Connor Clark & Lunn Investment Management Ltd. Buys 46,466 Shares of Paramount Global (NASDAQ:PARA)

Posted by on May 30th, 2023

Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Paramount Global (NASDAQ:PARA – Get Rating) by 86.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 100,396 shares of the company’s stock after buying an additional 46,466 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Paramount Global were worth $1,695,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. acquired a new position in Paramount Global during the 3rd quarter valued at about $1,095,014,000. BlackRock Inc. acquired a new position in Paramount Global during the 3rd quarter valued at about $773,643,000. State Street Corp acquired a new position in Paramount Global during the 3rd quarter valued at about $633,173,000. Price T Rowe Associates Inc. MD acquired a new position in shares of Paramount Global in the third quarter valued at about $204,640,000. Finally, Franklin Resources Inc. increased its holdings in shares of Paramount Global by 4.2% in the fourth quarter. Franklin Resources Inc. now owns 10,367,668 shares of the company’s stock valued at $175,006,000 after purchasing an additional 414,302 shares during the period. 74.13% of the stock is owned by institutional investors and hedge funds.

Paramount Global Trading Up 5.9 %

NASDAQ:PARA opened at $14.91 on Tuesday. The stock has a 50-day simple moving average of $19.62 and a 200-day simple moving average of $20.02. The stock has a market cap of $9.71 billion, a P/E ratio of -19.12, a P/E/G ratio of 4.16 and a beta of 1.64. Paramount Global has a 1 year low of $13.80 and a 1 year high of $34.50. 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 (NASDAQ:PARA – Get Rating) last released its quarterly earnings data on Thursday, May 4th. The company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.03). Paramount Global had a positive return on equity of 3.64% and a negative net margin of 1.49%. The business had revenue of $7.27 billion for the quarter, compared to analyst estimates of $7.42 billion. During the same period in the prior year, the company posted $0.60 earnings per share. The company’s revenue was down .9% compared to the same quarter last year. As a group, analysts anticipate that Paramount Global will post 0.63 earnings per share for the current fiscal year.

Paramount Global Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 3rd. Stockholders of record on Thursday, June 15th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.34%. The ex-dividend date of this dividend is Wednesday, June 14th. Paramount Global’s payout ratio is currently -123.08%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PARA. Benchmark restated a “buy” rating and issued a $31.00 target price on shares of Paramount Global in a research note on Wednesday, February 15th. Citigroup lowered their price target on Paramount Global from $32.00 to $22.00 in a research report on Monday, May 15th. StockNews.com began coverage on Paramount Global in a report on Thursday, May 18th. They set a “sell” rating for the company. Deutsche Bank Aktiengesellschaft cut their price target on Paramount Global from $28.00 to $25.00 and set a “buy” rating for the company in a report on Wednesday, May 24th. Finally, Loop Capital raised Paramount Global from a “sell” rating to a “hold” rating and set a $14.00 price target for the company in a report on Friday. Ten research analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Paramount Global has an average rating of “Hold” and a consensus price target of $21.09.

Insider Activity

In other news, Director Shari Redstone bought 165,000 shares of Paramount Global stock in a transaction dated Tuesday, May 16th. The stock was acquired at an average cost of $15.06 per share, with a total value of $2,484,900.00. Following the acquisition, the director now owns 577,064 shares of the company’s stock, valued at $8,690,583.84. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.53% of the company’s stock.

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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