Bank of Nova Scotia Buys 14,270 Shares of Paramount Global (NASDAQ:PARA)

Bank of Nova Scotia lifted its holdings in Paramount Global (NASDAQ:PARAFree Report) by 74.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 33,481 shares of the company’s stock after acquiring an additional 14,270 shares during the period. Bank of Nova Scotia’s holdings in Paramount Global were worth $495,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. VisionPoint Advisory Group LLC purchased a new stake in shares of Paramount Global in the third quarter valued at approximately $25,000. Anchor Investment Management LLC purchased a new stake in shares of Paramount Global in the 4th quarter worth $30,000. Archer Investment Corp bought a new stake in shares of Paramount Global in the fourth quarter valued at about $30,000. Friedenthal Financial bought a new stake in shares of Paramount Global in the 4th quarter valued at about $39,000. Finally, Clear Street Markets LLC lifted its holdings in Paramount Global by 433.4% during the third quarter. Clear Street Markets LLC now owns 3,531 shares of the company’s stock worth $46,000 after buying an additional 2,869 shares during the period. Hedge funds and other institutional investors own 73.00% of the company’s stock.

Paramount Global Stock Performance

NASDAQ:PARA opened at $12.01 on Friday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.19 and a current ratio of 1.29. The stock has a market capitalization of $8.00 billion, a PE ratio of -80.06, a P/E/G ratio of 0.36 and a beta of 1.78. Paramount Global has a fifty-two week low of $10.12 and a fifty-two week high of $17.50. The company has a fifty day moving average of $12.09 and a two-hundred day moving average of $12.94.

Paramount Global (NASDAQ:PARAGet Free Report) last issued its quarterly earnings results on Monday, April 29th. The company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.28. Paramount Global had a negative net margin of 0.15% and a positive return on equity of 3.35%. The firm had revenue of $7.69 billion for the quarter, compared to analyst estimates of $7.73 billion. During the same period last year, the company posted $0.09 EPS. Paramount Global’s quarterly revenue was up 5.8% compared to the same quarter last year. As a group, research analysts forecast that Paramount Global will post 1.32 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 17th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.67%. The ex-dividend date of this dividend is Monday, June 17th. Paramount Global’s payout ratio is -133.32%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on PARA shares. Morgan Stanley dropped their price objective on Paramount Global from $11.00 to $10.00 and set an “underweight” rating on the stock in a research report on Tuesday, February 27th. Rosenblatt Securities reiterated a “neutral” rating and set a $14.00 price objective on shares of Paramount Global in a report on Tuesday, June 4th. Benchmark restated a “buy” rating and set a $19.00 target price on shares of Paramount Global in a research note on Tuesday, April 30th. Argus cut Paramount Global from a “hold” rating to a “sell” rating in a research note on Friday, May 3rd. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on Paramount Global from $20.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, February 28th. Nine research analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Paramount Global presently has a consensus rating of “Hold” and a consensus target price of $13.63.

Check Out Our Latest Analysis on Paramount Global

About Paramount Global

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Paramount Global (NASDAQ:PARA)

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