PNC Financial Services Group Inc. Has $977,000 Stock Holdings in Paramount Global (NASDAQ:PARA)

PNC Financial Services Group Inc. raised its position in shares of Paramount Global (NASDAQ:PARA) by 1.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 92,019 shares of the company’s stock after purchasing an additional 1,481 shares during the period. PNC Financial Services Group Inc.’s holdings in Paramount Global were worth $977,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PARA. Great Valley Advisor Group Inc. raised its holdings in shares of Paramount Global by 5.3% during the 2nd quarter. Great Valley Advisor Group Inc. now owns 19,940 shares of the company’s stock worth $207,000 after buying an additional 1,002 shares in the last quarter. Carson Advisory Inc. raised its stake in Paramount Global by 1.9% during the third quarter. Carson Advisory Inc. now owns 54,364 shares of the company’s stock worth $577,000 after acquiring an additional 1,004 shares in the last quarter. Prestige Wealth Management Group LLC lifted its holdings in shares of Paramount Global by 13.2% in the second quarter. Prestige Wealth Management Group LLC now owns 8,648 shares of the company’s stock worth $90,000 after acquiring an additional 1,011 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Paramount Global by 22.8% in the 2nd quarter. GAMMA Investing LLC now owns 5,742 shares of the company’s stock valued at $60,000 after purchasing an additional 1,067 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. grew its holdings in shares of Paramount Global by 8.4% during the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 17,411 shares of the company’s stock valued at $181,000 after purchasing an additional 1,356 shares during the last quarter. 73.00% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on PARA. JPMorgan Chase & Co. dropped their price objective on shares of Paramount Global from $12.00 to $11.00 and set an “underweight” rating for the company in a research note on Thursday, August 15th. Wells Fargo & Company upgraded Paramount Global from an “underweight” rating to an “equal weight” rating and increased their price target for the company from $10.00 to $11.00 in a research note on Friday, August 9th. Needham & Company LLC restated a “hold” rating on shares of Paramount Global in a research report on Monday, November 11th. Benchmark reaffirmed a “buy” rating and issued a $19.00 target price on shares of Paramount Global in a report on Friday, August 9th. Finally, Macquarie reissued an “underperform” rating and set a $10.00 price target on shares of Paramount Global in a research note on Monday, November 11th. Eight analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $12.40.

Paramount Global Trading Up 1.2 %

PARA opened at $10.77 on Thursday. The stock has a market cap of $7.18 billion, a PE ratio of -1.31, a price-to-earnings-growth ratio of 1.34 and a beta of 1.74. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.85. Paramount Global has a twelve month low of $9.54 and a twelve month high of $17.50. The company has a fifty day moving average of $10.68 and a 200-day moving average of $10.95.

Paramount Global (NASDAQ:PARA) last posted its quarterly earnings data on Friday, November 8th. The company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.25. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. The firm had revenue of $6.73 billion during the quarter, compared to analyst estimates of $6.94 billion. During the same period last year, the company posted $0.30 EPS. The business’s quarterly revenue was down 5.6% on a year-over-year basis. On average, sell-side analysts predict that Paramount Global will post 1.86 EPS for the current year.

Paramount Global Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders 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 1.86%. The ex-dividend date is Monday, December 16th. Paramount Global’s payout ratio is -2.43%.

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.