Concord Wealth Partners Makes New Investment in Paramount Global (NASDAQ:PARA)

Posted by on Apr 15th, 2023

Concord Wealth Partners bought a new position in Paramount Global (NASDAQ:PARA – Get Rating) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 2,109 shares of the company’s stock, valued at approximately $36,000.

A number of other hedge funds have also added to or reduced their stakes in the business. Signaturefd LLC increased its holdings in Paramount Global by 10.9% in the fourth quarter. Signaturefd LLC now owns 13,091 shares of the company’s stock worth $221,000 after purchasing an additional 1,290 shares in the last quarter. Northern Financial Advisors Inc acquired a new stake in Paramount Global in the fourth quarter valued at approximately $180,000. International Assets Investment Management LLC grew its stake in Paramount Global by 536.9% in the fourth quarter. International Assets Investment Management LLC now owns 76,393 shares of the company’s stock valued at $1,386,000 after acquiring an additional 64,399 shares during the period. Ballentine Partners LLC grew its stake in Paramount Global by 7.6% in the fourth quarter. Ballentine Partners LLC now owns 28,058 shares of the company’s stock valued at $474,000 after acquiring an additional 1,986 shares during the period. Finally, Jeppson Wealth Management LLC grew its stake in Paramount Global by 13.0% in the fourth quarter. Jeppson Wealth Management LLC now owns 60,072 shares of the company’s stock valued at $1,014,000 after acquiring an additional 6,926 shares during the period. 74.13% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PARA. Morgan Stanley reduced their price objective on Paramount Global from $15.00 to $14.00 and set an “underweight” rating for the company in a research note on Monday, December 19th. Needham & Company LLC raised their price objective on Paramount Global from $23.00 to $28.00 and gave the company a “buy” rating in a research note on Friday, February 17th. Bank of America raised Paramount Global from a “neutral” rating to a “buy” rating and lifted their target price for the company from $24.00 to $32.00 in a research report on Tuesday, March 28th. Guggenheim lifted their target price on Paramount Global from $20.00 to $22.00 in a research report on Thursday, January 12th. Finally, StockNews.com began coverage on Paramount Global in a research report on Thursday, March 16th. They set a “sell” rating on the stock. Eleven analysts have rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $22.45.

Paramount Global Stock Performance

Shares of Paramount Global stock opened at $21.58 on Friday. The firm has a market capitalization of $14.04 billion, a P/E ratio of 13.49, a price-to-earnings-growth ratio of 3.86 and a beta of 1.64. The business’s fifty day simple moving average is $21.79 and its 200 day simple moving average is $20.01. The company has a current ratio of 1.23, a quick ratio of 1.11 and a debt-to-equity ratio of 0.66. Paramount Global has a 12 month low of $15.29 and a 12 month high of $36.53.

Paramount Global (NASDAQ:PARA – Get Rating) last issued its earnings results on Thursday, February 16th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.10). The firm had revenue of $8.13 billion during the quarter, compared to the consensus estimate of $8.16 billion. Paramount Global had a net margin of 3.66% and a return on equity of 5.03%. The business’s quarterly revenue was up 1.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.26 earnings per share. As a group, analysts anticipate that Paramount Global will post 0.64 EPS for the current year.

Paramount Global Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 3rd. Shareholders of record on Monday, March 20th were paid a $0.24 dividend. The ex-dividend date was Friday, March 17th. This represents a $0.96 annualized dividend and a dividend yield of 4.45%. Paramount Global’s payout ratio is presently 60.00%.

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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