Wilsey Asset Management Inc. Increases Stock Holdings in Paramount Global (NASDAQ:PARA)

Wilsey Asset Management Inc. boosted its stake in Paramount Global (NASDAQ:PARA) by 16.2% in the fourth quarter, Holdings Channel reports. The fund owned 1,902,332 shares of the company’s stock after buying an additional 265,408 shares during the quarter. Paramount Global makes up about 3.7% of Wilsey Asset Management Inc.’s holdings, making the stock its 15th biggest holding. Wilsey Asset Management Inc.’s holdings in Paramount Global were worth $19,898,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of PARA. Carson Advisory Inc. boosted its holdings in Paramount Global by 1.9% in the third quarter. Carson Advisory Inc. now owns 54,364 shares of the company’s stock valued at $577,000 after purchasing an additional 1,004 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Paramount Global by 1.6% during the 3rd quarter. PNC Financial Services Group Inc. now owns 92,019 shares of the company’s stock valued at $977,000 after buying an additional 1,481 shares during the last quarter. Huntington National Bank boosted its stake in shares of Paramount Global by 129.0% during the 3rd quarter. Huntington National Bank now owns 2,771 shares of the company’s stock valued at $29,000 after buying an additional 1,561 shares during the last quarter. Blue Trust Inc. grew its position in shares of Paramount Global by 162.8% during the third quarter. Blue Trust Inc. now owns 2,539 shares of the company’s stock worth $26,000 after buying an additional 1,573 shares in the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund increased its stake in shares of Paramount Global by 10.4% in the third quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 17,608 shares of the company’s stock worth $187,000 after buying an additional 1,663 shares during the last quarter. Institutional investors and hedge funds own 73.00% of the company’s stock.

Paramount Global Price Performance

PARA stock opened at $10.63 on Monday. Paramount Global has a 1 year low of $9.54 and a 1 year high of $14.54. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.85. The stock’s fifty day moving average is $10.75 and its two-hundred day moving average is $10.70.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings data on Friday, November 8th. The company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.25. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The firm had revenue of $6.73 billion for the quarter, compared to the consensus estimate of $6.94 billion. During the same period last year, the firm posted $0.30 EPS. Paramount Global’s quarterly revenue was down 5.6% compared to the same quarter last year. As a group, research analysts forecast that Paramount Global will post 1.77 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have commented on PARA. Macquarie reiterated an “underperform” rating and set a $10.00 price objective on shares of Paramount Global in a research note on Monday, November 11th. StockNews.com raised shares of Paramount Global from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Morgan Stanley boosted their price objective on Paramount Global from $10.00 to $11.00 and gave the company an “underweight” rating in a report on Tuesday, February 4th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Paramount Global in a report on Monday, November 11th. Six equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $12.58.

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.