Granite Bay Wealth Management LLC acquired a new stake in Paramount Global (NASDAQ:PARA - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 48,214 shares of the company's stock, valued at approximately $501,000.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Kimelman & Baird LLC acquired a new stake in shares of Paramount Global during the 2nd quarter valued at approximately $68,000. B. Riley Wealth Advisors Inc. raised its holdings in Paramount Global by 8.4% during the second quarter. B. Riley Wealth Advisors Inc. now owns 17,411 shares of the company's stock worth $181,000 after purchasing an additional 1,356 shares during the last quarter. Creative Planning boosted its position in Paramount Global by 75.7% during the second quarter. Creative Planning now owns 172,937 shares of the company's stock worth $1,797,000 after purchasing an additional 74,535 shares in the last quarter. MidWestOne Financial Group Inc. purchased a new stake in Paramount Global during the second quarter worth $1,360,000. Finally, Texas Capital Bank Wealth Management Services Inc grew its holdings in Paramount Global by 32.8% in the second quarter. Texas Capital Bank Wealth Management Services Inc now owns 40,331 shares of the company's stock valued at $419,000 after purchasing an additional 9,970 shares during the last quarter. Hedge funds and other institutional investors own 73.00% of the company's stock.
Shares of PARA opened at $10.60 on Wednesday. Paramount Global has a fifty-two week low of $9.54 and a fifty-two week high of $17.50. The company's fifty day moving average is $10.67 and its two-hundred day moving average is $11.30. The firm has a market cap of $7.07 billion, a PE ratio of -70.66, a price-to-earnings-growth ratio of 0.60 and a beta of 1.75. The company has a quick ratio of 1.15, a current ratio of 1.30 and a debt-to-equity ratio of 0.85.
Paramount Global (NASDAQ:PARA - Get Free Report) last issued its earnings results on Thursday, August 8th. The company reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.14 by $0.40. The firm had revenue of $6.81 billion for the quarter, compared to analysts' expectations of $7.21 billion. Paramount Global had a positive return on equity of 4.88% and a negative net margin of 17.62%. Analysts forecast that Paramount Global will post 1.57 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date is Monday, December 16th. Paramount Global's payout ratio is currently -133.32%.
Several research analysts have recently issued reports on PARA shares. Guggenheim cut their price target on Paramount Global from $19.00 to $14.00 and set a "buy" rating for the company in a research note on Wednesday, September 25th. Wolfe Research lowered shares of Paramount Global from a "peer perform" rating to an "underperform" rating and set a $10.00 price target on the stock. in a research report on Tuesday, July 9th. Wells Fargo & Company upgraded Paramount Global from an "underweight" rating to an "equal weight" rating and lifted their price objective for the stock from $10.00 to $11.00 in a research report on Friday, August 9th. Benchmark reiterated a "buy" rating and set a $19.00 target price on shares of Paramount Global in a report on Friday, August 9th. Finally, StockNews.com raised Paramount Global from a "sell" rating to a "hold" rating in a report on Wednesday, September 25th. Ten analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Paramount Global has a consensus rating of "Hold" and an average price target of $12.18.
Check Out Our Latest Stock Analysis on PARA
Paramount Global operates as a media, streaming, and entertainment company worldwide. It operates through TV Media, Direct-to-Consumer, and Filmed Entertainment segments. The TV Media segment operates CBS Television Network, a domestic broadcast television network; CBS Stations, a television station; and international free-to-air networks comprising Network 10, Channel 5, Telefe, and Chilevisión; domestic premium and basic cable networks, such as Paramount+ with Showtime, MTV, Comedy Central, Paramount Network, The Smithsonian Channel, Nickelodeon, BET Media Group, and CBS Sports Network; and international extensions of these brands.
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