Qsemble Capital Management LP Purchases Shares of 38,797 Paramount Global (NASDAQ:PARA)

Qsemble Capital Management LP purchased a new stake in shares of Paramount Global (NASDAQ:PARA) in the third quarter, HoldingsChannel.com reports. The firm purchased 38,797 shares of the company’s stock, valued at approximately $412,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Financial Counselors Inc. grew its position in Paramount Global by 6.9% during the second quarter. Financial Counselors Inc. now owns 864,287 shares of the company’s stock valued at $8,980,000 after acquiring an additional 56,021 shares during the period. Hoertkorn Richard Charles boosted its position in shares of Paramount Global by 38.1% in the third quarter. Hoertkorn Richard Charles now owns 221,696 shares of the company’s stock worth $2,354,000 after buying an additional 61,191 shares during the period. AustralianSuper Pty Ltd purchased a new stake in shares of Paramount Global in the third quarter worth about $7,222,000. Alpine Associates Management Inc. purchased a new stake in shares of Paramount Global in the third quarter worth about $5,186,000. Finally, Canada Pension Plan Investment Board boosted its position in shares of Paramount Global by 798.0% in the second quarter. Canada Pension Plan Investment Board now owns 684,300 shares of the company’s stock worth $7,110,000 after buying an additional 608,100 shares during the period. Hedge funds and other institutional investors own 73.00% of the company’s stock.

Paramount Global Trading Up 1.2 %

Shares of NASDAQ PARA opened at $10.77 on Thursday. The stock’s 50 day moving average price is $10.68 and its two-hundred day moving average price is $10.95. Paramount Global has a 52-week low of $9.54 and a 52-week high of $17.50. The stock has a market capitalization of $7.18 billion, a P/E ratio of -1.31, a PEG ratio of 1.34 and a beta of 1.74. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.85.

Paramount Global (NASDAQ:PARA) last announced its quarterly earnings data on Friday, November 8th. The company reported $0.49 earnings per share (EPS) 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 positive return on equity of 5.81% and a negative net margin of 18.89%. Paramount Global’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.30 earnings per share. On average, analysts anticipate that Paramount Global will post 1.86 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 1.86%. The ex-dividend date of this dividend is Monday, December 16th. Paramount Global’s payout ratio is -2.43%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on PARA shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Paramount Global in a research report on Monday, November 11th. Guggenheim decreased their target price on Paramount Global from $19.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, September 25th. JPMorgan Chase & Co. decreased their target price on Paramount Global from $12.00 to $11.00 and set an “underweight” rating for the company in a research report on Thursday, August 15th. StockNews.com upgraded Paramount Global from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Finally, Wells Fargo & Company upgraded Paramount Global from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $10.00 to $11.00 in a research note on Friday, August 9th. Eight investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $12.40.

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.