AQR Capital Management LLC Boosts Stake in Paramount Global (NASDAQ:PARA)

AQR Capital Management LLC lifted its position in Paramount Global (NASDAQ:PARA) by 602.8% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,783,489 shares of the company’s stock after purchasing an additional 1,529,719 shares during the quarter. AQR Capital Management LLC’s holdings in Paramount Global were worth $18,530,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in PARA. Atlas Capital Advisors LLC acquired a new stake in shares of Paramount Global in the second quarter valued at approximately $35,000. Ashton Thomas Private Wealth LLC purchased a new stake in Paramount Global in the 2nd quarter valued at $43,000. Newbridge Financial Services Group Inc. purchased a new stake in Paramount Global in the 4th quarter valued at $44,000. SageView Advisory Group LLC acquired a new stake in Paramount Global during the 1st quarter worth $56,000. Finally, GAMMA Investing LLC grew its position in Paramount Global by 22.8% during the 2nd quarter. GAMMA Investing LLC now owns 5,742 shares of the company’s stock worth $60,000 after purchasing an additional 1,067 shares during the last quarter. Hedge funds and other institutional investors own 73.00% of the company’s stock.

Analysts Set New Price Targets

PARA has been the subject of a number of research reports. Evercore ISI reduced their target price on shares of Paramount Global from $13.00 to $11.50 and set an “in-line” rating for the company in a report on Tuesday, July 9th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $14.00 price objective on shares of Paramount Global in a research report on Tuesday, June 4th. Wolfe Research lowered Paramount Global from a “peer perform” rating to an “underperform” rating and set a $10.00 target price on the stock. in a report on Tuesday, July 9th. Needham & Company LLC restated a “hold” rating on shares of Paramount Global in a research note on Friday, August 9th. Finally, The Goldman Sachs Group assumed coverage on shares of Paramount Global in a research report on Tuesday, June 25th. They issued a “sell” rating and a $9.50 price objective on the stock. Ten equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Paramount Global currently has an average rating of “Hold” and an average target price of $12.18.

Paramount Global Stock Down 1.6 %

PARA stock opened at $10.62 on Tuesday. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.30 and a quick ratio of 1.15. Paramount Global has a 12 month low of $9.54 and a 12 month high of $17.50. The firm has a market capitalization of $7.08 billion, a PE ratio of -70.80, a P/E/G ratio of 0.60 and a beta of 1.75. The company’s 50 day simple moving average is $10.69 and its 200-day simple moving average is $11.30.

Paramount Global (NASDAQ:PARA) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.40. The company had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $7.21 billion. Paramount Global had a positive return on equity of 4.88% and a negative net margin of 17.62%. Equities analysts expect that Paramount Global will post 1.57 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The company 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 dividend of $0.05 per share. The ex-dividend date is Monday, December 16th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.88%. Paramount Global’s dividend payout ratio (DPR) is presently -133.32%.

Paramount Global Company 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.