BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Buys 44,130 Shares of Paramount Global (NASDAQ:PARA)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in shares of Paramount Global (NASDAQ:PARA) by 76.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 101,933 shares of the company’s stock after acquiring an additional 44,130 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Paramount Global were worth $1,060,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the stock. Paradigm Capital Management Inc. NY bought a new position in shares of Paramount Global in the second quarter worth approximately $104,000. Evergreen Capital Management LLC boosted its position in Paramount Global by 93.3% during the 2nd quarter. Evergreen Capital Management LLC now owns 234,686 shares of the company’s stock valued at $2,450,000 after buying an additional 113,301 shares during the period. Public Sector Pension Investment Board grew its holdings in Paramount Global by 3.2% in the 2nd quarter. Public Sector Pension Investment Board now owns 88,349 shares of the company’s stock worth $918,000 after acquiring an additional 2,700 shares during the last quarter. Profund Advisors LLC increased its position in shares of Paramount Global by 20.9% in the second quarter. Profund Advisors LLC now owns 16,083 shares of the company’s stock valued at $167,000 after acquiring an additional 2,783 shares during the period. Finally, Thrivent Financial for Lutherans raised its stake in shares of Paramount Global by 640.3% during the second quarter. Thrivent Financial for Lutherans now owns 145,638 shares of the company’s stock valued at $1,514,000 after acquiring an additional 125,965 shares during the last quarter. 73.00% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. JPMorgan Chase & Co. cut their target price on Paramount Global from $12.00 to $11.00 and set an “underweight” rating on the stock in a research note on Thursday, August 15th. Evercore ISI reduced their target price on Paramount Global from $13.00 to $11.50 and set an “in-line” rating on the stock in a research note on Tuesday, July 9th. Rosenblatt Securities restated a “neutral” rating and set a $14.00 target price on shares of Paramount Global in a report on Tuesday, June 4th. Guggenheim reduced their price objective on shares of Paramount Global from $19.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday, September 25th. Finally, Wolfe Research cut shares of Paramount Global from a “peer perform” rating to an “underperform” rating and set a $10.00 target price for the company. in a research report on Tuesday, July 9th. Ten analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $12.18.

Paramount Global Stock Performance

Shares of PARA stock opened at $10.79 on Monday. The company has a market capitalization of $7.19 billion, a price-to-earnings ratio of -71.93, a price-to-earnings-growth ratio of 0.58 and a beta of 1.75. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.15 and a current ratio of 1.30. Paramount Global has a one year low of $9.54 and a one year high of $17.50. The company’s 50-day moving average is $10.71 and its 200 day moving average is $11.30.

Paramount Global (NASDAQ:PARA) last posted its quarterly 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 firm had revenue of $6.81 billion for the quarter, compared to analysts’ expectations of $7.21 billion. Sell-side analysts expect that Paramount Global will post 1.57 EPS for the current fiscal year.

Paramount Global Dividend Announcement

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 1.85%. The ex-dividend date of this dividend is Monday, December 16th. Paramount Global’s dividend payout ratio is currently -133.33%.

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.