Raymond James Financial Inc. Takes $5.46 Million Position in Paramount Global (NASDAQ:PARA)

Raymond James Financial Inc. purchased a new stake in shares of Paramount Global (NASDAQ:PARA) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 521,748 shares of the company’s stock, valued at approximately $5,457,000.

Other large investors have also recently bought and sold shares of the company. Lingotto Investment Management LLP boosted its position in Paramount Global by 3.7% during the 4th quarter. Lingotto Investment Management LLP now owns 44,753,299 shares of the company’s stock worth $468,120,000 after acquiring an additional 1,593,579 shares during the period. State Street Corp lifted its position in shares of Paramount Global by 18.4% in the third quarter. State Street Corp now owns 44,154,027 shares of the company’s stock worth $470,695,000 after purchasing an additional 6,848,037 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Paramount Global by 12.1% during the third quarter. Geode Capital Management LLC now owns 14,842,966 shares of the company’s stock worth $157,168,000 after purchasing an additional 1,606,779 shares during the period. Charles Schwab Investment Management Inc. grew its position in Paramount Global by 4.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,743,123 shares of the company’s stock valued at $80,993,000 after purchasing an additional 348,298 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Paramount Global by 24.7% in the 4th quarter. Bank of New York Mellon Corp now owns 4,586,288 shares of the company’s stock valued at $47,973,000 after buying an additional 908,515 shares during the period. 73.00% of the stock is owned by institutional investors and hedge funds.

Paramount Global Stock Down 1.9 %

Shares of Paramount Global stock opened at $11.64 on Tuesday. Paramount Global has a 12-month low of $9.54 and a 12-month high of $14.54. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.85. The stock has a 50 day moving average price of $11.18 and a two-hundred day moving average price of $10.85. The stock has a market capitalization of $7.76 billion, a P/E ratio of -1.42, a PEG ratio of 1.68 and a beta of 1.60.

Paramount Global (NASDAQ:PARA) last posted its earnings results on Wednesday, February 26th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.29). The firm had revenue of $7.98 billion during the quarter, compared to analyst estimates of $8.07 billion. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. Equities analysts expect that Paramount Global will post 1.77 earnings per share for the current year.

Paramount Global Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 17th will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.72%. The ex-dividend date is Monday, March 17th. Paramount Global’s dividend payout ratio is currently -2.15%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PARA. Benchmark reiterated a “buy” rating and set a $19.00 price objective on shares of Paramount Global in a report on Thursday, February 27th. Guggenheim reaffirmed a “buy” rating and set a $14.00 price target on shares of Paramount Global in a research note on Thursday, February 27th. Morgan Stanley boosted their price target on Paramount Global from $10.00 to $11.00 and gave the company an “underweight” rating in a research note on Tuesday, February 4th. Needham & Company LLC reaffirmed a “hold” rating on shares of Paramount Global in a research report on Thursday, February 27th. Finally, StockNews.com initiated coverage on shares of Paramount Global in a research report on Saturday. They issued a “hold” rating for the company. Six analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Paramount Global presently has an average rating of “Hold” and an average price target of $12.10.

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.