Altrius Capital Management Inc Increases Stock Position in Paramount Global (NASDAQ:PARA)

Altrius Capital Management Inc raised its position in Paramount Global (NASDAQ:PARA) by 9.3% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 338,796 shares of the company’s stock after buying an additional 28,688 shares during the period. Altrius Capital Management Inc owned 0.05% of Paramount Global worth $3,520,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of PARA. Cape Investment Advisory Inc. increased its position in shares of Paramount Global by 5.2% during the fourth quarter. Cape Investment Advisory Inc. now owns 18,014 shares of the company’s stock valued at $266,000 after acquiring an additional 889 shares during the last quarter. New Hampshire Trust increased its position in shares of Paramount Global by 6.2% during the 1st quarter. New Hampshire Trust now owns 15,767 shares of the company’s stock valued at $186,000 after purchasing an additional 914 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Paramount Global by 3.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 24,682 shares of the company’s stock valued at $291,000 after purchasing an additional 934 shares during the last quarter. Great Valley Advisor Group Inc. raised its stake in shares of Paramount Global by 5.3% during the 2nd quarter. Great Valley Advisor Group Inc. now owns 19,940 shares of the company’s stock worth $207,000 after purchasing an additional 1,002 shares during the period. Finally, Prestige Wealth Management Group LLC boosted its holdings in shares of Paramount Global by 13.2% in the 2nd quarter. Prestige Wealth Management Group LLC now owns 8,648 shares of the company’s stock worth $90,000 after buying an additional 1,011 shares during the last quarter. Institutional investors own 73.00% of the company’s stock.

Paramount Global Trading Up 1.1 %

Shares of Paramount Global stock opened at $10.56 on Thursday. The company’s 50-day moving average price is $10.89 and its 200-day moving average price is $11.33. 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 12-month low of $9.54 and a 12-month high of $17.50. The company has a market cap of $7.04 billion, a price-to-earnings ratio of -70.40, a PEG ratio of 0.57 and a beta of 1.75.

Paramount Global (NASDAQ:PARA) last posted its earnings results on Thursday, August 8th. The company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.40. Paramount Global had a negative net margin of 17.62% and a positive return on equity of 4.88%. The business had revenue of $6.81 billion for the quarter, compared to analysts’ expectations of $7.21 billion. On average, equities analysts expect that Paramount Global will post 1.57 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

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 dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend is Monday, September 16th. Paramount Global’s dividend payout ratio is -133.32%.

Analysts Set New Price Targets

PARA has been the subject of a number of research analyst reports. Evercore ISI decreased their price objective on shares of Paramount Global from $13.00 to $11.50 and set an “in-line” rating for the company in a report on Tuesday, July 9th. Needham & Company LLC reaffirmed a “hold” rating 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 upped their price objective for the company from $10.00 to $11.00 in a research note on Friday, August 9th. Rosenblatt Securities reissued a “neutral” rating and issued a $14.00 target price on shares of Paramount Global in a research report on Tuesday, June 4th. Finally, Benchmark restated a “buy” rating and issued a $19.00 target price on shares of Paramount Global in a research note on Friday, August 9th. Eleven investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Paramount Global presently has a consensus rating of “Hold” and an average target price of $12.47.

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.