Spire Wealth Management Acquires 18,327 Shares of Paramount Global (NASDAQ:PARA)

Spire Wealth Management raised its holdings in Paramount Global (NASDAQ:PARA) by 218.3% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 26,724 shares of the company’s stock after buying an additional 18,327 shares during the quarter. Spire Wealth Management’s holdings in Paramount Global were worth $278,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. ProShare Advisors LLC grew its stake in shares of Paramount Global by 146.5% in the first quarter. ProShare Advisors LLC now owns 151,864 shares of the company’s stock worth $1,787,000 after acquiring an additional 90,262 shares during the last quarter. State Board of Administration of Florida Retirement System grew its position in Paramount Global by 5.4% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 679,519 shares of the company’s stock worth $7,998,000 after purchasing an additional 34,541 shares during the last quarter. Amalgamated Bank increased its holdings in shares of Paramount Global by 9.1% during the 4th quarter. Amalgamated Bank now owns 145,473 shares of the company’s stock worth $2,152,000 after purchasing an additional 12,174 shares during the period. CANADA LIFE ASSURANCE Co raised its position in shares of Paramount Global by 33.9% during the first quarter. CANADA LIFE ASSURANCE Co now owns 406,895 shares of the company’s stock valued at $4,790,000 after buying an additional 103,103 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC lifted its stake in shares of Paramount Global by 19.9% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 57,368 shares of the company’s stock valued at $848,000 after buying an additional 9,512 shares during the period. 73.00% of the stock is owned by institutional investors.

Paramount Global Trading Down 0.5 %

PARA stock opened at $10.42 on Wednesday. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.30 and a quick ratio of 1.15. The stock has a market capitalization of $6.95 billion, a price-to-earnings ratio of -69.46, a P/E/G ratio of 0.58 and a beta of 1.75. The business has a fifty day moving average price of $11.01 and a 200 day moving average price of $11.41. Paramount Global has a fifty-two week low of $9.54 and a fifty-two week high of $17.50.

Paramount Global (NASDAQ:PARA) last announced its earnings results on Thursday, August 8th. The company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.40. The company had revenue of $6.81 billion during the quarter, compared to analyst estimates of $7.21 billion. Paramount Global had a positive return on equity of 4.88% and a negative net margin of 17.62%. Analysts expect that Paramount Global will post 1.57 EPS for the current fiscal year.

Paramount Global Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be given a dividend of $0.05 per share. The ex-dividend date is Monday, September 16th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.92%. Paramount Global’s payout ratio is -133.32%.

Wall Street Analyst Weigh In

PARA has been the topic of several research reports. StockNews.com lowered Paramount Global from a “hold” rating to a “sell” rating in a research note on Monday, August 12th. The Goldman Sachs Group started coverage on Paramount Global in a research report on Tuesday, June 25th. They set a “sell” rating and a $9.50 price objective on the stock. Evercore ISI reduced their target price on Paramount Global from $13.00 to $11.50 and set an “in-line” rating for the company in a research report on Tuesday, July 9th. Benchmark reiterated a “buy” rating and set a $19.00 price target on shares of Paramount Global in a research note on Friday, August 9th. Finally, Rosenblatt Securities restated a “neutral” rating and issued a $14.00 price objective on shares of Paramount Global in a research note on Tuesday, June 4th. Eleven equities research 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. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $12.47.

Paramount Global 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.