Mirae Asset Global Investments Co. Ltd. Has $3.07 Million Stock Position in Paramount Global (NASDAQ:PARA)

Mirae Asset Global Investments Co. Ltd. grew its position in Paramount Global (NASDAQ:PARA) by 54.5% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 207,305 shares of the company’s stock after acquiring an additional 73,112 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Paramount Global were worth $3,066,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. boosted its stake in Paramount Global by 30.4% in the 1st quarter. BlackRock Inc. now owns 54,882,034 shares of the company’s stock worth $1,224,418,000 after purchasing an additional 12,783,448 shares during the period. State Street Corp boosted its stake in Paramount Global by 7.3% in the 1st quarter. State Street Corp now owns 35,333,056 shares of the company’s stock worth $796,459,000 after purchasing an additional 2,402,874 shares during the period. Invesco Ltd. boosted its stake in Paramount Global by 9.4% in the 3rd quarter. Invesco Ltd. now owns 14,832,568 shares of the company’s stock worth $191,340,000 after purchasing an additional 1,272,851 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Paramount Global by 15.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 13,299,798 shares of the company’s stock worth $171,567,000 after purchasing an additional 1,767,173 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Paramount Global by 1.7% in the 1st quarter. Geode Capital Management LLC now owns 11,450,500 shares of the company’s stock worth $255,814,000 after purchasing an additional 192,826 shares during the period. Institutional investors and hedge funds own 73.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. reduced their target price on shares of Paramount Global from $13.00 to $12.00 and set an “underweight” rating for the company in a research note on Thursday, April 4th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $13.00 target price on shares of Paramount Global in a research note on Tuesday, April 9th. Benchmark reduced their target price on shares of Paramount Global from $30.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, February 29th. Raymond James reissued a “market perform” rating on shares of Paramount Global in a research report on Tuesday, March 26th. Finally, Morgan Stanley cut their price target on shares of Paramount Global from $11.00 to $10.00 and set an “underweight” rating on the stock in a research report on Tuesday, February 27th. Eight investment analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Paramount Global presently has a consensus rating of “Hold” and an average target price of $13.79.

Paramount Global Stock Up 3.6 %

Shares of PARA stock opened at $10.81 on Thursday. The company has a quick ratio of 1.17, a current ratio of 1.32 and a debt-to-equity ratio of 0.63. The firm’s 50-day moving average is $11.57 and its 200-day moving average is $12.87. Paramount Global has a 52-week low of $10.12 and a 52-week high of $24.00.

Paramount Global (NASDAQ:PARA) last issued its earnings results on Wednesday, February 28th. The company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.09. The company had revenue of $7.64 billion for the quarter, compared to analysts’ expectations of $7.80 billion. Paramount Global had a negative net margin of 2.05% and a positive return on equity of 1.78%. Paramount Global’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.08 EPS. As a group, equities research analysts forecast that Paramount Global will post 1.2 EPS for the current fiscal year.

Paramount Global Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 17th will be issued a $0.05 dividend. The ex-dividend date is Monday, June 17th. This represents a $0.20 annualized dividend and a yield of 1.85%. Paramount Global’s dividend payout ratio is currently -19.61%.

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.