Illinois Municipal Retirement Fund Grows Stock Position in Paramount Global (NASDAQ:PARA)

Illinois Municipal Retirement Fund grew its position in shares of Paramount Global (NASDAQ:PARA) by 28.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 228,373 shares of the company’s stock after buying an additional 49,911 shares during the period. Illinois Municipal Retirement Fund’s holdings in Paramount Global were worth $2,389,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. State Street Corp raised its stake in Paramount Global by 18.4% in the 3rd quarter. State Street Corp now owns 44,154,027 shares of the company’s stock valued at $470,695,000 after acquiring an additional 6,848,037 shares during the period. Geode Capital Management LLC raised its position in shares of Paramount Global by 12.1% in the third quarter. Geode Capital Management LLC now owns 14,842,966 shares of the company’s stock valued at $157,168,000 after purchasing an additional 1,606,779 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Paramount Global by 16.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,394,825 shares of the company’s stock valued at $78,533,000 after buying an additional 1,030,592 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Paramount Global by 24.7% in the 4th quarter. Bank of New York Mellon Corp now owns 4,586,288 shares of the company’s stock worth $47,973,000 after buying an additional 908,515 shares during the period. Finally, Allianz Asset Management GmbH grew its stake in Paramount Global by 48.1% in the 4th quarter. Allianz Asset Management GmbH now owns 2,425,849 shares of the company’s stock valued at $25,374,000 after buying an additional 787,516 shares in the last quarter. Institutional investors own 73.00% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Macquarie restated 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 report on Thursday. StockNews.com upgraded Paramount Global from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Guggenheim reiterated a “buy” rating and set a $14.00 price target on shares of Paramount Global in a research report on Thursday. Finally, Benchmark restated a “buy” rating and issued a $19.00 price objective on shares of Paramount Global in a research report on Thursday. Six investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $12.58.

Paramount Global Trading Up 0.2 %

Shares of Paramount Global stock opened at $11.24 on Friday. The company has a 50 day simple moving average of $10.80 and a two-hundred day simple moving average of $10.74. The firm has a market cap of $7.50 billion, a PE ratio of -1.37, a PEG ratio of 1.68 and a beta of 1.69. Paramount Global has a 1 year low of $9.54 and a 1 year high of $14.54. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.27 and a quick ratio of 1.10.

Paramount Global (NASDAQ:PARA) last posted its quarterly earnings data on Wednesday, February 26th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.29). The company had revenue of $7.98 billion for the quarter, compared to the consensus estimate of $8.07 billion. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. Analysts expect that Paramount Global will post 1.77 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 17th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date is Monday, March 17th. Paramount Global’s payout ratio is currently -2.43%.

Paramount Global 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.