Paramount Global (NASDAQ:PARA) Shares Bought by M&T Bank Corp

M&T Bank Corp grew its holdings in Paramount Global (NASDAQ:PARA) by 31.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 44,233 shares of the company’s stock after buying an additional 10,528 shares during the quarter. M&T Bank Corp’s holdings in Paramount Global were worth $529,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of PARA. Envestnet Asset Management Inc. grew its position in Paramount Global by 77.8% during the first quarter. Envestnet Asset Management Inc. now owns 152,175 shares of the company’s stock worth $1,820,000 after buying an additional 66,595 shares during the period. IFM Investors Pty Ltd purchased a new stake in shares of Paramount Global during the 1st quarter worth approximately $1,261,000. Teacher Retirement System of Texas acquired a new stake in shares of Paramount Global in the 1st quarter worth approximately $1,040,000. DAVENPORT & Co LLC purchased a new position in Paramount Global in the 1st quarter valued at approximately $407,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in Paramount Global by 8.0% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 12,259 shares of the company’s stock worth $147,000 after purchasing an additional 907 shares during the last quarter. 73.00% of the stock is currently owned by hedge funds and other institutional investors.

Paramount Global Stock Performance

NASDAQ:PARA opened at $12.96 on Wednesday. The firm has a 50-day moving average of $12.21 and a two-hundred day moving average of $11.51. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.29 and a quick ratio of 1.18. The stock has a market cap of $8.74 billion, a P/E ratio of -1.57, a PEG ratio of 3.94 and a beta of 1.19. Paramount Global has a 1-year low of $9.95 and a 1-year high of $13.29.

Paramount Global (NASDAQ:PARA) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.02. The business had revenue of $7.19 billion during the quarter, compared to the consensus estimate of $7.14 billion. Paramount Global had a negative net margin of 19.09% and a positive return on equity of 4.80%. The business’s quarterly revenue was down 6.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.62 earnings per share. On average, research analysts expect that Paramount Global will post 1.77 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date was Monday, June 16th. Paramount Global’s dividend payout ratio is presently -2.43%.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Wall Street Zen started coverage on shares of Paramount Global in a report on Saturday, May 17th. They issued a “hold” rating on the stock. Morgan Stanley reduced their target price on Paramount Global from $11.00 to $10.00 and set an “underweight” rating on the stock in a research note on Tuesday, May 6th. Benchmark dropped their price target on Paramount Global from $19.00 to $16.00 and set a “buy” rating for the company in a research report on Tuesday, May 6th. UBS Group cut their price target on Paramount Global from $11.00 to $10.00 and set a “sell” rating for the company in a report on Tuesday, April 15th. Finally, Guggenheim reaffirmed a “buy” rating and set a $14.00 price objective on shares of Paramount Global in a research note on Thursday, June 26th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, Paramount Global presently has a consensus rating of “Hold” and a consensus price target of $11.67.

About Paramount Global

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.