Texas Permanent School Fund bought a new position in Paramount Global (NASDAQ:PARA – Get Rating) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 71,450 shares of the company’s stock, valued at approximately $1,360,000.
Several other hedge funds also recently bought and sold shares of the company. AE Wealth Management LLC acquired a new stake in Paramount Global in the third quarter worth $2,741,000. Mitchell Sinkler & Starr PA acquired a new stake in Paramount Global in the third quarter worth $852,000. Raymond James Financial Services Advisors Inc. acquired a new stake in Paramount Global in the third quarter worth $13,751,000. Matrix Asset Advisors Inc. NY acquired a new stake in Paramount Global in the third quarter worth $12,634,000. Finally, Shufro Rose & Co. LLC bought a new stake in shares of Paramount Global during the third quarter worth $394,000. 74.13% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
PARA has been the subject of several research reports. JPMorgan Chase & Co. lowered their price objective on shares of Paramount Global from $25.00 to $19.00 and set an “underweight” rating for the company in a research report on Thursday, November 3rd. Barclays lowered their price objective on shares of Paramount Global from $20.00 to $15.00 in a research report on Tuesday, October 11th. StockNews.com began coverage on shares of Paramount Global in a research report on Wednesday, October 12th. They set a “hold” rating for the company. Royal Bank of Canada decreased their target price on shares of Paramount Global from $34.00 to $28.00 and set an “outperform” rating for the company in a research report on Thursday, November 3rd. Finally, Loop Capital downgraded shares of Paramount Global from a “hold” rating to a “sell” rating and decreased their target price for the company from $30.00 to $14.00 in a research report on Friday, December 23rd. Nine investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $21.68.
Paramount Global Stock Up 1.2 %
Paramount Global stock opened at $20.23 on Friday. The company has a quick ratio of 1.17, a current ratio of 1.31 and a debt-to-equity ratio of 0.68. Paramount Global has a 12-month low of $15.29 and a 12-month high of $39.21. The firm’s fifty day moving average is $18.25 and its 200 day moving average is $21.19. The company has a market capitalization of $13.13 billion, a PE ratio of 4.30, a PEG ratio of 1.17 and a beta of 1.51.
Paramount Global (NASDAQ:PARA – Get Rating) last issued its quarterly earnings data on Wednesday, November 2nd. The company reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.04). Paramount Global had a net margin of 10.46% and a return on equity of 5.55%. The business had revenue of $6.92 billion for the quarter, compared to analyst estimates of $7.05 billion. As a group, sell-side analysts predict that Paramount Global will post 1.92 EPS for the current fiscal year.
Paramount Global Profile
Paramount Global operates as a media and entertainment company worldwide. The company operates through TV Media, Direct-to-Consumer, and Filmed Entertainment segments. The TV Media segment operates domestic and international broadcast networks, including CBS Television Network, Network 10, Channel 5, Telefe, and Chilevisión; and cable networks comprising Showtime, BET, Nickelodeon, MTV, Comedy Central, Paramount Network, Smithsonian Channel, and CBS Sports Network.
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