Shah Capital Management Acquires 1,020,900 Shares of Paramount Global (NASDAQ:PARA)

Shah Capital Management raised its holdings in shares of Paramount Global (NASDAQ:PARA) by 1,019.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,121,000 shares of the company’s stock after buying an additional 1,020,900 shares during the quarter. Paramount Global comprises 2.5% of Shah Capital Management’s investment portfolio, making the stock its 11th largest holding. Shah Capital Management owned approximately 0.17% of Paramount Global worth $11,647,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Lingotto Investment Management LLP grew its position in Paramount Global by 628.8% during the second quarter. Lingotto Investment Management LLP now owns 29,937,007 shares of the company’s stock worth $311,046,000 after buying an additional 25,829,185 shares in the last quarter. Kodai Capital Management LP bought a new stake in shares of Paramount Global during the fourth quarter valued at approximately $84,842,000. Vanguard Group Inc. increased its position 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 valued at $730,805,000 after purchasing an additional 3,803,928 shares during the period. Capitolis Liquid Global Markets LLC bought a new position in Paramount Global in the first quarter worth $33,191,000. Finally, Norges Bank bought a new position in Paramount Global in the fourth quarter worth $41,497,000. 73.00% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PARA has been the topic of a number of analyst reports. Wells Fargo & Company raised shares of Paramount Global from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $10.00 to $11.00 in a research note on Friday, August 9th. StockNews.com cut Paramount Global from a “hold” rating to a “sell” rating in a report on Saturday. JPMorgan Chase & Co. cut 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. 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 research report on Tuesday, July 9th. Finally, 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. Eleven research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $12.47.

Paramount Global Stock Performance

Shares of PARA opened at $10.44 on Wednesday. The firm’s 50 day moving average price is $10.92 and its two-hundred day moving average price is $11.33. 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 twelve month low of $9.54 and a twelve month high of $17.50. The firm 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.

Paramount Global (NASDAQ:PARA) last posted its quarterly earnings data on Thursday, August 8th. The company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.14 by $0.40. Paramount Global had a negative net margin of 17.62% and a positive return on equity of 4.88%. The business had revenue of $6.81 billion for the quarter, compared to analysts’ expectations of $7.21 billion. On average, analysts forecast that Paramount Global will post 1.57 EPS for the current fiscal year.

Paramount Global Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date is Monday, September 16th. Paramount Global’s dividend payout ratio is presently -133.33%.

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.