Legal & General Group Plc Has $13.77 Million Stake in Paramount Global (NASDAQ:PARA)

Legal & General Group Plc reduced its stake in shares of Paramount Global (NASDAQ:PARA) by 51.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,316,389 shares of the company’s stock after selling 1,389,598 shares during the quarter. Legal & General Group Plc owned 0.20% of Paramount Global worth $13,769,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Allworth Financial LP increased its position in shares of Paramount Global by 140.1% during the 4th quarter. Allworth Financial LP now owns 2,391 shares of the company’s stock worth $25,000 after purchasing an additional 1,395 shares in the last quarter. Mountain Hill Investment Partners Corp. acquired a new stake in shares of Paramount Global during the fourth quarter worth approximately $31,000. Rakuten Securities Inc. raised its stake in shares of Paramount Global by 187.8% in the fourth quarter. Rakuten Securities Inc. now owns 3,094 shares of the company’s stock valued at $32,000 after acquiring an additional 2,019 shares during the last quarter. Atlas Capital Advisors Inc. acquired a new position in shares of Paramount Global in the 4th quarter worth approximately $35,000. Finally, Resona Asset Management Co. Ltd. bought a new stake in Paramount Global during the 4th quarter worth approximately $36,000. 73.00% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PARA. Deutsche Bank Aktiengesellschaft lowered Paramount Global from a “buy” rating to a “hold” rating and set a $12.00 price objective on the stock. in a research note on Wednesday, April 2nd. Benchmark restated a “buy” rating and issued a $19.00 price objective on shares of Paramount Global in a research report on Thursday, February 27th. Morgan Stanley upped their target price on shares of Paramount Global from $10.00 to $11.00 and gave the stock an “underweight” rating in a research report on Tuesday, February 4th. UBS Group dropped their price objective on shares of Paramount Global from $11.00 to $10.00 and set a “sell” rating for the company in a research report on Tuesday. Finally, Needham & Company LLC reissued a “hold” rating on shares of Paramount Global in a research note on Thursday, February 27th. Seven equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $11.92.

Paramount Global Price Performance

PARA opened at $10.86 on Wednesday. The stock has a market cap of $7.24 billion, a P/E ratio of -1.32, a P/E/G ratio of 1.68 and a beta of 1.31. Paramount Global has a 12 month low of $9.54 and a 12 month high of $14.54. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.85. The company has a fifty day simple moving average of $11.36 and a 200 day simple moving average of $10.95.

Paramount Global (NASDAQ:PARA) last announced its quarterly earnings results on Wednesday, February 26th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.29). Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. The business had revenue of $7.98 billion during the quarter, compared to the consensus estimate of $8.07 billion. On average, research analysts expect that Paramount Global will post 1.77 EPS for the current year.

Paramount Global Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Monday, March 17th were issued a dividend of $0.05 per share. The ex-dividend date was Monday, March 17th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.84%. Paramount Global’s payout ratio is -2.15%.

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.