Pinebridge Investments L.P. Makes New Investment in Paramount Global (NASDAQ:PARA)

Pinebridge Investments L.P. purchased a new position in Paramount Global (NASDAQ:PARA) in the 4th quarter, Holdings Channel.com reports. The fund purchased 10,186 shares of the company’s stock, valued at approximately $107,000.

Several other hedge funds have also added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. boosted its holdings in shares of Paramount Global by 4.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,743,123 shares of the company’s stock worth $80,993,000 after purchasing an additional 348,298 shares during the period. Franklin Resources Inc. grew its position in shares of Paramount Global by 824.1% in the 3rd quarter. Franklin Resources Inc. now owns 195,690 shares of the company’s stock worth $2,029,000 after buying an additional 174,514 shares during the last quarter. Wilsey Asset Management Inc. grew its position in shares of Paramount Global by 16.2% in the 4th quarter. Wilsey Asset Management Inc. now owns 1,902,332 shares of the company’s stock worth $19,898,000 after buying an additional 265,408 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Paramount Global by 24.7% in the 4th quarter. Bank of New York Mellon Corp now owns 4,586,288 shares of the company’s stock worth $47,973,000 after buying an additional 908,515 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Paramount Global in the 4th quarter worth approximately $5,457,000. 73.00% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PARA has been the topic of a number of recent analyst reports. Benchmark reiterated a “buy” rating and issued a $19.00 price objective on shares of Paramount Global in a research report on Thursday, February 27th. Deutsche Bank Aktiengesellschaft lowered Paramount Global from a “buy” rating to a “hold” rating and set a $12.00 price target on the stock. in a research report on Wednesday, April 2nd. UBS Group dropped their price target on Paramount Global from $11.00 to $10.00 and set a “sell” rating on the stock in a research report on Tuesday, April 15th. StockNews.com began coverage on Paramount Global in a research report on Wednesday, April 23rd. They set a “hold” rating on the stock. Finally, Needham & Company LLC restated a “hold” rating on shares of Paramount Global in a research report on Thursday, February 27th. Seven equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Paramount Global presently has a consensus rating of “Hold” and a consensus price target of $11.92.

Paramount Global Trading Down 0.3 %

Paramount Global stock opened at $11.69 on Tuesday. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.85. The business’s fifty day simple moving average is $11.40 and its two-hundred day simple moving average is $11.00. Paramount Global has a 12 month low of $9.54 and a 12 month high of $14.54. The company has a market capitalization of $7.80 billion, a price-to-earnings ratio of -1.42, a price-to-earnings-growth ratio of 1.68 and a beta of 1.31.

Paramount Global (NASDAQ:PARA) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.29). Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. The business had revenue of $7.98 billion during the quarter, compared to analysts’ expectations of $8.07 billion. As a group, equities analysts predict that Paramount Global will post 1.77 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Monday, March 17th were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.71%. The ex-dividend date of this dividend was Monday, March 17th. Paramount Global’s dividend payout ratio is currently -2.15%.

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.