First Trust Advisors LP bought a new stake in shares of Paramount Global (NASDAQ:PARA – Get Rating) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 904,601 shares of the company’s stock, valued at approximately $17,224,000. First Trust Advisors LP owned approximately 0.14% of Paramount Global as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently bought and sold shares of the company. Ellevest Inc. purchased a new position in Paramount Global during the third quarter valued at $25,000. Money Concepts Capital Corp purchased a new position in shares of Paramount Global in the 3rd quarter worth $25,000. Islay Capital Management LLC purchased a new position in shares of Paramount Global in the 3rd quarter worth $29,000. Lowe Wealth Advisors LLC purchased a new position in shares of Paramount Global in the 3rd quarter worth $29,000. Finally, MUFG Americas Holdings Corp purchased a new position in shares of Paramount Global in the 3rd quarter worth $29,000. 74.13% of the stock is owned by hedge funds and other institutional investors.
Paramount Global Price Performance
Shares of NASDAQ PARA opened at $20.86 on Friday. The firm has a 50-day simple moving average of $21.57 and a 200-day simple moving average of $20.38. The stock has a market capitalization of $13.54 billion, a price-to-earnings ratio of 13.04, a price-to-earnings-growth ratio of 3.82 and a beta of 1.63. The company has a quick ratio of 1.11, a current ratio of 1.23 and a debt-to-equity ratio of 0.66. Paramount Global has a 52 week low of $15.29 and a 52 week high of $39.21.
Analyst Ratings Changes
A number of brokerages have commented on PARA. Credit Suisse Group lifted their price objective on shares of Paramount Global from $20.00 to $23.00 and gave the stock a “neutral” rating in a research note on Friday, February 17th. Loop Capital cut shares of Paramount Global from a “hold” rating to a “sell” rating and dropped their price target for the stock from $30.00 to $14.00 in a research note on Friday, December 23rd. Benchmark restated a “buy” rating and issued a $31.00 price target on shares of Paramount Global in a report on Wednesday, February 15th. Macquarie lowered shares of Paramount Global from a “neutral” rating to an “underperform” rating and set a $15.00 price target for the company. in a report on Tuesday, January 31st. Finally, Morgan Stanley cut their price objective on shares of Paramount Global from $15.00 to $14.00 and set an “underweight” rating on the stock in a research report on Monday, December 19th. Eleven equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Paramount Global presently has a consensus rating of “Hold” and a consensus target price of $21.86.
Paramount Global Profile
Paramount Global operates as a mass media company, which creates and distributes content across a variety of platforms to audiences around the world. It operates its business through the following segments: Entertainment, Cable Networks, Publishing, and Local Media. The Entertainment segment is composed of the CBS Television Network, CBS Television Studios, CBS Studios International, CBS Television Distribution, CBS Interactive, and CBS Films, as well as the company’s digital streaming services, CBS All Access and CBSN.
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