Glenmede Trust Co. NA Acquires New Position in Paramount Global (NASDAQ:PARA)

Glenmede Trust Co. NA purchased a new position in shares of Paramount Global (NASDAQ:PARA) in the 3rd quarter, Holdings Channel reports. The firm purchased 11,952 shares of the company’s stock, valued at approximately $127,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PARA. Blue Trust Inc. grew its holdings in Paramount Global by 162.8% during the 3rd quarter. Blue Trust Inc. now owns 2,539 shares of the company’s stock worth $26,000 after acquiring an additional 1,573 shares in the last quarter. Huntington National Bank grew its holdings in Paramount Global by 129.0% during the 3rd quarter. Huntington National Bank now owns 2,771 shares of the company’s stock worth $29,000 after acquiring an additional 1,561 shares in the last quarter. Atlas Capital Advisors LLC acquired a new position in Paramount Global during the 2nd quarter worth approximately $35,000. Ashton Thomas Private Wealth LLC acquired a new position in Paramount Global during the 2nd quarter worth approximately $43,000. Finally, Kennebec Savings Bank acquired a new position in shares of Paramount Global in the 3rd quarter valued at $47,000. Institutional investors and hedge funds own 73.00% of the company’s stock.

Paramount Global Stock Up 1.7 %

Shares of Paramount Global stock opened at $10.99 on Friday. The company has a market cap of $7.33 billion, a P/E ratio of -1.34, a PEG ratio of 1.32 and a beta of 1.71. 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 has a one year low of $9.54 and a one year high of $17.50. The firm has a fifty day moving average of $10.73 and a two-hundred day moving average of $10.89.

Paramount Global (NASDAQ:PARA) last announced its quarterly earnings data on Friday, November 8th. The company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.25. The company had revenue of $6.73 billion during the quarter, compared to the consensus estimate of $6.94 billion. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. Paramount Global’s quarterly revenue was down 5.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.30 EPS. On average, analysts forecast that Paramount Global will post 1.86 earnings per share for the current year.

Paramount Global Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be issued a $0.05 dividend. The ex-dividend date is Monday, December 16th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.82%. Paramount Global’s dividend payout ratio is presently -2.43%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. JPMorgan Chase & Co. lowered their target price on shares of Paramount Global from $12.00 to $11.00 and set an “underweight” rating for the company in a report on Thursday, August 15th. Benchmark restated a “buy” rating and issued a $19.00 target price on shares of Paramount Global in a report on Friday, August 9th. Macquarie restated an “underperform” rating and issued a $10.00 target price on shares of Paramount Global in a report on Monday, November 11th. StockNews.com upgraded shares of Paramount Global from a “sell” rating to a “hold” rating in a report on Monday, November 11th. Finally, Needham & Company LLC restated a “hold” rating on shares of Paramount Global in a report on Monday, November 11th. Eight investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target 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.