Sumitomo Mitsui DS Asset Management Company Ltd Raises Holdings in Paramount Global (NASDAQ:PARA)

Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in shares of Paramount Global (NASDAQ:PARA) by 1.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 48,971 shares of the company’s stock after acquiring an additional 897 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Paramount Global were worth $724,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. VisionPoint Advisory Group LLC bought a new position in Paramount Global during the 3rd quarter valued at approximately $25,000. Anchor Investment Management LLC bought a new position in shares of Paramount Global in the 4th quarter worth approximately $30,000. Archer Investment Corp bought a new position in shares of Paramount Global in the 4th quarter worth approximately $30,000. WFA of San Diego LLC raised its position in shares of Paramount Global by 635.0% in the 3rd quarter. WFA of San Diego LLC now owns 2,646 shares of the company’s stock worth $34,000 after acquiring an additional 2,286 shares in the last quarter. Finally, Cornerstone Planning Group LLC raised its position in shares of Paramount Global by 55.1% in the 3rd quarter. Cornerstone Planning Group LLC now owns 2,972 shares of the company’s stock worth $38,000 after acquiring an additional 1,056 shares in the last quarter. Institutional investors own 73.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on PARA shares. Morgan Stanley decreased their target price on Paramount Global from $11.00 to $10.00 and set an “underweight” rating for the company in a research report on Tuesday, February 27th. JPMorgan Chase & Co. decreased their target price on Paramount Global from $13.00 to $12.00 and set an “underweight” rating for the company in a research report on Thursday, April 4th. Benchmark decreased their target price on Paramount Global from $30.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday, February 29th. Moffett Nathanson raised Paramount Global from a “sell” rating to a “neutral” rating and set a $13.00 price objective for the company in a research report on Tuesday, January 9th. Finally, Wolfe Research raised Paramount Global from an “underperform” rating to a “peer perform” rating in a research report on Thursday, April 4th. Eight equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Paramount Global has a consensus rating of “Hold” and a consensus price target of $13.79.

Paramount Global Stock Performance

PARA stock opened at $12.18 on Friday. The company has a market cap of $7.95 billion, a P/E ratio of -11.94, a price-to-earnings-growth ratio of 0.45 and a beta of 1.77. Paramount Global has a 1 year low of $10.12 and a 1 year high of $24.00. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.32 and a quick ratio of 1.17. The stock’s fifty day moving average price is $11.49 and its 200-day moving average price is $12.88.

Paramount Global (NASDAQ:PARA) last released its quarterly earnings results on Wednesday, February 28th. The company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.09. The firm had revenue of $7.64 billion for the quarter, compared to the consensus estimate of $7.80 billion. Paramount Global had a positive return on equity of 1.78% and a negative net margin of 2.05%. The company’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same period last year, the business posted $0.08 EPS. On average, equities analysts forecast that Paramount Global will post 1.2 earnings per share for the current year.

Paramount Global Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 17th will be paid a $0.05 dividend. The ex-dividend date is Monday, June 17th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.64%. Paramount Global’s dividend payout ratio (DPR) is currently -19.61%.

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.