Legacy Financial Advisors Inc. Purchases Shares of 20,000 Paramount Global (NASDAQ:PARA)

Legacy Financial Advisors Inc. purchased a new stake in shares of Paramount Global (NASDAQ:PARA) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 20,000 shares of the company’s stock, valued at approximately $296,000.

Several other hedge funds have also bought and sold shares of the stock. International Assets Investment Management LLC raised its position in shares of Paramount Global by 541.7% during the fourth quarter. International Assets Investment Management LLC now owns 708,662 shares of the company’s stock valued at $10,481,000 after buying an additional 598,235 shares during the last quarter. Ariel Investments LLC raised its stake in Paramount Global by 18.0% during the third quarter. Ariel Investments LLC now owns 11,330,850 shares of the company’s stock valued at $146,168,000 after purchasing an additional 1,731,714 shares in the last quarter. Schonfeld Strategic Advisors LLC bought a new position in Paramount Global during the third quarter valued at $1,240,000. Caprock Group LLC lifted its stake in shares of Paramount Global by 2.9% in the 4th quarter. Caprock Group LLC now owns 50,252 shares of the company’s stock valued at $746,000 after purchasing an additional 1,401 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. increased its position in shares of Paramount Global by 1,201.5% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 84,600 shares of the company’s stock valued at $1,282,000 after purchasing an additional 78,100 shares during the last quarter. Institutional investors own 73.00% of the company’s stock.

Analyst Ratings Changes

PARA has been the topic of several analyst reports. JPMorgan Chase & Co. cut their price target on shares of Paramount Global from $13.00 to $12.00 and set an “underweight” rating on the stock in a report on Thursday, April 4th. StockNews.com cut Paramount Global from a “hold” rating to a “sell” rating in a report on Tuesday, April 30th. Wells Fargo & Company decreased their price objective on Paramount Global from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Tuesday, April 30th. Seaport Res Ptn cut shares of Paramount Global from a “buy” rating to a “neutral” rating in a report on Thursday. Finally, Raymond James restated a “market perform” rating on shares of Paramount Global in a report on Tuesday, March 26th. Ten research analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Paramount Global presently has an average rating of “Hold” and an average target price of $13.58.

Paramount Global Price Performance

Shares of Paramount Global stock traded down $0.97 during mid-day trading on Friday, reaching $12.89. 67,049,331 shares of the stock traded hands, compared to its average volume of 24,884,946. The company has a quick ratio of 1.17, a current ratio of 1.29 and a debt-to-equity ratio of 0.65. The business has a 50-day moving average of $11.55 and a 200 day moving average of $12.89. The stock has a market capitalization of $8.41 billion, a PE ratio of -85.93, a PEG ratio of 0.39 and a beta of 1.74. Paramount Global has a fifty-two week low of $10.12 and a fifty-two week high of $19.04.

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

Paramount Global Dividend Announcement

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

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.