Newbridge Financial Services Group Inc. Purchases New Shares in Paramount Global (NASDAQ:PARA)

Newbridge Financial Services Group Inc. purchased a new stake in shares of Paramount Global (NASDAQ:PARA) during the 4th quarter, HoldingsChannel reports. The firm purchased 3,000 shares of the company’s stock, valued at approximately $44,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PARA. Vanguard Group Inc. lifted its holdings in Paramount Global by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 58,286,539 shares of the company’s stock valued at $862,058,000 after purchasing an additional 626,256 shares in the last quarter. Invesco Ltd. lifted its holdings in Paramount Global by 9.4% during the third quarter. Invesco Ltd. now owns 14,832,568 shares of the company’s stock valued at $191,340,000 after purchasing an additional 1,272,851 shares in the last quarter. Ariel Investments LLC lifted its holdings in Paramount Global by 18.0% during the third quarter. Ariel Investments LLC now owns 11,330,850 shares of the company’s stock valued at $146,168,000 after purchasing an additional 1,731,714 shares in the last quarter. Kodai Capital Management LP purchased a new position in Paramount Global during the fourth quarter valued at $84,842,000. Finally, Northern Trust Corp lifted its holdings in Paramount Global by 1.9% during the third quarter. Northern Trust Corp now owns 5,304,103 shares of the company’s stock valued at $68,423,000 after purchasing an additional 96,952 shares in the last quarter. Institutional investors and hedge funds own 73.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Paramount Global from $20.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, February 28th. Wolfe Research raised shares of Paramount Global from an “underperform” rating to a “peer perform” rating in a report on Thursday, April 4th. Benchmark reissued a “buy” rating and issued a $19.00 price target on shares of Paramount Global in a research note on Tuesday, April 30th. JPMorgan Chase & Co. decreased their price target on shares of Paramount Global from $13.00 to $12.00 and set an “underweight” rating on the stock in a research note on Thursday, April 4th. Finally, Seaport Res Ptn downgraded shares of Paramount Global from a “buy” rating to a “neutral” rating in a research note on Thursday, May 2nd. Ten investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Paramount Global currently has an average rating of “Hold” and a consensus price target of $13.37.

Paramount Global Price Performance

Shares of PARA opened at $9.61 on Wednesday. Paramount Global has a 1-year low of $9.54 and a 1-year high of $17.50. The stock has a market cap of $6.40 billion, a PE ratio of -64.06, a P/E/G ratio of 0.30 and a beta of 1.78. The firm has a 50-day simple moving average of $11.90 and a two-hundred day simple moving average of $12.73. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.29 and a quick ratio of 1.19.

Paramount Global (NASDAQ:PARA) last announced its quarterly earnings results on Monday, April 29th. The company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.28. Paramount Global had a negative net margin of 0.15% and a positive return on equity of 3.35%. The business had revenue of $7.69 billion during the quarter, compared to analysts’ expectations of $7.73 billion. During the same period last year, the business earned $0.09 earnings per share. The business’s revenue for the quarter was up 5.8% on a year-over-year basis. As a group, analysts forecast that Paramount Global will post 1.32 EPS for the current year.

Paramount Global Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 17th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date is Monday, June 17th. Paramount Global’s dividend payout ratio is presently -133.32%.

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.