Everence Capital Management Inc. Makes New $255,000 Investment in Paramount Global (NASDAQ:PARA)

Everence Capital Management Inc. purchased a new stake in shares of Paramount Global (NASDAQ:PARA) in the 4th quarter, HoldingsChannel reports. The institutional investor purchased 24,370 shares of the company’s stock, valued at approximately $255,000.

Several other institutional investors have also modified their holdings of PARA. Charles Schwab Investment Management Inc. boosted its stake in Paramount Global by 16.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,394,825 shares of the company’s stock valued at $78,533,000 after purchasing an additional 1,030,592 shares during the period. Bridgewater Associates LP boosted its position in shares of Paramount Global by 50.7% during the third quarter. Bridgewater Associates LP now owns 328,099 shares of the company’s stock worth $3,484,000 after buying an additional 110,357 shares during the period. Franklin Resources Inc. grew its holdings in Paramount Global by 824.1% in the 3rd quarter. Franklin Resources Inc. now owns 195,690 shares of the company’s stock worth $2,029,000 after buying an additional 174,514 shares in the last quarter. Principal Financial Group Inc. increased its position in Paramount Global by 22.3% in the 3rd quarter. Principal Financial Group Inc. now owns 683,401 shares of the company’s stock valued at $7,258,000 after acquiring an additional 124,740 shares during the period. Finally, HBK Investments L P bought a new stake in Paramount Global during the 3rd quarter valued at $5,098,000. Institutional investors own 73.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Guggenheim lowered their price target on Paramount Global from $19.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, September 25th. StockNews.com upgraded shares of Paramount Global from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Macquarie reiterated an “underperform” rating and issued a $10.00 price objective on shares of Paramount Global in a report on Monday, November 11th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Paramount Global in a report on Monday, November 11th. Seven 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 company. According to MarketBeat, Paramount Global has a consensus rating of “Hold” and an average target price of $12.43.

Paramount Global Price Performance

NASDAQ PARA opened at $10.89 on Wednesday. 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 1 year low of $9.54 and a 1 year high of $15.70. The company has a market cap of $7.26 billion, a PE ratio of -1.32, a PEG ratio of 1.35 and a beta of 1.70. The stock’s 50-day moving average price is $10.87 and its two-hundred day moving average price is $10.79.

Paramount Global (NASDAQ:PARA) last released its quarterly earnings results on Friday, November 8th. The company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $6.73 billion for the quarter, compared to analyst estimates of $6.94 billion. During the same quarter in the previous year, the business earned $0.30 earnings per share. The firm’s revenue was down 5.6% compared to the same quarter last year. On average, analysts predict that Paramount Global will post 1.86 EPS for the current year.

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.