Evergreen Capital Management LLC Has $2.45 Million Stake in Paramount Global (NASDAQ:PARA)

Evergreen Capital Management LLC lifted its stake in shares of Paramount Global (NASDAQ:PARA) by 93.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 234,686 shares of the company’s stock after purchasing an additional 113,301 shares during the quarter. Evergreen Capital Management LLC’s holdings in Paramount Global were worth $2,450,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in PARA. Norges Bank bought a new position in Paramount Global in the 4th quarter valued at about $41,497,000. Coldstream Capital Management Inc. grew its position in shares of Paramount Global by 10.5% during the 4th quarter. Coldstream Capital Management Inc. now owns 11,400 shares of the company’s stock valued at $169,000 after purchasing an additional 1,081 shares in the last quarter. Quest Partners LLC purchased a new position in shares of Paramount Global during the 4th quarter valued at $98,000. Cape Investment Advisory Inc. lifted its holdings in shares of Paramount Global by 5.2% during the 4th quarter. Cape Investment Advisory Inc. now owns 18,014 shares of the company’s stock worth $266,000 after acquiring an additional 889 shares during the last quarter. Finally, Cantor Fitzgerald Investment Advisors L.P. bought a new stake in shares of Paramount Global during the 4th quarter worth $2,089,000. Institutional investors and hedge funds own 73.00% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. JPMorgan Chase & Co. lowered their price target on shares of Paramount Global from $12.00 to $11.00 and set an “underweight” rating for the company in a research note on Thursday, August 15th. Wolfe Research cut shares of Paramount Global from a “peer perform” rating to an “underperform” rating and set a $10.00 price objective on the stock. in a research report on Tuesday, July 9th. Wells Fargo & Company upgraded shares of Paramount Global from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $10.00 to $11.00 in a research report on Friday, August 9th. Benchmark restated a “buy” rating and issued a $19.00 price objective on shares of Paramount Global in a research report on Friday, August 9th. Finally, Rosenblatt Securities reiterated a “neutral” rating and set a $14.00 price target on shares of Paramount Global in a research report on Tuesday, June 4th. Eleven research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Paramount Global presently has an average rating of “Hold” and a consensus price target of $12.47.

Paramount Global Stock Performance

Paramount Global stock opened at $10.38 on Tuesday. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.30 and a quick ratio of 1.15. Paramount Global has a 1-year low of $9.54 and a 1-year high of $17.50. The firm has a market capitalization of $6.92 billion, a P/E ratio of -69.20, a price-to-earnings-growth ratio of 0.57 and a beta of 1.75. The company’s 50-day moving average is $10.80 and its 200 day moving average is $11.33.

Paramount Global (NASDAQ:PARA) last posted its quarterly earnings data on Thursday, August 8th. The company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $6.81 billion for the quarter, compared to analyst estimates of $7.21 billion. Research analysts forecast that Paramount Global will post 1.57 EPS for the current year.

Paramount Global Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date is Monday, September 16th. Paramount Global’s dividend payout ratio (DPR) is presently -133.33%.

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.