Charles Schwab Investment Management Inc. Acquires 1,030,592 Shares of Paramount Global (NASDAQ:PARA)

Charles Schwab Investment Management Inc. lifted its stake in Paramount Global (NASDAQ:PARA) by 16.2% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,394,825 shares of the company’s stock after purchasing an additional 1,030,592 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Paramount Global were worth $78,533,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Blue Trust Inc. boosted its holdings in Paramount Global by 162.8% during the third quarter. Blue Trust Inc. now owns 2,539 shares of the company’s stock worth $26,000 after buying an additional 1,573 shares during the last quarter. Huntington National Bank grew its holdings in Paramount Global by 129.0% during the third quarter. Huntington National Bank now owns 2,771 shares of the company’s stock valued at $29,000 after purchasing an additional 1,561 shares during the period. Atlas Capital Advisors LLC bought a new stake in Paramount Global in the second quarter valued at approximately $35,000. Ashton Thomas Private Wealth LLC acquired a new stake in Paramount Global in the second quarter worth $43,000. Finally, Kennebec Savings Bank bought a new position in shares of Paramount Global during the third quarter worth $47,000. 73.00% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently commented on PARA shares. Guggenheim dropped their price objective on Paramount Global from $19.00 to $14.00 and set a “buy” rating on the stock in a research note on Wednesday, September 25th. Macquarie reiterated an “underperform” rating and set a $10.00 price objective on shares of Paramount Global in a report on Monday, November 11th. Wells Fargo & Company raised Paramount Global from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $10.00 to $11.00 in a research note on Friday, August 9th. Benchmark reiterated a “buy” rating and issued a $19.00 price target on shares of Paramount Global in a report on Friday, August 9th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Paramount Global in a research report on Monday, November 11th. Eight research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $12.40.

Paramount Global Stock Performance

Shares of NASDAQ PARA opened at $10.77 on Thursday. 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 stock has a 50 day moving average price of $10.68 and a 200 day moving average price of $10.95. The stock has a market capitalization of $7.18 billion, a PE ratio of -1.31, a price-to-earnings-growth ratio of 1.34 and a beta of 1.74. Paramount Global has a 52 week low of $9.54 and a 52 week high of $17.50.

Paramount Global (NASDAQ:PARA) last released its quarterly earnings data on Friday, November 8th. The company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.24 by $0.25. The company had revenue of $6.73 billion during the quarter, compared to the consensus estimate of $6.94 billion. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. The firm’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 EPS. Analysts predict that Paramount Global will post 1.86 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.20 annualized dividend and a dividend yield of 1.86%. Paramount Global’s dividend payout ratio is presently -2.43%.

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.