Moors & Cabot Inc. Buys 62,982 Shares of Paramount Global (NASDAQ:PARA)

Moors & Cabot Inc. lifted its position in shares of Paramount Global (NASDAQ:PARA) by 26.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 303,793 shares of the company’s stock after acquiring an additional 62,982 shares during the quarter. Moors & Cabot Inc.’s holdings in Paramount Global were worth $3,156,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of PARA. ProShare Advisors LLC raised 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 valued at $1,787,000 after purchasing an additional 90,262 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its stake in shares of Paramount Global by 5.4% in the 1st 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 during the period. Financial Counselors Inc. boosted its holdings in shares of Paramount Global by 6.9% during the 2nd quarter. Financial Counselors Inc. now owns 864,287 shares of the company’s stock valued at $8,980,000 after buying an additional 56,021 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its stake in Paramount Global by 33.9% during the first quarter. CANADA LIFE ASSURANCE Co now owns 406,895 shares of the company’s stock worth $4,790,000 after acquiring an additional 103,103 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC grew its stake in shares of Paramount Global by 19.9% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 57,368 shares of the company’s stock worth $848,000 after buying an additional 9,512 shares during the last quarter. Hedge funds and other institutional investors own 73.00% of the company’s stock.

Paramount Global Stock Performance

PARA stock opened at $10.44 on Wednesday. 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 company has a market capitalization of $6.96 billion, a P/E ratio of -69.27, a PEG ratio of 0.57 and a beta of 1.75. The business has a 50-day moving average price of $10.92 and a 200 day moving average price of $11.33. Paramount Global has a 1-year low of $9.54 and a 1-year high of $17.50.

Paramount Global (NASDAQ:PARA) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.40. The business had revenue of $6.81 billion for the quarter, compared to the consensus estimate of $7.21 billion. Paramount Global had a positive return on equity of 4.88% and a negative net margin of 17.62%. As a group, equities research analysts forecast that Paramount Global will post 1.57 EPS 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. Stockholders of record on Monday, September 16th will be issued 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 1.92%. Paramount Global’s dividend payout ratio is presently -133.33%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on PARA shares. JPMorgan Chase & Co. reduced their price objective 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. The Goldman Sachs Group initiated coverage on Paramount Global in a report on Tuesday, June 25th. They set a “sell” rating and a $9.50 price target on the stock. Wolfe Research downgraded shares of Paramount Global from a “peer perform” rating to an “underperform” rating and set a $10.00 price target on the stock. in a report on Tuesday, July 9th. Wells Fargo & Company upgraded 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 research report on Friday, August 9th. Finally, Evercore ISI dropped their price target on Paramount Global from $13.00 to $11.50 and set an “in-line” rating for the company in a research report on Tuesday, July 9th. Eleven equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock 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.