Banque Cantonale Vaudoise Buys New Stake in Paramount Global (NASDAQ:PARA)

Banque Cantonale Vaudoise bought a new stake in shares of Paramount Global (NASDAQ:PARA) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 21,059 shares of the company’s stock, valued at approximately $224,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PARA. Lingotto Investment Management LLP lifted 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 valued at $311,046,000 after purchasing an additional 25,829,185 shares during the period. Jane Street Group LLC raised its position in shares of Paramount Global by 323.5% in the first quarter. Jane Street Group LLC now owns 2,754,222 shares of the company’s stock worth $32,417,000 after acquiring an additional 2,103,938 shares during the period. Ariel Investments LLC raised its position in shares of Paramount Global by 16.5% in the second quarter. Ariel Investments LLC now owns 14,042,265 shares of the company’s stock worth $145,899,000 after acquiring an additional 1,992,576 shares during the period. AQR Capital Management LLC raised its position in shares of Paramount Global by 602.8% in the second quarter. AQR Capital Management LLC now owns 1,783,489 shares of the company’s stock worth $18,530,000 after acquiring an additional 1,529,719 shares during the period. Finally, Shah Capital Management raised its position in shares of Paramount Global by 1,019.9% in the second quarter. Shah Capital Management now owns 1,121,000 shares of the company’s stock worth $11,647,000 after acquiring an additional 1,020,900 shares during the period. 73.00% of the stock is currently owned by institutional investors and hedge funds.

Paramount Global Stock Down 1.9 %

Shares of NASDAQ PARA opened at $10.88 on Friday. Paramount Global has a 12-month low of $9.54 and a 12-month high of $17.50. The stock has a market cap of $7.26 billion, a PE ratio of -1.32, a P/E/G ratio of 1.25 and a beta of 1.74. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.85. The company has a 50-day moving average of $10.66 and a 200 day moving average of $11.01.

Paramount Global (NASDAQ:PARA) last posted its quarterly earnings results on Friday, November 8th. The company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.25. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The business had revenue of $6.73 billion during the quarter, compared to analysts’ expectations of $6.94 billion. During the same quarter in the prior year, the company posted $0.30 EPS. The business’s revenue for the quarter was down 5.6% on a year-over-year basis. As a group, sell-side analysts predict that Paramount Global will post 1.86 EPS for the current fiscal year.

Paramount Global Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.84%. The ex-dividend date of this dividend is Monday, December 16th. Paramount Global’s dividend payout ratio (DPR) is presently -2.43%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on PARA shares. Wells Fargo & Company upgraded shares of Paramount Global from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $10.00 to $11.00 in a research report on Friday, August 9th. Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a research report on Monday, November 11th. Macquarie reiterated an “underperform” rating and issued a $10.00 price objective on shares of Paramount Global in a research report on Monday, November 11th. JPMorgan Chase & Co. reduced their price target on shares of Paramount Global from $12.00 to $11.00 and set an “underweight” rating for the company in a research report on Thursday, August 15th. Finally, StockNews.com upgraded shares of Paramount Global from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Eight equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $12.40.

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.