Sumitomo Mitsui DS Asset Management Company Ltd Acquires 5,019 Shares of Paramount Global (NASDAQ:PARA)

Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of Paramount Global (NASDAQ:PARA) by 10.2% during the third quarter, HoldingsChannel.com reports. The fund owned 54,007 shares of the company’s stock after buying an additional 5,019 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Paramount Global were worth $574,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Atlas Capital Advisors LLC purchased a new stake in shares of Paramount Global during the 2nd quarter valued at $35,000. Ashton Thomas Private Wealth LLC bought a new position in Paramount Global during the second quarter valued at about $43,000. Livforsakringsbolaget Skandia Omsesidigt increased its holdings in Paramount Global by 518.3% during the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 4,891 shares of the company’s stock worth $52,000 after buying an additional 4,100 shares during the last quarter. SageView Advisory Group LLC bought a new stake in Paramount Global in the first quarter worth about $56,000. Finally, GAMMA Investing LLC raised its position in Paramount Global by 22.8% in the second quarter. GAMMA Investing LLC now owns 5,742 shares of the company’s stock worth $60,000 after acquiring an additional 1,067 shares during the period. Hedge funds and other institutional investors own 73.00% of the company’s stock.

Paramount Global Price Performance

NASDAQ:PARA opened at $10.27 on Wednesday. The firm has a market capitalization of $6.85 billion, a price-to-earnings ratio of -1.32, a P/E/G 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. The stock has a fifty day moving average of $10.54 and a 200 day moving average of $11.16. Paramount Global has a 52-week low of $9.54 and a 52-week high of $17.50.

Paramount Global (NASDAQ:PARA) last announced its earnings results on Thursday, August 8th. The company reported $0.54 earnings per share 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 business had revenue of $6.81 billion for the quarter, compared to the consensus estimate of $7.21 billion. On average, research analysts expect that Paramount Global will post 1.56 EPS for the current fiscal year.

Paramount Global Dividend Announcement

The business also recently disclosed 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. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date is Monday, December 16th. Paramount Global’s dividend payout ratio is currently -2.57%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. The Goldman Sachs Group initiated coverage on shares of Paramount Global in a research note on Tuesday, June 25th. They set a “sell” rating and a $9.50 price target for the company. Wolfe Research downgraded 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. Guggenheim dropped their price target on Paramount Global from $19.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday, September 25th. Evercore ISI decreased their price objective on Paramount Global from $13.00 to $11.50 and set an “in-line” rating for the company in a report on Tuesday, July 9th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Paramount Global in a report on Friday, August 9th. Nine equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $12.33.

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.