Handelsbanken Fonder AB Purchases 28,400 Shares of Paramount Global (NASDAQ:PARA)

Handelsbanken Fonder AB raised its holdings in shares of Paramount Global (NASDAQ:PARA) by 27.3% during the third quarter, Holdings Channel.com reports. The fund owned 132,400 shares of the company’s stock after buying an additional 28,400 shares during the period. Handelsbanken Fonder AB’s holdings in Paramount Global were worth $1,406,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. ProShare Advisors LLC raised its stake in Paramount Global by 146.5% during the 1st quarter. ProShare Advisors LLC now owns 151,864 shares of the company’s stock valued at $1,787,000 after purchasing an additional 90,262 shares during the period. State Board of Administration of Florida Retirement System grew its position in shares of Paramount Global by 5.4% during the first quarter. State Board of Administration of Florida Retirement System now owns 679,519 shares of the company’s stock valued at $7,998,000 after purchasing an additional 34,541 shares in the last quarter. Financial Counselors Inc. grew its holdings in Paramount Global by 6.9% during the 2nd quarter. Financial Counselors Inc. now owns 864,287 shares of the company’s stock valued at $8,980,000 after buying an additional 56,021 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its stake in Paramount Global by 33.9% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 406,895 shares of the company’s stock worth $4,790,000 after acquiring an additional 103,103 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its holdings in shares of Paramount Global by 798.0% during the 2nd quarter. Canada Pension Plan Investment Board now owns 684,300 shares of the company’s stock worth $7,110,000 after acquiring an additional 608,100 shares in the last quarter. 73.00% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Evercore ISI reduced their price target on shares of Paramount Global from $13.00 to $11.50 and set an “in-line” rating on the stock in a research report on Tuesday, July 9th. Benchmark reiterated a “buy” rating and issued a $19.00 price target on shares of Paramount Global in a research report on Friday, August 9th. StockNews.com downgraded Paramount Global from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. Wells Fargo & Company raised Paramount Global from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $10.00 to $11.00 in a research note on Friday, August 9th. Finally, Guggenheim decreased their price target on Paramount Global from $19.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, September 25th. 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. According to MarketBeat.com, Paramount Global has a consensus rating of “Hold” and a consensus price target of $12.33.

Paramount Global Stock Performance

Shares of Paramount Global stock opened at $10.35 on Friday. The company has a current ratio of 1.30, a quick ratio of 1.15 and a debt-to-equity ratio of 0.85. The stock’s fifty day moving average price is $10.54 and its 200-day moving average price is $11.24. The firm has a market cap of $6.90 billion, a P/E ratio of -69.00, a P/E/G ratio of 0.59 and a beta of 1.75. Paramount Global has a 12 month low of $9.54 and a 12 month high of $17.50.

Paramount Global (NASDAQ:PARA) last posted its earnings results on Thursday, August 8th. The company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $7.21 billion. On average, equities research analysts expect that Paramount Global will post 1.56 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.20 dividend on an annualized basis and a yield of 1.93%. Paramount Global’s dividend payout ratio is currently -133.33%.

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.