AXQ Capital LP Buys New Holdings in Paramount Global (NASDAQ:PARA)

AXQ Capital LP bought a new stake in Paramount Global (NASDAQ:PARA – Get Rating) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 14,879 shares of the company’s stock, valued at approximately $251,000.

A number of other large investors have also modified their holdings of PARA. Brinker Capital Investments LLC raised its stake in Paramount Global by 1.6% during the fourth quarter. Brinker Capital Investments LLC now owns 29,322 shares of the company’s stock worth $495,000 after acquiring an additional 448 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. raised its stake in Paramount Global by 4.6% during the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 11,034 shares of the company’s stock worth $186,000 after acquiring an additional 485 shares in the last quarter. Synovus Financial Corp raised its stake in Paramount Global by 4.7% during the fourth quarter. Synovus Financial Corp now owns 12,978 shares of the company’s stock worth $219,000 after acquiring an additional 588 shares in the last quarter. Penobscot Wealth Management raised its stake in Paramount Global by 3.5% during the fourth quarter. Penobscot Wealth Management now owns 18,803 shares of the company’s stock worth $318,000 after acquiring an additional 640 shares in the last quarter. Finally, TD Asset Management Inc raised its stake in Paramount Global by 0.5% during the fourth quarter. TD Asset Management Inc now owns 181,938 shares of the company’s stock worth $3,071,000 after acquiring an additional 834 shares in the last quarter. 74.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on PARA shares. Benchmark reiterated a “buy” rating and set a $31.00 price objective on shares of Paramount Global in a research note on Wednesday, February 15th. Needham & Company LLC restated a “buy” rating and set a $28.00 target price on shares of Paramount Global in a report on Friday, April 14th. Macquarie cut Paramount Global from a “neutral” rating to an “underperform” rating and set a $15.00 target price on the stock. in a report on Tuesday, January 31st. Credit Suisse Group increased their target price on Paramount Global from $20.00 to $23.00 and gave the stock a “neutral” rating in a report on Friday, February 17th. Finally, StockNews.com assumed coverage on Paramount Global in a report on Thursday, May 18th. They set a “sell” rating on the stock. Ten investment analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $21.09.

Paramount Global Trading Down 3.8 %

NASDAQ:PARA opened at $14.08 on Friday. Paramount Global has a 1-year low of $13.80 and a 1-year high of $34.50. The business’s 50-day moving average price is $19.82 and its two-hundred day moving average price is $19.99. The company has a current ratio of 1.12, a quick ratio of 1.02 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $9.17 billion, a price-to-earnings ratio of -18.05, a PEG ratio of 3.79 and a beta of 1.64.

Paramount Global (NASDAQ:PARA – Get Rating) last released its earnings results on Thursday, May 4th. The company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.03). The company had revenue of $7.27 billion during the quarter, compared to analyst estimates of $7.42 billion. Paramount Global had a negative net margin of 1.49% and a positive return on equity of 3.64%. The company’s quarterly revenue was down .9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.60 EPS. On average, equities analysts expect that Paramount Global will post 0.68 earnings per share for the current year.

Paramount Global Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 3rd. Stockholders of record on Thursday, June 15th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.42%. The ex-dividend date is Wednesday, June 14th. Paramount Global’s dividend payout ratio is currently -123.08%.

Insider Transactions at Paramount Global

In other Paramount Global news, Director Shari Redstone purchased 165,000 shares of the company’s stock in a transaction dated Tuesday, May 16th. The shares were bought at an average price of $15.06 per share, with a total value of $2,484,900.00. Following the completion of the transaction, the director now directly owns 577,064 shares in the company, valued at approximately $8,690,583.84. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.53% of the stock is currently owned by insiders.

About Paramount Global

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Paramount Global operates as a mass media company, which creates and distributes content across a variety of platforms to audiences around the world. It operates its business through the following segments: Entertainment, Cable Networks, Publishing, and Local Media. The Entertainment segment is composed of the CBS Television Network, CBS Television Studios, CBS Studios International, CBS Television Distribution, CBS Interactive, and CBS Films, as well as the company’s digital streaming services, CBS All Access and CBSN.