Zurcher Kantonalbank Zurich Cantonalbank Acquires 48,948 Shares of Paramount Global (NASDAQ:PARA)

Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Paramount Global (NASDAQ:PARA) by 46.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 155,452 shares of the company’s stock after acquiring an additional 48,948 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Paramount Global were worth $1,626,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in PARA. Lingotto Investment Management LLP grew its stake in shares of Paramount Global by 3.7% in the fourth quarter. Lingotto Investment Management LLP now owns 44,753,299 shares of the company’s stock valued at $468,120,000 after buying an additional 1,593,579 shares in the last quarter. State Street Corp grew its stake in shares of Paramount Global by 18.4% in the third quarter. State Street Corp now owns 44,154,027 shares of the company’s stock valued at $470,695,000 after buying an additional 6,848,037 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Paramount Global by 12.1% in the third quarter. Geode Capital Management LLC now owns 14,842,966 shares of the company’s stock valued at $157,168,000 after buying an additional 1,606,779 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Paramount Global by 4.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,743,123 shares of the company’s stock valued at $80,993,000 after buying an additional 348,298 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Paramount Global by 24.7% in the fourth quarter. Bank of New York Mellon Corp now owns 4,586,288 shares of the company’s stock valued at $47,973,000 after buying an additional 908,515 shares in the last quarter. 73.00% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

PARA has been the subject of several analyst reports. Morgan Stanley raised their target price on shares of Paramount Global from $10.00 to $11.00 and gave the company an “underweight” rating in a research note on Tuesday, February 4th. Needham & Company LLC reaffirmed a “hold” rating on shares of Paramount Global in a research report on Thursday, February 27th. Benchmark reaffirmed a “buy” rating and set a $19.00 price objective on shares of Paramount Global in a research report on Thursday, February 27th. Finally, Guggenheim reaffirmed a “buy” rating and set a $14.00 price objective on shares of Paramount Global in a research report on Thursday, February 27th. Six equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Paramount Global currently has a consensus rating of “Hold” and an average price target of $12.10.

Paramount Global Stock Down 0.1 %

PARA opened at $11.68 on Tuesday. Paramount Global has a fifty-two week low of $9.54 and a fifty-two week high of $14.54. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.10 and a current ratio of 1.27. The company has a market capitalization of $7.79 billion, a P/E ratio of -1.42, a P/E/G ratio of 1.68 and a beta of 1.60. The stock has a fifty day moving average of $11.07 and a 200-day moving average of $10.80.

Paramount Global (NASDAQ:PARA) last posted its earnings results on Wednesday, February 26th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.29). Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. The firm had revenue of $7.98 billion for the quarter, compared to analyst estimates of $8.07 billion. On average, equities analysts expect that Paramount Global will post 1.77 EPS for the current year.

Paramount Global Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 17th will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date is Monday, March 17th. Paramount Global’s dividend payout ratio is currently -2.15%.

About Paramount Global

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.