Principal Financial Group Inc. Has $7.26 Million Stake in Paramount Global (NASDAQ:PARA)

Principal Financial Group Inc. boosted its holdings in shares of Paramount Global (NASDAQ:PARA) by 22.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 683,401 shares of the company’s stock after purchasing an additional 124,740 shares during the period. Principal Financial Group Inc. owned about 0.10% of Paramount Global worth $7,258,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Lingotto Investment Management LLP increased its position in shares of Paramount Global by 628.8% during the 2nd quarter. Lingotto Investment Management LLP now owns 29,937,007 shares of the company’s stock worth $311,046,000 after purchasing an additional 25,829,185 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Paramount Global by 6.5% in the first quarter. Vanguard Group Inc. now owns 62,090,467 shares of the company’s stock valued at $730,805,000 after acquiring an additional 3,803,928 shares during the last quarter. Jane Street Group LLC boosted its holdings in shares of Paramount Global by 323.5% in the 1st quarter. Jane Street Group LLC now owns 2,754,222 shares of the company’s stock worth $32,417,000 after acquiring an additional 2,103,938 shares in the last quarter. Ariel Investments LLC grew its position in Paramount Global by 16.5% during the 2nd quarter. Ariel Investments LLC now owns 14,042,265 shares of the company’s stock worth $145,899,000 after acquiring an additional 1,992,576 shares during the last quarter. Finally, AQR Capital Management LLC increased its holdings in Paramount Global by 602.8% during the 2nd quarter. AQR Capital Management LLC now owns 1,783,489 shares of the company’s stock valued at $18,530,000 after purchasing an additional 1,529,719 shares in the last quarter. Institutional investors own 73.00% of the company’s stock.

Paramount Global Trading Down 2.6 %

Shares of Paramount Global stock opened at $10.33 on Wednesday. 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 business has a fifty day simple moving average of $10.62 and a two-hundred day simple moving average of $11.03. Paramount Global has a 1 year low of $9.54 and a 1 year high of $17.50. The company has a market capitalization of $6.89 billion, a price-to-earnings ratio of -1.26, a P/E/G ratio of 1.31 and a beta of 1.74.

Paramount Global (NASDAQ:PARA) last announced its earnings results on Friday, November 8th. The company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.24 by $0.25. The business had revenue of $6.73 billion during the quarter, compared to the consensus estimate of $6.94 billion. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. Paramount Global’s revenue was down 5.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.30 EPS. Research analysts forecast that Paramount Global will post 1.86 EPS for the current year.

Paramount Global Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 16th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.20 annualized dividend and a yield of 1.94%. Paramount Global’s payout ratio is currently -2.43%.

Analyst Ratings Changes

PARA has been the subject of a number of research reports. JPMorgan Chase & Co. lowered 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. Wells Fargo & Company upgraded shares of Paramount Global from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $10.00 to $11.00 in a research report on Friday, August 9th. Benchmark reissued a “buy” rating and issued a $19.00 price target on shares of Paramount Global in a report on Friday, August 9th. Guggenheim decreased their price objective on 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, Needham & Company LLC reissued a “hold” rating on shares of Paramount Global in a research note on Monday, November 11th. Eight research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, 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.