Resona Asset Management Co. Ltd. Makes New Investment in Paramount Global (NASDAQ:PARA)

Resona Asset Management Co. Ltd. bought a new position in shares of Paramount Global (NASDAQ:PARA) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 3,415 shares of the company’s stock, valued at approximately $36,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Yoffe Investment Management LLC purchased a new stake in Paramount Global during the fourth quarter worth about $116,000. Atlas Capital Advisors Inc. purchased a new stake in shares of Paramount Global during the 4th quarter worth approximately $35,000. Pitcairn Co. acquired a new stake in shares of Paramount Global in the 4th quarter worth approximately $185,000. Geode Capital Management LLC increased its stake in Paramount Global by 4.9% in the 4th quarter. Geode Capital Management LLC now owns 15,567,531 shares of the company’s stock valued at $162,731,000 after purchasing an additional 724,565 shares in the last quarter. Finally, National Bank of Canada FI raised its holdings in Paramount Global by 401.8% during the fourth quarter. National Bank of Canada FI now owns 177,677 shares of the company’s stock worth $1,859,000 after purchasing an additional 142,267 shares during the last quarter. 73.00% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have weighed in on PARA shares. Needham & Company LLC reissued a “hold” rating on shares of Paramount Global in a report on Thursday, February 27th. Deutsche Bank Aktiengesellschaft downgraded shares of Paramount Global from a “buy” rating to a “hold” rating and set a $12.00 target price for the company. in a report on Wednesday, April 2nd. Morgan Stanley upped their price target on shares of Paramount Global from $10.00 to $11.00 and gave the company an “underweight” rating in a report on Tuesday, February 4th. StockNews.com started coverage on shares of Paramount Global in a research note on Monday, April 7th. They set a “hold” rating for the company. Finally, Benchmark reaffirmed a “buy” rating and issued a $19.00 target price on shares of Paramount Global in a research note on Thursday, February 27th. Six investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $12.09.

Paramount Global Stock Performance

Shares of PARA stock opened at $10.69 on Friday. The company’s fifty day simple moving average is $11.36 and its 200-day simple moving average is $10.95. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.85. Paramount Global has a 52 week low of $9.54 and a 52 week high of $14.54. The company has a market cap of $7.13 billion, a PE ratio of -1.30, a P/E/G ratio of 1.68 and a beta of 1.31.

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

Paramount Global Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Monday, March 17th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date was Monday, March 17th. Paramount Global’s dividend payout ratio is presently -2.15%.

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.