Exchange Traded Concepts LLC Makes New Investment in Paramount Global (NASDAQ:PARA)

Exchange Traded Concepts LLC purchased a new position in shares of Paramount Global (NASDAQ:PARA) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 22,926 shares of the company’s stock, valued at approximately $243,000.

A number of other institutional investors also recently added to or reduced their stakes in PARA. Lingotto Investment Management LLP boosted its position in 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 acquiring an additional 25,829,185 shares during the period. Vanguard Group Inc. boosted its position in Paramount Global by 6.5% during the 1st quarter. Vanguard Group Inc. now owns 62,090,467 shares of the company’s stock worth $730,805,000 after acquiring an additional 3,803,928 shares during the period. Capitolis Liquid Global Markets LLC acquired a new position in Paramount Global during the 1st quarter worth $33,191,000. Jane Street Group LLC lifted its holdings in shares of Paramount Global by 323.5% in the first quarter. Jane Street Group LLC now owns 2,754,222 shares of the company’s stock valued at $32,417,000 after buying an additional 2,103,938 shares during the period. Finally, Ariel Investments LLC boosted its stake in Paramount Global by 16.5% during the second quarter. Ariel Investments LLC now owns 14,042,265 shares of the company’s stock valued at $145,899,000 after buying an additional 1,992,576 shares in the last quarter. Institutional investors and hedge funds own 73.00% of the company’s stock.

Paramount Global Stock Up 1.2 %

Shares of Paramount Global stock opened at $10.45 on Monday. The stock has a 50-day moving average price of $10.54 and a 200 day moving average price of $11.19. The company has a market cap of $6.97 billion, a P/E ratio of -1.34, a P/E/G ratio of 0.58 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. Paramount Global has a 1 year low of $9.54 and a 1 year high of $17.50.

Paramount Global (NASDAQ:PARA) last announced its quarterly earnings data 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. The firm had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $7.21 billion. Paramount Global had a positive return on equity of 4.88% and a negative net margin of 17.62%. As a group, analysts expect that Paramount Global will post 1.56 EPS for the current fiscal year.

Paramount Global Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date of this dividend is Monday, December 16th. Paramount Global’s dividend payout ratio (DPR) is presently -2.57%.

Analysts Set New Price Targets

Several research analysts recently weighed in on PARA shares. Wolfe Research cut Paramount Global from a “peer perform” rating to an “underperform” rating and set a $10.00 target price for the company. in a research note on Tuesday, July 9th. Evercore ISI decreased their target price on Paramount Global from $13.00 to $11.50 and set an “in-line” rating for the company in a research note on Tuesday, July 9th. The Goldman Sachs Group started coverage on Paramount Global in a research note on Tuesday, June 25th. They set a “sell” rating and a $9.50 target price for the company. StockNews.com cut Paramount Global from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd. Finally, Benchmark reiterated a “buy” rating and issued a $19.00 price target on shares of Paramount Global in a research report on Friday, August 9th. Nine analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Paramount Global presently has an average rating of “Hold” and a consensus target price of $12.33.

About Paramount Global

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.