Readystate Asset Management LP Invests $3.58 Million in Paramount Global (NASDAQ:PARA)

Readystate Asset Management LP acquired a new position in shares of Paramount Global (NASDAQ:PARA) in the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 241,980 shares of the company’s stock, valued at approximately $3,579,000.

Other large investors also recently modified their holdings of the company. VisionPoint Advisory Group LLC bought a new position in shares of Paramount Global in the third quarter valued at $25,000. Anchor Investment Management LLC bought a new position in shares of Paramount Global in the fourth quarter valued at $30,000. Archer Investment Corp bought a new position in shares of Paramount Global in the fourth quarter valued at $30,000. Cornerstone Planning Group LLC bought a new position in shares of Paramount Global in the second quarter valued at $30,000. Finally, ICA Group Wealth Management LLC bought a new position in shares of Paramount Global in the fourth quarter valued at $32,000. 73.00% of the stock is currently owned by institutional investors and hedge funds.

Paramount Global Trading Up 3.6 %

Shares of PARA traded up $0.38 during mid-day trading on Wednesday, reaching $10.81. The company’s stock had a trading volume of 11,533,257 shares, compared to its average volume of 19,030,205. The stock has a market cap of $7.05 billion, a PE ratio of -10.60, a P/E/G ratio of 0.41 and a beta of 1.77. The company has a current ratio of 1.32, a quick ratio of 1.17 and a debt-to-equity ratio of 0.63. Paramount Global has a 52 week low of $10.12 and a 52 week high of $24.00. The company’s fifty day moving average price is $11.57 and its two-hundred day moving average price is $12.87.

Paramount Global (NASDAQ:PARA) last announced its quarterly earnings data on Wednesday, February 28th. The company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.09. The firm had revenue of $7.64 billion during the quarter, compared to analyst estimates of $7.80 billion. Paramount Global had a negative net margin of 2.05% and a positive return on equity of 1.78%. The business’s quarterly revenue was down 6.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.08 EPS. On average, analysts predict that Paramount Global will post 1.17 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

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

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on PARA shares. Redburn Atlantic lowered shares of Paramount Global from a “neutral” rating to a “sell” rating and dropped their price target for the company from $17.00 to $11.00 in a research report on Thursday, January 11th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Paramount Global from $20.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, February 28th. StockNews.com raised shares of Paramount Global from a “sell” rating to a “hold” rating in a research report on Wednesday, April 10th. Moffett Nathanson raised shares of Paramount Global from a “sell” rating to a “neutral” rating and set a $13.00 price target on the stock in a research report on Tuesday, January 9th. Finally, Needham & Company LLC reissued a “buy” rating and set a $15.00 price target on shares of Paramount Global in a research report on Thursday, February 29th. Eight research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $13.79.

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.