State of New Jersey Common Pension Fund D Boosts Position in Paramount Global (NASDAQ:PARA)

State of New Jersey Common Pension Fund D raised its stake in Paramount Global (NASDAQ:PARA) by 14.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 231,127 shares of the company’s stock after buying an additional 29,057 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Paramount Global were worth $2,455,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC grew its stake in Paramount Global by 3.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 24,682 shares of the company’s stock worth $291,000 after purchasing an additional 934 shares in the last quarter. Texas Permanent School Fund Corp increased its stake in shares of Paramount Global by 4.3% during the first quarter. Texas Permanent School Fund Corp now owns 99,705 shares of the company’s stock valued at $1,174,000 after buying an additional 4,152 shares during the period. Empowered Funds LLC raised its holdings in shares of Paramount Global by 45.1% in the first quarter. Empowered Funds LLC now owns 15,270 shares of the company’s stock valued at $180,000 after acquiring an additional 4,748 shares in the last quarter. SG Americas Securities LLC lifted its stake in Paramount Global by 109.9% in the first quarter. SG Americas Securities LLC now owns 100,473 shares of the company’s stock worth $1,183,000 after acquiring an additional 52,614 shares during the period. Finally, ProShare Advisors LLC grew its holdings in Paramount Global by 146.5% during the 1st quarter. ProShare Advisors LLC now owns 151,864 shares of the company’s stock worth $1,787,000 after acquiring an additional 90,262 shares in the last quarter. 73.00% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on PARA. Macquarie restated an “underperform” rating and issued a $10.00 price target on shares of Paramount Global in a report on Monday. Needham & Company LLC restated a “hold” rating on shares of Paramount Global in a report on Monday. JPMorgan Chase & Co. cut their price target on Paramount Global from $12.00 to $11.00 and set an “underweight” rating on the stock in a report on Thursday, August 15th. Benchmark restated a “buy” rating and set a $19.00 price objective on shares of Paramount Global in a research note on Friday, August 9th. Finally, StockNews.com upgraded Paramount Global from a “sell” rating to a “hold” rating in a research note on Monday. Eight analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $12.40.

Paramount Global Stock Down 2.5 %

Paramount Global stock opened at $11.16 on Thursday. The business’s 50-day simple moving average is $10.58 and its two-hundred day simple moving average is $11.09. 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 company has a market cap of $7.44 billion, a PE ratio of -1.36, a PEG ratio of 1.44 and a beta of 1.74. Paramount Global has a fifty-two week low of $9.54 and a fifty-two week high of $17.50.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings results on Friday, November 8th. The company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.25. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The company had revenue of $6.73 billion for the quarter, compared to the consensus estimate of $6.94 billion. During the same quarter in the prior year, the company earned $0.30 EPS. Paramount Global’s quarterly revenue was down 5.6% on a year-over-year basis. Equities analysts anticipate that Paramount Global will post 1.78 EPS for the current year.

Paramount Global Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 16th will be given a dividend of $0.05 per share. The ex-dividend date is Monday, December 16th. This represents a $0.20 dividend on an annualized basis and a yield of 1.79%. Paramount Global’s dividend payout ratio is presently -2.43%.

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.