Paramount Global (NASDAQ:PARA) Shares Purchased by Elo Mutual Pension Insurance Co

Elo Mutual Pension Insurance Co grew its position in shares of Paramount Global (NASDAQ:PARA) by 7.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 47,855 shares of the company’s stock after purchasing an additional 3,214 shares during the period. Elo Mutual Pension Insurance Co’s holdings in Paramount Global were worth $497,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PARA. Cape Investment Advisory Inc. lifted its stake 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 buying an additional 889 shares during the period. New Hampshire Trust lifted its stake 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 worth $186,000 after purchasing an additional 914 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of Paramount Global by 3.9% in the first 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 period. Great Valley Advisor Group Inc. increased its stake in Paramount Global by 5.3% in the second quarter. Great Valley Advisor Group Inc. now owns 19,940 shares of the company’s stock valued at $207,000 after purchasing an additional 1,002 shares during the last quarter. Finally, Prestige Wealth Management Group LLC increased its stake in Paramount Global by 13.2% in the second quarter. Prestige Wealth Management Group LLC now owns 8,648 shares of the company’s stock valued at $90,000 after purchasing an additional 1,011 shares during the last quarter. 73.00% of the stock is currently owned by hedge funds and other institutional investors.

Paramount Global Price Performance

PARA opened at $10.37 on Friday. Paramount Global has a twelve month low of $9.54 and a twelve month high of $17.50. The firm has a market cap of $6.91 billion, a price-to-earnings ratio of -69.13, a PEG ratio of 0.57 and a beta of 1.75. The company has a current ratio of 1.30, a quick ratio of 1.15 and a debt-to-equity ratio of 0.85. The company has a fifty day simple moving average of $10.82 and a 200 day simple moving average of $11.32.

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

Paramount Global Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders 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 dividend yield of 1.93%. The ex-dividend date is Monday, September 16th. Paramount Global’s dividend payout ratio (DPR) is currently -133.33%.

Analysts Set New Price Targets

PARA has been the subject of several recent analyst reports. The Goldman Sachs Group started coverage on Paramount Global in a report on Tuesday, June 25th. They issued a “sell” rating and a $9.50 price target for the company. Evercore ISI lowered their target price 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. Wells Fargo & Company raised shares of Paramount Global from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $10.00 to $11.00 in a research note on Friday, August 9th. Wolfe Research downgraded Paramount Global from a “peer perform” rating to an “underperform” rating and set a $10.00 price objective for the company. in a report on Tuesday, July 9th. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $14.00 target price on shares of Paramount Global in a report on Tuesday, June 4th. Eleven equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Paramount Global presently has a consensus rating of “Hold” and a consensus target price of $12.47.

Paramount Global 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.