Geode Capital Management LLC Has $157.17 Million Stock Position in Paramount Global (NASDAQ:PARA)

Geode Capital Management LLC lifted its holdings in Paramount Global (NASDAQ:PARA) by 12.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 14,842,966 shares of the company’s stock after acquiring an additional 1,606,779 shares during the period. Geode Capital Management LLC owned approximately 2.23% of Paramount Global worth $157,168,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Blue Trust Inc. raised its stake in Paramount Global by 162.8% in the third quarter. Blue Trust Inc. now owns 2,539 shares of the company’s stock valued at $26,000 after purchasing an additional 1,573 shares in the last quarter. Huntington National Bank increased its holdings in Paramount Global by 129.0% in the 3rd quarter. Huntington National Bank now owns 2,771 shares of the company’s stock valued at $29,000 after buying an additional 1,561 shares during the period. Atlas Capital Advisors LLC acquired a new position in shares of Paramount Global in the 2nd quarter valued at approximately $35,000. Ashton Thomas Private Wealth LLC bought a new stake in shares of Paramount Global during the 2nd quarter worth approximately $43,000. Finally, Kennebec Savings Bank acquired a new stake in shares of Paramount Global during the 3rd quarter worth approximately $47,000. 73.00% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on PARA shares. Macquarie restated an “underperform” rating and set a $10.00 target price on shares of Paramount Global in a research note on Monday, November 11th. Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a report on Monday, November 11th. StockNews.com upgraded Paramount Global from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Finally, Guggenheim cut their price target 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. Seven research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Paramount Global has a consensus rating of “Hold” and an average price target of $12.43.

Paramount Global Price Performance

PARA stock opened at $10.98 on Tuesday. 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’s fifty day simple moving average is $10.82 and its 200 day simple moving average is $10.84. Paramount Global has a 12-month low of $9.54 and a 12-month high of $16.30. The firm has a market cap of $7.32 billion, a price-to-earnings ratio of -1.34, a PEG ratio of 1.35 and a beta of 1.71.

Paramount Global (NASDAQ:PARA) last posted its quarterly 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. The firm had revenue of $6.73 billion during the quarter, compared to the consensus estimate of $6.94 billion. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The business’s revenue was down 5.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.30 earnings per share. On average, analysts expect that Paramount Global will post 1.86 earnings per share for the current year.

Paramount Global Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.82%. The ex-dividend date is Monday, December 16th. Paramount Global’s dividend payout ratio (DPR) is -2.43%.

Paramount Global Profile

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.