Lingotto Investment Management LLP Has $311.05 Million Stake in Paramount Global (NASDAQ:PARA)

Lingotto Investment Management LLP increased its stake in shares of Paramount Global (NASDAQ:PARA) by 628.8% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 29,937,007 shares of the company’s stock after acquiring an additional 25,829,185 shares during the quarter. Paramount Global comprises about 10.5% of Lingotto Investment Management LLP’s portfolio, making the stock its 3rd largest holding. Lingotto Investment Management LLP owned approximately 4.49% of Paramount Global worth $311,046,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PARA. Cape Investment Advisory Inc. raised its stake in Paramount Global by 5.2% during the fourth quarter. Cape Investment Advisory Inc. now owns 18,014 shares of the company’s stock valued at $266,000 after purchasing an additional 889 shares in the last quarter. New Hampshire Trust raised its stake in Paramount Global by 6.2% during the first quarter. New Hampshire Trust now owns 15,767 shares of the company’s stock valued at $186,000 after purchasing an additional 914 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in Paramount Global by 3.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 24,682 shares of the company’s stock valued at $291,000 after purchasing an additional 934 shares in the last quarter. Great Valley Advisor Group Inc. raised its stake in Paramount Global by 5.3% during the second quarter. Great Valley Advisor Group Inc. now owns 19,940 shares of the company’s stock valued at $207,000 after purchasing an additional 1,002 shares in the last quarter. Finally, Prestige Wealth Management Group LLC raised its stake in Paramount Global by 13.2% during the second quarter. Prestige Wealth Management Group LLC now owns 8,648 shares of the company’s stock valued at $90,000 after purchasing an additional 1,011 shares in the last quarter. Institutional investors own 73.00% of the company’s stock.

Paramount Global Stock Up 0.2 %

Shares of Paramount Global stock opened at $10.44 on Wednesday. The firm’s 50 day moving average price is $10.92 and its 200-day moving average price is $11.33. The company has a market cap of $6.96 billion, a P/E ratio of -69.60, a PEG ratio of 0.57 and a beta of 1.75. The company has a quick ratio of 1.15, a current ratio of 1.30 and a debt-to-equity ratio of 0.85. Paramount Global has a 52-week low of $9.54 and a 52-week high of $17.50.

Paramount Global (NASDAQ:PARA) last released its earnings results on Thursday, August 8th. The company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.40. The company had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $7.21 billion. Paramount Global had a negative net margin of 17.62% and a positive return on equity of 4.88%. On average, sell-side analysts predict that Paramount Global will post 1.57 EPS for the current fiscal year.

Paramount Global Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.92%. The ex-dividend date of this dividend is Monday, September 16th. Paramount Global’s payout ratio is -133.33%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PARA. The Goldman Sachs Group began coverage on shares of Paramount Global in a research note on Tuesday, June 25th. They issued a “sell” rating and a $9.50 target price on the stock. Wolfe Research downgraded shares of Paramount Global from a “peer perform” rating to an “underperform” rating and set a $10.00 target price on the stock. in a research note on Tuesday, July 9th. Evercore ISI reduced their target price on shares of Paramount Global from $13.00 to $11.50 and set an “in-line” rating on the stock in a research note on Tuesday, July 9th. Rosenblatt Securities reissued a “neutral” rating and issued a $14.00 target price on shares of Paramount Global in a research note on Tuesday, June 4th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Paramount Global from $12.00 to $11.00 and set an “underweight” rating on the stock in a research note on Thursday, August 15th. 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. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $12.47.

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.