50,000 Shares in Paramount Global (NASDAQ:PARA) Bought by Gruss & Co. LLC

Gruss & Co. LLC acquired a new position in Paramount Global (NASDAQ:PARA) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 50,000 shares of the company’s stock, valued at approximately $520,000. Paramount Global accounts for approximately 2.8% of Gruss & Co. LLC’s portfolio, making the stock its 13th largest holding.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Paramount Global by 6.5% during the first quarter. Vanguard Group Inc. now owns 62,090,467 shares of the company’s stock valued at $730,805,000 after purchasing an additional 3,803,928 shares during the period. Ariel Investments LLC grew its holdings in Paramount Global by 9.3% during the first quarter. Ariel Investments LLC now owns 12,049,689 shares of the company’s stock valued at $141,825,000 after purchasing an additional 1,028,314 shares during the period. Kodai Capital Management LP grew its holdings in Paramount Global by 9.2% during the first quarter. Kodai Capital Management LP now owns 6,264,374 shares of the company’s stock valued at $73,732,000 after purchasing an additional 527,897 shares during the period. Bank of New York Mellon Corp grew its holdings in Paramount Global by 6.4% during the second quarter. Bank of New York Mellon Corp now owns 3,724,532 shares of the company’s stock valued at $38,698,000 after purchasing an additional 225,191 shares during the period. Finally, Lingotto Investment Management LLP boosted its stake in shares of Paramount Global by 375.8% in the fourth quarter. Lingotto Investment Management LLP now owns 3,263,978 shares of the company’s stock worth $48,388,000 after acquiring an additional 2,577,978 shares during the period. Institutional investors own 73.00% of the company’s stock.

Paramount Global Trading Down 1.1 %

Shares of PARA stock opened at $9.98 on Thursday. Paramount Global has a 1 year low of $9.54 and a 1 year high of $17.50. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.30 and a quick ratio of 1.15. The stock’s 50 day simple moving average is $10.98 and its two-hundred day simple moving average is $11.34. The company has a market cap of $6.65 billion, a PE ratio of -66.53, a price-to-earnings-growth ratio of 0.56 and a beta of 1.75.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.54 earnings per share 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 for the quarter, compared to the consensus estimate of $7.21 billion. Research analysts predict that Paramount Global will post 1.57 earnings per share for the current year.

Paramount Global Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be issued a $0.05 dividend. The ex-dividend date is Monday, September 16th. This represents a $0.20 annualized dividend and a dividend yield of 2.00%. Paramount Global’s payout ratio is -133.33%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on PARA shares. Benchmark reaffirmed a “buy” rating and issued a $19.00 price objective on shares of Paramount Global in a research note on Friday, August 9th. StockNews.com raised Paramount Global from a “sell” rating to a “hold” rating in a research note on Friday, September 6th. Wolfe Research lowered Paramount Global from a “peer perform” rating to an “underperform” rating and set a $10.00 price objective for the company. in a research note on Tuesday, July 9th. Evercore ISI dropped their price objective on Paramount Global from $13.00 to $11.50 and set an “in-line” rating for the company in a research note on Tuesday, July 9th. Finally, Wells Fargo & Company upgraded Paramount Global from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $10.00 to $11.00 in a research report on Friday, August 9th. Ten analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Paramount Global currently has an average rating of “Hold” and a consensus target price of $12.47.

Paramount Global Company 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.