UBS Asset Management Americas Inc. Takes Position in Paramount Global (NASDAQ:PARA)

Posted by on Mar 13th, 2023

UBS Asset Management Americas Inc. purchased a new stake in shares of Paramount Global (NASDAQ:PARA – Get Rating) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 3,222,299 shares of the company’s stock, valued at approximately $61,353,000. UBS Asset Management Americas Inc. owned approximately 0.50% of Paramount Global at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Allianz Asset Management GmbH purchased a new stake in Paramount Global during the third quarter valued at $1,281,000. South Dakota Investment Council purchased a new stake in Paramount Global in the third quarter worth about $367,000. Asset Management One Co. Ltd. purchased a new stake in Paramount Global in the third quarter worth about $4,872,000. Versor Investments LP purchased a new stake in Paramount Global in the third quarter worth about $1,850,000. Finally, Seven Eight Capital LP purchased a new stake in Paramount Global in the third quarter worth about $858,000. 74.13% of the stock is owned by institutional investors.

Paramount Global Price Performance

NASDAQ:PARA opened at $19.89 on Monday. The firm has a market capitalization of $12.91 billion, a price-to-earnings ratio of 12.43, a PEG ratio of 3.47 and a beta of 1.63. Paramount Global has a 1 year low of $15.29 and a 1 year high of $39.21. The business has a 50 day simple moving average of $21.63 and a 200-day simple moving average of $20.32. 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 (NASDAQ:PARA – Get Rating) last issued its quarterly earnings results on Thursday, February 16th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.10). Paramount Global had a return on equity of 5.03% and a net margin of 3.66%. The business had revenue of $8.13 billion for the quarter, compared to the consensus estimate of $8.16 billion. During the same period in the prior year, the business posted $0.26 earnings per share. Paramount Global’s revenue was up 1.6% on a year-over-year basis. Equities analysts forecast that Paramount Global will post 0.65 EPS for the current year.

Paramount Global Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 3rd. Investors of record on Monday, March 20th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 4.83%. The ex-dividend date is Friday, March 17th. Paramount Global’s payout ratio is currently 60.00%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PARA. StockNews.com cut Paramount Global from a “hold” rating to a “sell” rating in a research report on Monday, February 20th. Morgan Stanley reduced their price target on Paramount Global from $15.00 to $14.00 and set an “underweight” rating for the company in a research report on Monday, December 19th. Guggenheim increased their target price on Paramount Global from $20.00 to $22.00 in a research report on Thursday, January 12th. Needham & Company LLC increased their target price on Paramount Global from $23.00 to $28.00 and gave the stock a “buy” rating in a research report on Friday, February 17th. Finally, Credit Suisse Group increased their target price on Paramount Global from $20.00 to $23.00 and gave the stock a “neutral” rating in a research report on Friday, February 17th. Eleven analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $21.86.

Paramount Global Profile

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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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