Commonwealth Equity Services LLC Has $7.96 Million Stock Holdings in Paramount Global (NASDAQ:PARA)

Posted by on May 9th, 2023

Commonwealth Equity Services LLC lifted its holdings in shares of Paramount Global (NASDAQ:PARA – Get Rating) by 21.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 471,542 shares of the company’s stock after buying an additional 83,115 shares during the period. Commonwealth Equity Services LLC owned about 0.07% of Paramount Global worth $7,959,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the business. Money Concepts Capital Corp bought a new stake in shares of Paramount Global in the 3rd quarter valued at about $25,000. Ellevest Inc. bought a new stake in shares of Paramount Global in the 3rd quarter valued at about $25,000. General Partner Inc. bought a new stake in shares of Paramount Global in the 4th quarter valued at about $27,000. Armstrong Advisory Group Inc. bought a new stake in shares of Paramount Global in the 4th quarter valued at about $28,000. Finally, Annapolis Financial Services LLC raised its holdings in shares of Paramount Global by 404.9% in the 4th quarter. Annapolis Financial Services LLC now owns 1,641 shares of the company’s stock valued at $28,000 after purchasing an additional 1,316 shares during the period. 74.13% of the stock is currently owned by institutional investors and hedge funds.

Paramount Global Stock Performance

Shares of PARA stock opened at $16.99 on Tuesday. The firm has a market cap of $11.05 billion, a price-to-earnings ratio of -21.78, a P/E/G ratio of 2.30 and a beta of 1.64. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.02 and a current ratio of 1.12. Paramount Global has a 52 week low of $15.29 and a 52 week high of $34.50. The firm’s 50-day simple moving average is $21.31 and its two-hundred day simple moving average is $20.29.

Paramount Global (NASDAQ:PARA – Get Rating) last announced its quarterly earnings data on Thursday, May 4th. The company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.12 by ($0.03). The company had revenue of $7.27 billion during the quarter, compared to the consensus estimate of $7.42 billion. Paramount Global had a positive return on equity of 3.64% and a negative net margin of 1.49%. The business’s revenue was down .9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.60 EPS. As a group, equities analysts forecast that Paramount Global will post 0.84 earnings per share for the current year.

Paramount Global Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 3rd. Investors of record on Monday, March 20th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 5.65%. The ex-dividend date was Friday, March 17th. Paramount Global’s dividend payout ratio (DPR) is presently -123.08%.

Analyst Ratings Changes

PARA has been the topic of a number of research analyst reports. Bank of America raised shares of Paramount Global from a “neutral” rating to a “buy” rating and upped their target price for the company from $24.00 to $32.00 in a report on Tuesday, March 28th. StockNews.com initiated coverage on shares of Paramount Global in a report on Thursday, March 16th. They issued a “sell” rating on the stock. Credit Suisse Group increased their price target on shares of Paramount Global from $20.00 to $23.00 and gave the company a “neutral” rating in a report on Friday, February 17th. Macquarie cut shares of Paramount Global from a “neutral” rating to an “underperform” rating and set a $15.00 price target on the stock. in a report on Tuesday, January 31st. Finally, Benchmark reissued a “buy” rating and issued a $31.00 price target on shares of Paramount Global in a report on Wednesday, February 15th. Eleven analysts have rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $22.00.

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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