MetLife Investment Management LLC Invests $2.58 Million in Paramount Global (NASDAQ:PARA)

Posted by on Feb 26th, 2023

MetLife Investment Management LLC acquired a new position in shares of Paramount Global (NASDAQ:PARA – Get Rating) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor acquired 135,506 shares of the company’s stock, valued at approximately $2,580,000.

Other large investors have also modified their holdings of the company. Dimensional Fund Advisors LP purchased a new position in Paramount Global in the third quarter valued at approximately $112,712,000. Legal & General Group Plc purchased a new position in Paramount Global in the second quarter valued at approximately $104,561,000. LSV Asset Management purchased a new position in Paramount Global in the third quarter valued at approximately $104,351,000. Contrarius Investment Management Ltd purchased a new position in Paramount Global in the third quarter valued at approximately $72,281,000. Finally, Sumitomo Mitsui Trust Holdings Inc. purchased a new position in Paramount Global in the third quarter valued at approximately $34,059,000. 74.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PARA. Needham & Company LLC raised their price target on shares of Paramount Global from $23.00 to $28.00 and gave the company a “buy” rating in a report on Friday, February 17th. Macquarie lowered shares of Paramount Global from a “neutral” rating to an “underperform” rating and set a $15.00 price objective on the stock. in a research note on Tuesday, January 31st. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Paramount Global from $32.00 to $28.00 in a research note on Friday, November 4th. Morgan Stanley dropped their price objective on shares of Paramount Global from $15.00 to $14.00 and set an “underweight” rating on the stock in a research note on Monday, December 19th. Finally, Credit Suisse Group lifted their price objective on shares of Paramount Global from $20.00 to $23.00 and gave the company a “neutral” rating in a research note on Friday, February 17th. Eleven equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $21.86.

Paramount Global Stock Performance

Paramount Global stock opened at $22.30 on Friday. The company has a market cap of $14.48 billion, a PE ratio of 13.94, a P/E/G ratio of 2.99 and a beta of 1.63. The company has a fifty day moving average price of $20.65 and a two-hundred day moving average price of $20.61. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.23 and a quick ratio of 1.11. Paramount Global has a 12 month low of $15.29 and a 12 month high of $39.21.

Paramount Global (NASDAQ:PARA – Get Rating) last released its quarterly earnings data on Thursday, February 16th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.10). The business had revenue of $8.13 billion during the quarter, compared to analyst estimates of $8.16 billion. Paramount Global had a return on equity of 5.03% and a net margin of 3.66%. The business’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.26 EPS. Research analysts expect that Paramount Global will post 0.65 earnings per share for the current year.

About Paramount Global

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Paramount Global operates as a mass media company, which creates and distributes content across a variety of platforms to audiences around the world. It operates its business through the following segments: Entertainment, Cable Networks, Publishing, and Local Media. The Entertainment segment is composed of the CBS Television Network, CBS Television Studios, CBS Studios International, CBS Television Distribution, CBS Interactive, and CBS Films, as well as the company’s digital streaming services, CBS All Access and CBSN.

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Institutional Ownership by Quarter for Paramount Global (NASDAQ:PARA)

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