Mutual of America Capital Management LLC Boosts Stake in Paramount Global (NASDAQ:PARA)

Mutual of America Capital Management LLC increased its position in shares of Paramount Global (NASDAQ:PARA) by 17.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 73,219 shares of the company’s stock after buying an additional 10,877 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Paramount Global were worth $778,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in PARA. Lingotto Investment Management LLP raised its holdings in shares of Paramount Global by 628.8% in the second 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 during the last quarter. Ariel Investments LLC increased its position in Paramount Global by 16.5% in the 2nd quarter. Ariel Investments LLC now owns 14,042,265 shares of the company’s stock valued at $145,899,000 after acquiring an additional 1,992,576 shares during the period. Bank of New York Mellon Corp raised its stake in Paramount Global by 6.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,724,532 shares of the company’s stock valued at $38,698,000 after acquiring an additional 225,191 shares during the last quarter. Jane Street Group LLC lifted its position in Paramount Global by 323.5% during 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 during the period. Finally, AQR Capital Management LLC grew its stake in shares of Paramount Global by 602.8% in 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 during the last quarter. Hedge funds and other institutional investors own 73.00% of the company’s stock.

Paramount Global Stock Down 4.3 %

Paramount Global stock opened at $10.64 on Wednesday. Paramount Global has a fifty-two week low of $9.54 and a fifty-two week high of $17.50. The firm has a market capitalization of $7.10 billion, a price-to-earnings ratio of -1.29, a price-to-earnings-growth ratio of 1.31 and a beta of 1.74. The stock’s fifty day moving average is $10.67 and its two-hundred day moving average is $10.97. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.10 and a current ratio of 1.27.

Paramount Global (NASDAQ:PARA) last released its quarterly earnings data 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 for the quarter, compared to analyst estimates of $6.94 billion. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The business’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.30 EPS. Analysts predict that Paramount Global will post 1.86 EPS for the current fiscal year.

Paramount Global Announces Dividend

The firm also recently disclosed 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. 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 1.88%. Paramount Global’s dividend payout ratio (DPR) is -2.43%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. StockNews.com upgraded Paramount Global from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Benchmark restated a “buy” rating and set a $19.00 price objective on shares of Paramount Global in a research report on Friday, August 9th. Guggenheim lowered their target price on shares of Paramount Global from $19.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, September 25th. Wells Fargo & Company upgraded shares of Paramount Global from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $10.00 to $11.00 in a research note on Friday, August 9th. Finally, Macquarie restated an “underperform” rating and issued a $10.00 price objective on shares of Paramount Global in a research report on Monday, November 11th. Eight research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $12.40.

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.