Prestige Wealth Management Group LLC Acquires 1,011 Shares of Paramount Global (NASDAQ:PARA)

Prestige Wealth Management Group LLC lifted its holdings in Paramount Global (NASDAQ:PARA) by 13.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,648 shares of the company’s stock after purchasing an additional 1,011 shares during the quarter. Prestige Wealth Management Group LLC’s holdings in Paramount Global were worth $90,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Atlas Capital Advisors LLC bought a new position in Paramount Global in the second quarter valued at approximately $35,000. Newbridge Financial Services Group Inc. acquired a new position in Paramount Global during the fourth quarter worth $44,000. SageView Advisory Group LLC bought a new stake in Paramount Global during the first quarter worth $56,000. GAMMA Investing LLC lifted its stake in Paramount Global by 22.8% in the second quarter. GAMMA Investing LLC now owns 5,742 shares of the company’s stock valued at $60,000 after acquiring an additional 1,067 shares during the last quarter. Finally, Innealta Capital LLC bought a new position in shares of Paramount Global in the 2nd quarter valued at about $65,000. Institutional investors and hedge funds own 73.00% of the company’s stock.

Paramount Global Trading Down 2.8 %

PARA opened at $10.09 on Monday. The company has a quick ratio of 1.15, a current ratio of 1.30 and a debt-to-equity ratio of 0.85. Paramount Global has a twelve month low of $9.54 and a twelve month high of $17.50. The company has a 50-day simple moving average of $11.02 and a 200 day simple moving average of $11.37.

Paramount Global (NASDAQ:PARA) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.40. Paramount Global had a negative net margin of 17.62% and a positive return on equity of 4.88%. The business had revenue of $6.81 billion for the quarter, compared to analyst estimates of $7.21 billion. On average, research analysts predict that Paramount Global will post 1.57 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be given a dividend of $0.05 per share. The ex-dividend date is Monday, September 16th. This represents a $0.20 annualized dividend and a dividend yield of 1.98%. Paramount Global’s dividend payout ratio is currently -133.32%.

Analysts Set New Price Targets

PARA has been the subject of several recent analyst reports. Wolfe Research downgraded shares of Paramount Global from a “peer perform” rating to an “underperform” rating and set a $10.00 target price for the company. in a research note on Tuesday, July 9th. Wells Fargo & Company raised Paramount Global from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $10.00 to $11.00 in a research report on Friday, August 9th. The Goldman Sachs Group started coverage on Paramount Global in a research note on Tuesday, June 25th. They set a “sell” rating and a $9.50 target price for the company. JPMorgan Chase & Co. cut their price target on Paramount Global from $12.00 to $11.00 and set an “underweight” rating for the company in a report on Thursday, August 15th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Paramount Global in a research report on Friday, August 9th. Ten 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 data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $12.47.

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.