Readystate Asset Management LP Takes Position in Paramount Global (NASDAQ:PARA)

Readystate Asset Management LP purchased a new stake in shares of Paramount Global (NASDAQ:PARA) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 241,980 shares of the company’s stock, valued at approximately $3,579,000.

Other hedge funds have also modified their holdings of the company. VisionPoint Advisory Group LLC bought a new stake in shares of Paramount Global during the third quarter valued at approximately $25,000. Anchor Investment Management LLC bought a new stake in shares of Paramount Global during the fourth quarter valued at approximately $30,000. Archer Investment Corp bought a new position in Paramount Global in the fourth quarter valued at approximately $30,000. Cornerstone Planning Group LLC bought a new position in Paramount Global in the second quarter valued at approximately $30,000. Finally, ICA Group Wealth Management LLC bought a new position in Paramount Global in the fourth quarter valued at approximately $32,000. 73.00% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PARA has been the topic of a number of recent research reports. JPMorgan Chase & Co. reduced their price objective on shares of Paramount Global from $13.00 to $12.00 and set an “underweight” rating on the stock in a research note on Thursday, April 4th. Wolfe Research upgraded shares of Paramount Global from an “underperform” rating to a “peer perform” rating in a report on Thursday, April 4th. Benchmark cut their target price on shares of Paramount Global from $30.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, February 29th. Needham & Company LLC reiterated a “buy” rating and issued a $15.00 target price on shares of Paramount Global in a report on Thursday, February 29th. Finally, Wells Fargo & Company upgraded shares of Paramount Global from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $15.00 to $18.00 in a report on Wednesday, December 20th. Eight analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Paramount Global has an average rating of “Hold” and a consensus target price of $13.79.

Paramount Global Stock Up 3.6 %

Paramount Global stock traded up $0.38 during mid-day trading on Wednesday, reaching $10.81. The company’s stock had a trading volume of 11,533,257 shares, compared to its average volume of 19,030,205. The company has a market capitalization of $7.05 billion, a price-to-earnings ratio of -10.60, a price-to-earnings-growth ratio of 0.41 and a beta of 1.77. Paramount Global has a 12 month low of $10.12 and a 12 month high of $24.00. The business’s 50 day simple moving average is $11.57 and its 200 day simple moving average is $12.87. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.17 and a current ratio of 1.32.

Paramount Global (NASDAQ:PARA) last released its earnings results on Wednesday, February 28th. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.09. Paramount Global had a negative net margin of 2.05% and a positive return on equity of 1.78%. The business had revenue of $7.64 billion during the quarter, compared to the consensus estimate of $7.80 billion. During the same quarter last year, the firm earned $0.08 earnings per share. The firm’s revenue for the quarter was down 6.1% compared to the same quarter last year. As a group, research analysts anticipate that Paramount Global will post 1.17 earnings per share for the current year.

Paramount Global Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 17th will be given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.85%. The ex-dividend date is Monday, June 17th. Paramount Global’s dividend payout ratio (DPR) is presently -19.61%.

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.