Shah Capital Management Has $11.65 Million Stake in Paramount Global (NASDAQ:PARA)

Shah Capital Management raised its position in Paramount Global (NASDAQ:PARA) by 1,019.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,121,000 shares of the company’s stock after acquiring an additional 1,020,900 shares during the quarter. Paramount Global makes up about 2.5% of Shah Capital Management’s investment portfolio, making the stock its 11th largest holding. Shah Capital Management’s holdings in Paramount Global were worth $11,647,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the company. ProShare Advisors LLC grew its holdings in Paramount Global by 146.5% during 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 increased its holdings in shares of Paramount Global by 5.4% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 679,519 shares of the company’s stock worth $7,998,000 after acquiring an additional 34,541 shares during the last quarter. Financial Counselors Inc. raised its stake in Paramount Global by 6.9% in the 2nd quarter. Financial Counselors Inc. now owns 864,287 shares of the company’s stock valued at $8,980,000 after acquiring an additional 56,021 shares during the period. CANADA LIFE ASSURANCE Co lifted its holdings in Paramount Global by 33.9% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 406,895 shares of the company’s stock valued at $4,790,000 after purchasing an additional 103,103 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC boosted its position in Paramount Global by 19.9% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 57,368 shares of the company’s stock worth $848,000 after purchasing an additional 9,512 shares during the period. 73.00% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on PARA shares. Rosenblatt Securities reissued a “neutral” rating and issued a $14.00 price target on shares of Paramount Global in a report on Tuesday, June 4th. 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 research note on Thursday, August 15th. Benchmark restated a “buy” rating and issued a $19.00 price target on shares of Paramount Global in a research note on Friday, August 9th. Wells Fargo & Company raised Paramount Global from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $10.00 to $11.00 in a report on Friday, August 9th. Finally, The Goldman Sachs Group started coverage on shares of Paramount Global in a research report on Tuesday, June 25th. They issued a “sell” rating and a $9.50 target price for the company. Eleven research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $12.47.

Paramount Global Stock Performance

NASDAQ PARA opened at $10.44 on Wednesday. The company has a market capitalization of $6.96 billion, a price-to-earnings ratio of -69.60, a PEG ratio of 0.57 and a beta of 1.75. The company has a quick ratio of 1.15, a current ratio of 1.30 and a debt-to-equity ratio of 0.85. Paramount Global has a twelve month low of $9.54 and a twelve month high of $17.50. The stock has a fifty day simple moving average of $10.92 and a 200 day simple moving average of $11.33.

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, beating the consensus estimate of $0.14 by $0.40. The company had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $7.21 billion. Paramount Global had a positive return on equity of 4.88% and a negative net margin of 17.62%. Sell-side analysts expect that Paramount Global will post 1.57 EPS for the current 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 given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.92%. The ex-dividend date of this dividend is Monday, September 16th. Paramount Global’s dividend payout ratio (DPR) is presently -133.33%.

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.