Allspring Global Investments Holdings LLC Boosts Position in Paramount Global (NASDAQ:PARA)

Allspring Global Investments Holdings LLC raised its stake in shares of Paramount Global (NASDAQ:PARA) by 20.5% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 31,956 shares of the company’s stock after buying an additional 5,442 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Paramount Global were worth $339,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in PARA. Lingotto Investment Management LLP grew its holdings 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 valued at $311,046,000 after buying an additional 25,829,185 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Paramount Global by 6.5% during the first quarter. Vanguard Group Inc. now owns 62,090,467 shares of the company’s stock worth $730,805,000 after purchasing an additional 3,803,928 shares in the last quarter. Capitolis Liquid Global Markets LLC purchased a new position in shares of Paramount Global during the first quarter worth about $33,191,000. Jane Street Group LLC grew its holdings in shares of Paramount Global by 323.5% during the first quarter. Jane Street Group LLC now owns 2,754,222 shares of the company’s stock worth $32,417,000 after purchasing an additional 2,103,938 shares in the last quarter. Finally, Ariel Investments LLC grew its holdings in shares of Paramount Global by 16.5% during the second quarter. Ariel Investments LLC now owns 14,042,265 shares of the company’s stock worth $145,899,000 after purchasing an additional 1,992,576 shares in the last quarter. Hedge funds and other institutional investors own 73.00% of the company’s stock.

Paramount Global Stock Performance

Shares of PARA stock opened at $10.98 on Friday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.15 and a current ratio of 1.30. Paramount Global has a fifty-two week low of $9.54 and a fifty-two week high of $17.50. The stock has a 50 day moving average price of $10.47 and a two-hundred day moving average price of $11.12. The company has a market capitalization of $7.32 billion, a P/E ratio of -1.41, a PEG ratio of 1.64 and a beta of 1.74.

Paramount Global (NASDAQ:PARA) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.40. Paramount Global had a positive return on equity of 4.88% and a negative net margin of 17.62%. The firm had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $7.21 billion. Analysts expect that Paramount Global will post 1.61 earnings per share for the current year.

Paramount Global Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 1.82%. Paramount Global’s dividend payout ratio is presently -2.57%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PARA. Wolfe Research lowered 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. Evercore ISI cut their price objective on Paramount Global from $13.00 to $11.50 and set an “in-line” rating for the company in a report on Tuesday, July 9th. Benchmark reissued a “buy” rating and set a $19.00 price objective on shares of Paramount Global in a report on Friday, August 9th. StockNews.com downgraded Paramount Global from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. Finally, JPMorgan Chase & Co. dropped their target price on Paramount Global from $12.00 to $11.00 and set an “underweight” rating for the company in a research report on Thursday, August 15th. Nine 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 company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average 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.