Principal Financial Group Inc. Acquires 9,633 Shares of Paramount Global (NASDAQ:PARA)

Principal Financial Group Inc. boosted its position in Paramount Global (NASDAQ:PARA) by 1.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 559,491 shares of the company’s stock after purchasing an additional 9,633 shares during the quarter. Principal Financial Group Inc. owned about 0.09% of Paramount Global worth $6,585,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Amalgamated Bank lifted its stake in Paramount Global by 9.1% in the 4th quarter. Amalgamated Bank now owns 145,473 shares of the company’s stock worth $2,152,000 after purchasing an additional 12,174 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in shares of Paramount Global by 541.7% during the 4th quarter. International Assets Investment Management LLC now owns 708,662 shares of the company’s stock worth $10,481,000 after acquiring an additional 598,235 shares during the last quarter. Schonfeld Strategic Advisors LLC bought a new stake in shares of Paramount Global during the 3rd quarter worth $1,240,000. Caprock Group LLC lifted its holdings in shares of Paramount Global by 2.9% during the 4th quarter. Caprock Group LLC now owns 50,252 shares of the company’s stock worth $746,000 after acquiring an additional 1,401 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Paramount Global by 19.9% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 57,368 shares of the company’s stock worth $848,000 after acquiring an additional 9,512 shares during the last quarter. 73.00% of the stock is currently owned by hedge funds and other institutional investors.

Paramount Global Trading Up 0.2 %

Shares of NASDAQ PARA traded up $0.02 during midday trading on Friday, hitting $11.48. 4,257,460 shares of the company traded hands, compared to its average volume of 18,846,877. Paramount Global has a 12-month low of $9.54 and a 12-month high of $17.50. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.19 and a current ratio of 1.29. The stock has a 50-day moving average price of $11.63 and a 200 day moving average price of $12.32. The firm has a market cap of $7.65 billion, a P/E ratio of -76.53, a P/E/G ratio of 0.38 and a beta of 1.78.

Paramount Global (NASDAQ:PARA) last announced its quarterly earnings results on Monday, April 29th. The company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.28. Paramount Global had a negative net margin of 0.15% and a positive return on equity of 3.35%. The company had revenue of $7.69 billion for the quarter, compared to analysts’ expectations of $7.73 billion. During the same quarter in the previous year, the company earned $0.09 earnings per share. Paramount Global’s quarterly revenue was up 5.8% on a year-over-year basis. As a group, analysts expect that Paramount Global will post 1.31 earnings per share for the current year.

Paramount Global Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Monday, June 17th were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.74%. The ex-dividend date was Monday, June 17th. Paramount Global’s dividend payout ratio is currently -133.32%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on PARA shares. Rosenblatt Securities reaffirmed a “neutral” rating and set a $14.00 price objective on shares of Paramount Global in a report on Tuesday, June 4th. Raymond James reaffirmed a “market perform” rating on shares of Paramount Global in a report on Tuesday, March 26th. Wolfe Research raised shares of Paramount Global from an “underperform” rating to a “peer perform” rating in a report on Thursday, April 4th. JPMorgan Chase & Co. lowered their price target on shares of Paramount Global from $13.00 to $12.00 and set an “underweight” rating for the company in a research note on Thursday, April 4th. Finally, Benchmark reissued a “buy” rating and issued a $19.00 price target on shares of Paramount Global in a research note on Tuesday, April 30th. 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, the company presently has a consensus rating of “Hold” and an average target price of $13.29.

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.