. JPMorgan Chase & Co. dropped their target price on shares of Paramount Global from $12.00 to $11.00 and set an “underweight” rating on the stock in a research report on Thursday, August 15th. StockNews.com raised shares of Paramount Global from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Macquarie reissued an “underperform” rating and set a $10.00 target price on shares of Paramount Global in a research report on Monday, November 11th. Guggenheim dropped their target price on shares of Paramount Global from $19.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday, September 25th. Finally, Wells Fargo & Company raised shares of Paramount Global from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $10.00 to $11.00 in a research report on Friday, August 9th. Eight analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus 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.