Cambridge Financial Group Inc. Increases Holdings in Paramount Global (NASDAQ:PARA)

Cambridge Financial Group Inc. boosted its stake in shares of Paramount Global (NASDAQ:PARA) by 41.6% during the 4th quarter, Holdings Channel.com reports. The firm owned 382,437 shares of the company’s stock after purchasing an additional 112,292 shares during the quarter. Paramount Global comprises approximately 2.8% of Cambridge Financial Group Inc.’s holdings, making the stock its 25th biggest position. Cambridge Financial Group Inc.’s holdings in Paramount Global were worth $5,656,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Legacy Financial Advisors Inc. acquired a new stake in Paramount Global in the 4th quarter worth about $296,000. M&T Bank Corp raised its stake in Paramount Global by 4.8% in the 4th quarter. M&T Bank Corp now owns 28,451 shares of the company’s stock valued at $421,000 after purchasing an additional 1,308 shares during the last quarter. Merit Financial Group LLC lifted its holdings in Paramount Global by 9.9% in the 4th quarter. Merit Financial Group LLC now owns 13,773 shares of the company’s stock valued at $204,000 after purchasing an additional 1,242 shares in the last quarter. Carson Advisory Inc. boosted its stake in Paramount Global by 10.2% during the 4th quarter. Carson Advisory Inc. now owns 49,630 shares of the company’s stock worth $734,000 after purchasing an additional 4,603 shares during the last quarter. Finally, Amalgamated Bank grew its holdings in shares of Paramount Global by 9.1% during the fourth quarter. Amalgamated Bank now owns 145,473 shares of the company’s stock worth $2,152,000 after buying an additional 12,174 shares in the last quarter. Hedge funds and other institutional investors own 73.00% of the company’s stock.

Analysts Set New Price Targets

PARA has been the subject of a number of analyst reports. Seaport Res Ptn lowered Paramount Global from a “buy” rating to a “neutral” rating in a research report on Thursday. Redburn Atlantic lowered Paramount Global from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $17.00 to $11.00 in a report on Thursday, January 11th. Argus lowered shares of Paramount Global from a “hold” rating to a “sell” rating in a report on Friday. Morgan Stanley cut their price objective on shares of Paramount Global from $11.00 to $10.00 and set an “underweight” rating for the company in a research report on Tuesday, February 27th. Finally, Raymond James reissued a “market perform” rating on shares of Paramount Global in a research note on Tuesday, March 26th. Ten research analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $13.58.

Paramount Global Stock Down 7.0 %

PARA traded down $0.97 during trading hours on Friday, hitting $12.89. 67,049,331 shares of the company’s stock were exchanged, compared to its average volume of 24,884,946. The firm has a market cap of $8.41 billion, a P/E ratio of -85.93, a price-to-earnings-growth ratio of 0.39 and a beta of 1.74. Paramount Global has a 12-month low of $10.12 and a 12-month high of $19.04. The company has a current ratio of 1.29, a quick ratio of 1.17 and a debt-to-equity ratio of 0.65. The firm has a 50 day moving average of $11.55 and a 200 day moving average of $12.89.

Paramount Global (NASDAQ:PARA) last posted its quarterly earnings data on Monday, April 29th. The company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.28. The business had revenue of $7.69 billion for the quarter, compared to analyst estimates of $7.73 billion. Paramount Global had a positive return on equity of 3.35% and a negative net margin of 0.15%. The company’s revenue was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.09 earnings per share. Analysts predict that Paramount Global will post 1.32 EPS for the current fiscal year.

Paramount Global Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 17th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Monday, June 17th. This represents a $0.20 annualized dividend and a yield of 1.55%. Paramount Global’s dividend payout ratio (DPR) is -133.32%.

Paramount Global 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.