AustralianSuper Pty Ltd Takes Position in Paramount Global (NASDAQ:PARA)

AustralianSuper Pty Ltd acquired a new position in Paramount Global (NASDAQ:PARA) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 680,049 shares of the company’s stock, valued at approximately $7,222,000.

Several other institutional investors have also recently added to or reduced their stakes in PARA. Blue Trust Inc. boosted its position in Paramount Global by 162.8% during the 3rd quarter. Blue Trust Inc. now owns 2,539 shares of the company’s stock worth $26,000 after acquiring an additional 1,573 shares during the period. Atlas Capital Advisors LLC acquired a new position in Paramount Global during the 2nd quarter valued at about $35,000. Ashton Thomas Private Wealth LLC bought a new stake in shares of Paramount Global during the 2nd quarter worth about $43,000. SageView Advisory Group LLC acquired a new stake in shares of Paramount Global in the 1st quarter worth approximately $56,000. Finally, Livforsakringsbolaget Skandia Omsesidigt boosted its holdings in shares of Paramount Global by 518.3% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 4,891 shares of the company’s stock valued at $52,000 after acquiring an additional 4,100 shares in the last quarter. Institutional investors own 73.00% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on PARA. Benchmark restated a “buy” rating and issued a $19.00 target price on shares of Paramount Global in a research report on Friday, August 9th. Needham & Company LLC restated a “hold” rating on shares of Paramount Global in a research report on Friday, August 9th. Wolfe Research cut Paramount Global from a “peer perform” rating to an “underperform” rating and set a $10.00 price target on the stock. in a report on Tuesday, July 9th. Guggenheim reduced their price objective on Paramount Global from $19.00 to $14.00 and set a “buy” rating for the company in a research note on Wednesday, September 25th. Finally, JPMorgan Chase & Co. cut their target price on Paramount Global from $12.00 to $11.00 and set an “underweight” rating on the stock in a research report on Thursday, August 15th. Nine analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $12.33.

Paramount Global Stock Up 2.6 %

Shares of NASDAQ:PARA opened at $10.94 on Friday. The business has a fifty day simple moving average of $10.49 and a 200 day simple moving average of $11.12. 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 results on Thursday, August 8th. The company reported $0.54 earnings per share (EPS) 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 business had revenue of $6.81 billion during the quarter, compared to analyst estimates of $7.21 billion. On average, equities research analysts expect that Paramount Global will post 1.61 EPS for the current fiscal year.

Paramount Global Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be issued a dividend of $0.05 per share. The ex-dividend date is Monday, December 16th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.83%. Paramount Global’s dividend payout ratio is currently -2.57%.

Paramount Global Company 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.