Paramount Global (NASDAQ:PARA) Shares Purchased by Commerce Bank

Commerce Bank increased its holdings in shares of Paramount Global (NASDAQ:PARA) by 18.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,972 shares of the company’s stock after acquiring an additional 2,133 shares during the quarter. Commerce Bank’s holdings in Paramount Global were worth $148,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Financial Counselors Inc. boosted 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 worth $8,980,000 after acquiring an additional 56,021 shares during the last quarter. Hoertkorn Richard Charles boosted its holdings in Paramount Global by 38.1% in the 3rd quarter. Hoertkorn Richard Charles now owns 221,696 shares of the company’s stock valued at $2,354,000 after purchasing an additional 61,191 shares during the last quarter. AustralianSuper Pty Ltd acquired a new position in Paramount Global in the 3rd quarter valued at about $7,222,000. Alpine Associates Management Inc. acquired a new position in Paramount Global in the 3rd quarter valued at about $5,186,000. Finally, Canada Pension Plan Investment Board boosted its holdings in Paramount Global by 798.0% in the 2nd quarter. Canada Pension Plan Investment Board now owns 684,300 shares of the company’s stock valued at $7,110,000 after purchasing an additional 608,100 shares during the last quarter. 73.00% of the stock is currently owned by institutional investors and hedge funds.

Paramount Global Price Performance

Shares of PARA opened at $10.77 on Thursday. Paramount Global has a fifty-two week low of $9.54 and a fifty-two week high of $17.50. The firm’s 50 day moving average price is $10.68 and its 200 day moving average price is $10.95. The company has a market cap 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 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 firm had revenue of $6.73 billion for the quarter, compared to the consensus estimate of $6.94 billion. During the same period in the prior year, the firm earned $0.30 EPS. The firm’s revenue for the quarter was down 5.6% on a year-over-year basis. On average, research analysts forecast that Paramount Global will post 1.86 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be given a $0.05 dividend. 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 dividend payout ratio is presently -2.43%.

Wall Street Analyst Weigh In

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

Paramount Global Company 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.