Pinnacle Associates Ltd. Buys 14,334 Shares of Paramount Global (NASDAQ:PARA)

Pinnacle Associates Ltd. increased its stake in shares of Paramount Global (NASDAQ:PARA) by 9.1% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 171,695 shares of the company’s stock after acquiring an additional 14,334 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Paramount Global were worth $1,823,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Allspring Global Investments Holdings LLC grew its stake in shares of Paramount Global by 3.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 24,682 shares of the company’s stock worth $291,000 after acquiring an additional 934 shares in the last quarter. Kovack Advisors Inc. boosted its holdings in Paramount Global by 21.6% during the first quarter. Kovack Advisors Inc. now owns 14,118 shares of the company’s stock worth $166,000 after purchasing an additional 2,508 shares during the last quarter. Private Advisor Group LLC boosted its holdings in Paramount Global by 19.5% during the first quarter. Private Advisor Group LLC now owns 56,535 shares of the company’s stock worth $665,000 after purchasing an additional 9,211 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. grew its position in Paramount Global by 20.5% in the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 17,905 shares of the company’s stock worth $211,000 after purchasing an additional 3,050 shares in the last quarter. Finally, Tobam purchased a new stake in Paramount Global in the 1st quarter valued at about $5,592,000. 73.00% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PARA has been the subject of several recent analyst reports. Wells Fargo & Company raised Paramount Global from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $10.00 to $11.00 in a report on Friday, August 9th. Needham & Company LLC reaffirmed a “hold” rating on shares of Paramount Global in a research report on Friday, August 9th. StockNews.com cut Paramount Global from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd. Evercore ISI reduced their price target on shares of Paramount Global from $13.00 to $11.50 and set an “in-line” rating for the company in a research report on Tuesday, July 9th. Finally, Guggenheim lowered their price objective 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. Nine research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $12.33.

Paramount Global Stock Up 0.4 %

Paramount Global stock opened at $10.98 on Friday. The firm has a market capitalization of $7.32 billion, a price-to-earnings ratio of -1.41, a P/E/G ratio of 0.57 and a beta of 1.75. The firm has a 50 day simple moving average of $10.47 and a 200 day simple moving average of $11.12. Paramount Global has a 1-year low of $9.54 and a 1-year high of $17.50. The company has a current ratio of 1.30, a quick ratio of 1.15 and a debt-to-equity ratio of 0.85.

Paramount Global (NASDAQ:PARA) last released its quarterly earnings data on Thursday, August 8th. The company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.40. The company had revenue of $6.81 billion for the quarter, compared to analyst estimates of $7.21 billion. Paramount Global had a positive return on equity of 4.88% and a negative net margin of 17.62%. On average, analysts predict that Paramount Global will post 1.61 earnings per share for the current year.

Paramount Global Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.82%. The ex-dividend date is Monday, December 16th. Paramount Global’s payout ratio is -2.57%.

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.