CIBC Asset Management Inc Has $882,000 Position in Paramount Global (NASDAQ:PARA)

CIBC Asset Management Inc lifted its position in shares of Paramount Global (NASDAQ:PARA) by 24.0% during the 3rd quarter, Holdings Channel reports. The firm owned 83,043 shares of the company’s stock after purchasing an additional 16,077 shares during the quarter. CIBC Asset Management Inc’s holdings in Paramount Global were worth $882,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently modified their holdings of PARA. Lingotto Investment Management LLP increased its position in Paramount Global by 628.8% during the second quarter. Lingotto Investment Management LLP now owns 29,937,007 shares of the company’s stock worth $311,046,000 after buying an additional 25,829,185 shares during the last quarter. Vanguard Group Inc. raised its stake in Paramount Global by 6.5% in the 1st quarter. Vanguard Group Inc. now owns 62,090,467 shares of the company’s stock valued at $730,805,000 after acquiring an additional 3,803,928 shares during the period. Jane Street Group LLC boosted its position in Paramount Global by 323.5% during the first quarter. Jane Street Group LLC now owns 2,754,222 shares of the company’s stock worth $32,417,000 after purchasing an additional 2,103,938 shares during the period. Ariel Investments LLC boosted its position in Paramount Global by 16.5% during the second quarter. Ariel Investments LLC now owns 14,042,265 shares of the company’s stock worth $145,899,000 after purchasing an additional 1,992,576 shares during the period. Finally, AQR Capital Management LLC increased its holdings in shares of Paramount Global by 602.8% in the second quarter. AQR Capital Management LLC now owns 1,783,489 shares of the company’s stock valued at $18,530,000 after purchasing an additional 1,529,719 shares during the last quarter. 73.00% of the stock is owned by institutional investors.

Paramount Global Stock Up 2.4 %

NASDAQ PARA opened at $10.58 on Thursday. The business has a fifty day moving average price of $10.64 and a two-hundred day moving average price of $11.02. The stock has a market capitalization of $7.06 billion, a PE ratio of -1.29, a PEG ratio of 1.31 and a beta of 1.74. Paramount Global has a fifty-two week low of $9.54 and a fifty-two week high of $17.50. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.27 and a quick ratio of 1.10.

Paramount Global (NASDAQ:PARA) last released its quarterly earnings data on Friday, November 8th. The company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.25. The business had revenue of $6.73 billion for the quarter, compared to analyst estimates of $6.94 billion. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. Paramount Global’s revenue was down 5.6% compared to the same quarter last year. During the same period last year, the firm posted $0.30 earnings per share. Equities analysts expect that Paramount Global will post 1.86 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders 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 dividend on an annualized basis and a dividend yield of 1.89%. Paramount Global’s payout ratio is presently -2.43%.

Analyst Upgrades and Downgrades

Several analysts recently commented on PARA shares. StockNews.com raised shares of Paramount Global from a “sell” rating to a “hold” rating in a report on Monday, November 11th. Needham & Company LLC restated a “hold” rating on shares of Paramount Global in a report on Monday, November 11th. Guggenheim lowered their target price 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. Wells Fargo & Company raised Paramount Global from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $10.00 to $11.00 in a report on Friday, August 9th. Finally, JPMorgan Chase & Co. dropped their target price on Paramount Global from $12.00 to $11.00 and set an “underweight” rating for the company in a report on Thursday, August 15th. Eight investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $12.40.

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.