Norges Bank Takes $45.20 Million Position in Paramount Global (NASDAQ:PARA)

Norges Bank bought a new stake in shares of Paramount Global (NASDAQ:PARA) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 4,321,414 shares of the company’s stock, valued at approximately $45,202,000. Norges Bank owned about 0.65% of Paramount Global at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Allworth Financial LP grew its position in shares of Paramount Global by 140.1% during the 4th quarter. Allworth Financial LP now owns 2,391 shares of the company’s stock valued at $25,000 after buying an additional 1,395 shares during the last quarter. Mountain Hill Investment Partners Corp. acquired a new position in Paramount Global in the fourth quarter valued at approximately $31,000. Rakuten Securities Inc. grew its holdings in shares of 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 purchasing an additional 2,019 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of Paramount Global during the 4th quarter worth approximately $57,000. Finally, FNY Investment Advisers LLC lifted its holdings 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 worth $75,000 after purchasing an additional 3,654 shares during the last quarter. 73.00% of the stock is owned by institutional investors and hedge funds.

Paramount Global Price Performance

Shares of NASDAQ PARA opened at $11.07 on Friday. Paramount Global has a twelve month low of $9.54 and a twelve month high of $14.54. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.85. The firm has a 50-day moving average of $11.38 and a two-hundred day moving average of $10.93. The company has a market capitalization of $7.38 billion, a price-to-earnings ratio of -1.35, a PEG ratio of 1.68 and a beta of 1.60.

Paramount Global (NASDAQ:PARA) last released its earnings results on Wednesday, February 26th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.29). The business had revenue of $7.98 billion for the quarter, compared to analyst estimates 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, analysts expect that Paramount Global will post 1.77 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

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

Wall Street Analysts Forecast Growth

PARA has been the subject of a number of recent research reports. Morgan Stanley upped their price objective on Paramount Global from $10.00 to $11.00 and gave the stock an “underweight” rating in a research note on Tuesday, February 4th. Needham & Company LLC reissued a “hold” rating on shares of Paramount Global in a research note on Thursday, February 27th. Benchmark restated a “buy” rating and issued a $19.00 target price on shares of Paramount Global in a research report on Thursday, February 27th. Guggenheim reaffirmed a “buy” rating and set a $14.00 price target on shares of Paramount Global in a report on Thursday, February 27th. Finally, Deutsche Bank Aktiengesellschaft lowered Paramount Global from a “buy” rating to a “hold” rating and set a $12.00 price objective for the company. in a report on Wednesday. Six analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $12.09.

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.