State of New Jersey Common Pension Fund D Boosts Stock Position in Paramount Global (NASDAQ:PARA)

State of New Jersey Common Pension Fund D lifted its position in shares of Paramount Global (NASDAQ:PARA) by 3.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 237,966 shares of the company’s stock after purchasing an additional 6,839 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Paramount Global were worth $2,489,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Charles Schwab Investment Management Inc. lifted its holdings in Paramount Global by 16.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 7,394,825 shares of the company’s stock worth $78,533,000 after buying an additional 1,030,592 shares during the period. Bridgewater Associates LP lifted its holdings in Paramount Global by 50.7% in the third quarter. Bridgewater Associates LP now owns 328,099 shares of the company’s stock worth $3,484,000 after buying an additional 110,357 shares during the period. Franklin Resources Inc. lifted its holdings in Paramount Global by 824.1% in the third quarter. Franklin Resources Inc. now owns 195,690 shares of the company’s stock worth $2,029,000 after buying an additional 174,514 shares during the period. Wilsey Asset Management Inc. lifted its holdings in Paramount Global by 16.2% in the fourth quarter. Wilsey Asset Management Inc. now owns 1,902,332 shares of the company’s stock worth $19,898,000 after buying an additional 265,408 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in Paramount Global by 22.3% in the third quarter. Principal Financial Group Inc. now owns 683,401 shares of the company’s stock worth $7,258,000 after buying an additional 124,740 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 PARA opened at $11.47 on Friday. 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 firm has a market cap of $7.65 billion, a PE ratio of -1.40, a P/E/G ratio of 1.66 and a beta of 1.69. Paramount Global has a 1-year low of $9.54 and a 1-year high of $14.54. The firm has a fifty day simple moving average of $10.74 and a two-hundred day simple moving average of $10.70.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on PARA shares. StockNews.com upgraded shares of Paramount Global from a “sell” rating to a “hold” rating in a report on Monday, November 11th. Morgan Stanley lifted their target price on shares of Paramount Global from $10.00 to $11.00 and gave the company an “underweight” rating in a report on Tuesday, February 4th. Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a report on Monday, November 11th. Finally, Macquarie reiterated an “underperform” rating and set a $10.00 target price on shares of Paramount Global in a report on Monday, November 11th. Six analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $12.58.

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.