Paramount Global (NASDAQ:PARA) Shares Acquired by Commerce Bank

Commerce Bank grew its stake in Paramount Global (NASDAQ:PARA) by 18.0% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 13,972 shares of the company’s stock after purchasing an additional 2,133 shares during the period. Commerce Bank’s holdings in Paramount Global were worth $148,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Lingotto Investment Management LLP boosted its holdings in shares of Paramount Global by 628.8% in the 2nd quarter. Lingotto Investment Management LLP now owns 29,937,007 shares of the company’s stock valued at $311,046,000 after buying an additional 25,829,185 shares in the last quarter. Ariel Investments LLC boosted its stake in Paramount Global by 16.5% during the 2nd 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. Bank of New York Mellon Corp boosted its stake in Paramount Global by 6.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,724,532 shares of the company’s stock worth $38,698,000 after purchasing an additional 225,191 shares during the period. Jane Street Group LLC boosted its stake in Paramount Global by 323.5% during the 1st 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. Finally, AQR Capital Management LLC boosted its stake in Paramount Global by 602.8% during the 2nd quarter. AQR Capital Management LLC now owns 1,783,489 shares of the company’s stock worth $18,530,000 after purchasing an additional 1,529,719 shares during the period. Institutional investors and hedge funds own 73.00% of the company’s stock.

Paramount Global Stock Performance

Shares of PARA opened at $10.77 on Thursday. 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 company has a 50-day simple moving average of $10.68 and a 200-day simple moving average of $10.95. Paramount Global has a 52-week low of $9.54 and a 52-week high of $17.50. The company has a market capitalization of $7.18 billion, a PE ratio of -1.31, a P/E/G ratio of 1.34 and a beta of 1.74.

Paramount Global (NASDAQ:PARA) last posted its earnings results 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. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The firm had revenue of $6.73 billion during the quarter, compared to the consensus estimate of $6.94 billion. During the same period last year, the firm posted $0.30 EPS. The firm’s revenue for the quarter was down 5.6% on a year-over-year basis. Equities research analysts predict that Paramount Global will post 1.86 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

The firm also recently announced 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. The ex-dividend date is Monday, December 16th. This represents a $0.20 annualized dividend and a yield of 1.86%. Paramount Global’s dividend payout ratio (DPR) is currently -2.43%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on PARA shares. Wells Fargo & Company upgraded shares of Paramount Global from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $10.00 to $11.00 in a research note on Friday, August 9th. JPMorgan Chase & Co. decreased their price target on shares of Paramount Global from $12.00 to $11.00 and set an “underweight” rating for the company in a research note on Thursday, August 15th. Needham & Company LLC restated a “hold” rating on shares of Paramount Global in a research report on Monday, November 11th. Benchmark restated a “buy” rating and set a $19.00 price objective on shares of Paramount Global in a research report on Friday, August 9th. Finally, StockNews.com upgraded shares of Paramount Global from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Eight research analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Paramount Global presently has an average rating of “Hold” and an average 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.