Pitcairn Co. Invests $185,000 in Paramount Global (NASDAQ:PARA)

Pitcairn Co. bought a new stake in Paramount Global (NASDAQ:PARA) during the 4th quarter, Holdings Channel.com reports. The firm bought 17,725 shares of the company’s stock, valued at approximately $185,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Allworth Financial LP boosted its stake in shares of Paramount Global by 140.1% in the 4th quarter. Allworth Financial LP now owns 2,391 shares of the company’s stock valued at $25,000 after purchasing an additional 1,395 shares during the last quarter. Mountain Hill Investment Partners Corp. bought a new stake in Paramount Global during the fourth quarter valued at $31,000. Rakuten Securities Inc. boosted its position in Paramount Global by 187.8% during the fourth quarter. Rakuten Securities Inc. now owns 3,094 shares of the company’s stock valued at $32,000 after acquiring an additional 2,019 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in Paramount Global during the 4th quarter worth about $57,000. Finally, FNY Investment Advisers LLC lifted its stake in shares of Paramount Global by 102.4% in the 4th quarter. FNY Investment Advisers LLC now owns 7,224 shares of the company’s stock valued at $75,000 after purchasing an additional 3,654 shares during the period. Institutional investors and hedge funds own 73.00% of the company’s stock.

Paramount Global Price Performance

Shares of NASDAQ PARA opened at $11.07 on Monday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.10 and a current ratio of 1.27. The firm’s 50-day simple moving average is $11.38 and its 200 day simple moving average is $10.94. The stock has a market cap of $7.38 billion, a price-to-earnings ratio of -1.35, a PEG ratio of 1.68 and a beta of 1.31. Paramount Global has a fifty-two week low of $9.54 and a fifty-two week high of $14.54.

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

Paramount Global Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Monday, March 17th were paid a $0.05 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.20 annualized dividend and a dividend yield of 1.81%. Paramount Global’s payout ratio is -2.15%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Guggenheim reaffirmed a “buy” rating and set a $14.00 target price on shares of Paramount Global in a research note on Thursday, February 27th. Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a research note on Thursday, February 27th. Morgan Stanley increased their target price on shares of Paramount Global from $10.00 to $11.00 and gave the stock an “underweight” rating in a research note on Tuesday, February 4th. Deutsche Bank Aktiengesellschaft downgraded shares of Paramount Global from a “buy” rating to a “hold” rating and set a $12.00 price target for the company. in a research note on Wednesday, April 2nd. Finally, Benchmark reissued a “buy” rating and set a $19.00 price objective on shares of Paramount Global in a research report on Thursday, February 27th. Six analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $12.09.

About Paramount Global

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.