Profund Advisors LLC Increases Stock Holdings in Paramount Global (NASDAQ:PARA)

Profund Advisors LLC increased its holdings in shares of Paramount Global (NASDAQ:PARA) by 20.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 16,083 shares of the company’s stock after buying an additional 2,783 shares during the quarter. Profund Advisors LLC’s holdings in Paramount Global were worth $167,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Treasurer of the State of North Carolina boosted its position in shares of Paramount Global by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 255,878 shares of the company’s stock worth $3,784,000 after acquiring an additional 2,500 shares during the last quarter. Bank of Nova Scotia boosted its holdings in shares of Paramount Global by 74.3% in the 4th quarter. Bank of Nova Scotia now owns 33,481 shares of the company’s stock valued at $495,000 after purchasing an additional 14,270 shares during the last quarter. KBC Group NV grew its stake in shares of Paramount Global by 12.8% during the 4th quarter. KBC Group NV now owns 230,933 shares of the company’s stock valued at $3,415,000 after buying an additional 26,168 shares during the period. New Age Alpha Advisors LLC acquired a new stake in shares of Paramount Global during the 4th quarter worth $740,000. Finally, Kodai Capital Management LP purchased a new position in shares of Paramount Global in the 4th quarter worth $84,842,000. 73.00% of the stock is owned by institutional investors and hedge funds.

Paramount Global Stock Up 1.2 %

Shares of NASDAQ:PARA opened at $10.79 on Monday. Paramount Global has a 12-month low of $9.54 and a 12-month high of $17.50. 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 firm has a market cap of $7.19 billion, a PE ratio of -71.93, a price-to-earnings-growth ratio of 0.58 and a beta of 1.75. The company has a fifty day simple moving average of $10.71 and a 200 day simple moving average of $11.30.

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

Paramount Global Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be given a $0.05 dividend. The ex-dividend date is Monday, December 16th. This represents a $0.20 annualized dividend and a dividend yield of 1.85%. Paramount Global’s payout ratio is -133.33%.

Wall Street Analyst Weigh In

Several brokerages have commented on PARA. Benchmark restated a “buy” rating and set a $19.00 price target on shares of Paramount Global in a research note on Friday, August 9th. StockNews.com upgraded shares of Paramount Global from a “sell” rating to a “hold” rating in a report on Wednesday, September 25th. JPMorgan Chase & Co. reduced their price target on shares of Paramount Global from $12.00 to $11.00 and set an “underweight” rating on the stock in a research report on Thursday, August 15th. Wells Fargo & Company raised shares of Paramount Global from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $10.00 to $11.00 in a research report on Friday, August 9th. Finally, Guggenheim decreased their price target on shares of Paramount Global from $19.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, September 25th. Ten research analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $12.18.

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.