Principal Financial Group Inc. lifted its position in shares of Paramount Global (NASDAQ:PARA – Free Report) by 22.3% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 683,401 shares of the company’s stock after buying an additional 124,740 shares during the quarter. Principal Financial Group Inc.’s holdings in Paramount Global were worth $7,258,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of the company. Retirement Systems of Alabama raised its holdings in Paramount Global by 12.8% in the 3rd quarter. Retirement Systems of Alabama now owns 179,384 shares of the company’s stock valued at $1,905,000 after acquiring an additional 20,335 shares during the last quarter. Franklin Resources Inc. grew its position in shares of Paramount Global by 824.1% in the third quarter. Franklin Resources Inc. now owns 195,690 shares of the company’s stock valued at $2,029,000 after purchasing an additional 174,514 shares during the period. Virtu Financial LLC acquired a new position in Paramount Global in the third quarter valued at $196,000. Arete Wealth Advisors LLC purchased a new position in Paramount Global during the third quarter worth about $288,000. Finally, Coldstream Capital Management Inc. boosted its stake in Paramount Global by 192.0% in the 3rd quarter. Coldstream Capital Management Inc. now owns 44,047 shares of the company’s stock worth $479,000 after buying an additional 28,963 shares during the last quarter. Institutional investors and hedge funds own 73.00% of the company’s stock.
Paramount Global Stock Performance
Shares of NASDAQ:PARA opened at $10.46 on Wednesday. The company has a market cap of $6.98 billion, a P/E ratio of -1.27, a PEG ratio of 1.35 and a beta of 1.71. Paramount Global has a one year low of $9.54 and a one year high of $15.70. The business’s 50-day simple moving average is $10.84 and its 200 day simple moving average is $10.75. 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 – Get Free Report) last posted its earnings results on Friday, November 8th. The company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.25. The business had revenue of $6.73 billion for the quarter, compared to analysts’ expectations 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 company posted $0.30 earnings per share. On average, sell-side analysts forecast that Paramount Global will post 1.86 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of research analysts have recently commented on the stock. Macquarie reaffirmed an “underperform” rating and set a $10.00 price objective on shares of Paramount Global in a research note on Monday, November 11th. StockNews.com raised shares of Paramount Global from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Guggenheim lowered their price objective on shares of 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, Needham & Company LLC reaffirmed a “hold” rating on shares of Paramount Global in a research report on Monday, November 11th. Seven investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $12.43.
View Our Latest Stock Analysis on PARA
Paramount Global Profile
(Free Report)
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.
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