488,300 Shares in Paramount Global (NASDAQ:PARA) Purchased by Alpine Associates Management Inc.

Alpine Associates Management Inc. bought a new position in Paramount Global (NASDAQ:PARA) during the third quarter, Holdings Channel reports. The firm bought 488,300 shares of the company’s stock, valued at approximately $5,186,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in PARA. Lingotto Investment Management LLP raised its holdings in shares of Paramount Global by 628.8% in the 2nd quarter. Lingotto Investment Management LLP now owns 29,937,007 shares of the company’s stock worth $311,046,000 after acquiring an additional 25,829,185 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Paramount Global by 6.5% in the 1st quarter. Vanguard Group Inc. now owns 62,090,467 shares of the company’s stock worth $730,805,000 after acquiring an additional 3,803,928 shares during the last quarter. Jane Street Group LLC raised its holdings in shares of Paramount Global by 323.5% in the 1st quarter. Jane Street Group LLC now owns 2,754,222 shares of the company’s stock worth $32,417,000 after acquiring an additional 2,103,938 shares during the last quarter. Ariel Investments LLC grew its position in Paramount Global by 16.5% in the 2nd quarter. Ariel Investments LLC now owns 14,042,265 shares of the company’s stock worth $145,899,000 after purchasing an additional 1,992,576 shares in the last quarter. Finally, AQR Capital Management LLC grew its position in Paramount Global by 602.8% in the 2nd quarter. AQR Capital Management LLC now owns 1,783,489 shares of the company’s stock worth $18,530,000 after purchasing an additional 1,529,719 shares in the last quarter. Institutional investors and hedge funds own 73.00% of the company’s stock.

Paramount Global Stock Performance

NASDAQ PARA opened at $10.33 on Wednesday. Paramount Global has a 1 year low of $9.54 and a 1 year high of $17.50. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.27 and a quick ratio of 1.10. The stock has a market capitalization of $6.89 billion, a PE ratio of -1.26, a P/E/G ratio of 1.31 and a beta of 1.74. The company’s 50 day simple moving average is $10.62 and its two-hundred day simple moving average is $11.03.

Paramount Global (NASDAQ:PARA) last posted its quarterly earnings data on Friday, November 8th. The company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.25. The firm had revenue of $6.73 billion for the quarter, compared to analysts’ expectations of $6.94 billion. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The business’s quarterly revenue was down 5.6% on a year-over-year basis. During the same quarter last year, the company posted $0.30 EPS. Analysts predict that Paramount Global will post 1.86 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.94%. The ex-dividend date of this dividend is Monday, December 16th. Paramount Global’s dividend payout ratio (DPR) is currently -2.43%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on PARA shares. Wells Fargo & Company raised shares of Paramount Global from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $10.00 to $11.00 in a research report on Friday, August 9th. Guggenheim reduced their target price on shares of Paramount Global from $19.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, September 25th. Macquarie reissued an “underperform” rating and set a $10.00 target price on shares of Paramount Global in a research report on Monday, November 11th. Needham & Company LLC reissued a “hold” rating on shares of Paramount Global in a research report on Monday, November 11th. Finally, StockNews.com raised shares of Paramount Global from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Eight investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $12.40.

Paramount Global Company Profile

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.