Dark Forest Capital Management LP Buys Shares of 10,952 Paramount Global (NASDAQ:PARA)

Dark Forest Capital Management LP purchased a new position in Paramount Global (NASDAQ:PARA) in the second quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 10,952 shares of the company’s stock, valued at approximately $114,000.

Several other institutional investors and hedge funds have also made changes to their positions in PARA. Vanguard Group Inc. lifted its position in Paramount Global by 6.5% in the first quarter. Vanguard Group Inc. now owns 62,090,467 shares of the company’s stock worth $730,805,000 after purchasing an additional 3,803,928 shares during the period. Lingotto Investment Management LLP raised its stake in shares of Paramount Global by 628.8% in the 2nd quarter. Lingotto Investment Management LLP now owns 29,937,007 shares of the company’s stock worth $311,046,000 after buying an additional 25,829,185 shares in the last quarter. Ariel Investments LLC lifted its holdings 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 valued at $145,899,000 after buying an additional 1,992,576 shares during the period. Kodai Capital Management LP boosted its stake in Paramount Global by 9.2% during the first quarter. Kodai Capital Management LP now owns 6,264,374 shares of the company’s stock valued at $73,732,000 after buying an additional 527,897 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in Paramount Global by 6.4% in the second quarter. Bank of New York Mellon Corp now owns 3,724,532 shares of the company’s stock worth $38,698,000 after acquiring an additional 225,191 shares in the last quarter. 73.00% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PARA. The Goldman Sachs Group assumed coverage on shares of Paramount Global in a research report on Tuesday, June 25th. They set a “sell” rating and a $9.50 price objective for the company. Evercore ISI decreased their price target on shares of Paramount Global from $13.00 to $11.50 and set an “in-line” rating on the stock in a research report on Tuesday, July 9th. Benchmark reiterated a “buy” rating and set a $19.00 price objective on shares of Paramount Global in a research report on Friday, August 9th. StockNews.com upgraded Paramount Global from a “sell” rating to a “hold” rating in a report on Wednesday, September 25th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Paramount Global in a research report on Friday, August 9th. Ten investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $12.18.

Paramount Global Stock Performance

Shares of PARA opened at $10.62 on Tuesday. The company has a market capitalization of $7.08 billion, a PE ratio of -70.80, a PEG ratio of 0.60 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. The company’s 50 day moving average price is $10.69 and its 200 day moving average price is $11.30. Paramount Global has a 52 week low of $9.54 and a 52 week high of $17.50.

Paramount Global (NASDAQ:PARA) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.54 EPS for the quarter, beating the consensus estimate 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 business had revenue of $6.81 billion for the quarter, compared to analysts’ expectations of $7.21 billion. Research analysts expect that Paramount Global will post 1.57 EPS for the current fiscal year.

Paramount Global Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.88%. The ex-dividend date is Monday, December 16th. Paramount Global’s payout ratio is currently -133.32%.

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.