Everence Capital Management Inc. Buys New Holdings in Paramount Global (NASDAQ:PARA)

Everence Capital Management Inc. purchased a new position in shares of Paramount Global (NASDAQ:PARA) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 24,370 shares of the company’s stock, valued at approximately $255,000.

Other large investors also recently modified their holdings of the company. Blue Trust Inc. raised its holdings in Paramount Global by 162.8% in the third quarter. Blue Trust Inc. now owns 2,539 shares of the company’s stock valued at $26,000 after buying an additional 1,573 shares during the period. Huntington National Bank increased its position in shares of Paramount Global by 129.0% in the third quarter. Huntington National Bank now owns 2,771 shares of the company’s stock worth $29,000 after acquiring an additional 1,561 shares in the last quarter. Ashton Thomas Private Wealth LLC purchased a new position in shares of Paramount Global in the 2nd quarter valued at $43,000. Kennebec Savings Bank acquired a new position in shares of Paramount Global during the 3rd quarter valued at $47,000. Finally, Livforsakringsbolaget Skandia Omsesidigt boosted its position in Paramount Global by 518.3% during the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 4,891 shares of the company’s stock worth $52,000 after purchasing an additional 4,100 shares during the period. 73.00% of the stock is currently owned by hedge funds and other institutional investors.

Paramount Global Price Performance

Shares of NASDAQ PARA opened at $10.89 on Wednesday. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.85. The company has a market capitalization of $7.26 billion, a price-to-earnings ratio of -1.32, a price-to-earnings-growth ratio of 1.35 and a beta of 1.70. Paramount Global has a twelve month low of $9.54 and a twelve month high of $15.70. The business has a 50 day simple moving average of $10.87 and a 200-day simple moving average of $10.79.

Paramount Global (NASDAQ:PARA) last issued its earnings results on Friday, November 8th. The company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.25. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The company had revenue of $6.73 billion for the quarter, compared to analysts’ expectations of $6.94 billion. During the same period in the prior year, the company earned $0.30 earnings per share. The firm’s revenue was down 5.6% compared to the same quarter last year. As a group, equities research analysts expect that Paramount Global will post 1.86 earnings per share for the current year.

Analysts Set New Price Targets

PARA has been the topic of a number of recent research reports. Needham & Company LLC restated a “hold” rating on shares of Paramount Global in a research note on Monday, November 11th. Macquarie reissued an “underperform” rating and set a $10.00 price target on shares of Paramount Global in a research report on Monday, November 11th. StockNews.com raised shares of Paramount Global from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Finally, Guggenheim reduced their target price 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. Seven analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Paramount Global presently has an average rating of “Hold” and an average price target of $12.43.

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.