Archer Investment Corp Acquires New Position in Paramount Global (NASDAQ:PARA)

Archer Investment Corp purchased a new stake in shares of Paramount Global (NASDAQ:PARA) in the fourth quarter, HoldingsChannel.com reports. The fund purchased 2,000 shares of the company’s stock, valued at approximately $30,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. VisionPoint Advisory Group LLC acquired a new stake in shares of Paramount Global during the 3rd quarter valued at approximately $25,000. Anchor Investment Management LLC acquired a new stake in shares of Paramount Global during the 4th quarter valued at approximately $30,000. Cornerstone Planning Group LLC acquired a new stake in shares of Paramount Global during the 2nd quarter valued at approximately $30,000. ICA Group Wealth Management LLC acquired a new stake in shares of Paramount Global during the 4th quarter valued at approximately $32,000. Finally, WFA of San Diego LLC lifted its position in shares of Paramount Global by 635.0% during the 3rd quarter. WFA of San Diego LLC now owns 2,646 shares of the company’s stock valued at $34,000 after acquiring an additional 2,286 shares during the period. 73.00% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PARA. Deutsche Bank Aktiengesellschaft cut their price objective on Paramount Global from $20.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, February 28th. StockNews.com upgraded Paramount Global from a “sell” rating to a “hold” rating in a research report on Wednesday, April 10th. Wolfe Research upgraded Paramount Global from an “underperform” rating to a “peer perform” rating in a research report on Thursday, April 4th. Rosenblatt Securities restated a “neutral” rating and set a $13.00 price objective on shares of Paramount Global in a research report on Tuesday, April 9th. Finally, Redburn Atlantic downgraded Paramount Global from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $17.00 to $11.00 in a research report on Thursday, January 11th. Eight analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Paramount Global has an average rating of “Hold” and an average price target of $13.79.

Paramount Global Stock Up 3.6 %

Shares of NASDAQ PARA opened at $10.81 on Thursday. Paramount Global has a 52-week low of $10.12 and a 52-week high of $24.00. The firm has a fifty day moving average of $11.57 and a 200-day moving average of $12.87. The stock has a market capitalization of $7.05 billion, a PE ratio of -10.60, a P/E/G ratio of 0.37 and a beta of 1.77. The company has a quick ratio of 1.17, a current ratio of 1.32 and a debt-to-equity ratio of 0.63.

Paramount Global (NASDAQ:PARA) last announced its quarterly earnings data on Wednesday, February 28th. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $7.64 billion during the quarter, compared to analysts’ expectations of $7.80 billion. During the same period in the previous year, the company earned $0.08 EPS. The business’s quarterly revenue was down 6.1% compared to the same quarter last year. On average, analysts anticipate that Paramount Global will post 1.2 EPS for the current year.

Paramount Global Announces Dividend

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

Paramount Global Company 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.