Allspring Global Investments Holdings LLC Acquires 5,442 Shares of Paramount Global (NASDAQ:PARA)

Allspring Global Investments Holdings LLC lifted its holdings in shares of Paramount Global (NASDAQ:PARA) by 20.5% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 31,956 shares of the company’s stock after acquiring an additional 5,442 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Paramount Global were worth $339,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. ProShare Advisors LLC grew its stake in Paramount Global by 146.5% in the first quarter. ProShare Advisors LLC now owns 151,864 shares of the company’s stock worth $1,787,000 after purchasing an additional 90,262 shares during the period. State Board of Administration of Florida Retirement System lifted its holdings in shares of Paramount Global by 5.4% during the first quarter. State Board of Administration of Florida Retirement System now owns 679,519 shares of the company’s stock valued at $7,998,000 after purchasing an additional 34,541 shares in the last quarter. Financial Counselors Inc. lifted its holdings in shares of Paramount Global by 6.9% during the second quarter. Financial Counselors Inc. now owns 864,287 shares of the company’s stock valued at $8,980,000 after purchasing an additional 56,021 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings in Paramount Global by 33.9% in the first quarter. CANADA LIFE ASSURANCE Co now owns 406,895 shares of the company’s stock valued at $4,790,000 after acquiring an additional 103,103 shares during the period. Finally, Canada Pension Plan Investment Board lifted its holdings in Paramount Global by 798.0% in the second quarter. Canada Pension Plan Investment Board now owns 684,300 shares of the company’s stock valued at $7,110,000 after acquiring an additional 608,100 shares during the period. 73.00% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on PARA shares. JPMorgan Chase & Co. lowered their target price on Paramount Global from $12.00 to $11.00 and set an “underweight” rating on the stock in a report on Thursday, August 15th. Wells Fargo & Company raised Paramount Global from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $10.00 to $11.00 in a report on Friday, August 9th. Needham & Company LLC reissued a “hold” rating on shares of Paramount Global in a report on Friday, August 9th. Evercore ISI decreased their price objective on Paramount Global from $13.00 to $11.50 and set an “in-line” rating on the stock in a research note on Tuesday, July 9th. Finally, StockNews.com downgraded Paramount Global from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd. Nine research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $12.33.

Paramount Global Stock Performance

NASDAQ:PARA opened at $10.98 on Friday. The company has a current ratio of 1.30, a quick ratio of 1.15 and a debt-to-equity ratio of 0.85. Paramount Global has a 12-month low of $9.54 and a 12-month high of $17.50. The stock has a 50-day moving average price of $10.47 and a 200 day moving average price of $11.12. The stock has a market capitalization of $7.32 billion, a P/E ratio of -1.41, a P/E/G ratio of 1.64 and a beta of 1.74.

Paramount Global (NASDAQ:PARA) last released its 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 positive return on equity of 4.88% and a negative net margin of 17.62%. The firm had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $7.21 billion. Equities research analysts forecast that Paramount Global will post 1.61 EPS for the current fiscal year.

Paramount Global Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.82%. The ex-dividend date is Monday, December 16th. Paramount Global’s dividend payout ratio is presently -2.57%.

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.