Harvest Fund Management Co. Ltd Makes New Investment in Paramount Global (NASDAQ:PARA)

Harvest Fund Management Co. Ltd purchased a new stake in Paramount Global (NASDAQ:PARA) during the fourth quarter, Holdings Channel reports. The firm purchased 4,009 shares of the company’s stock, valued at approximately $59,000.

A number of other institutional investors have also modified their holdings of the company. GAMMA Investing LLC bought a new stake in shares of Paramount Global in the 4th quarter valued at about $66,000. Linden Thomas Advisory Services LLC boosted its holdings in shares of Paramount Global by 2.7% in the 4th quarter. Linden Thomas Advisory Services LLC now owns 47,707 shares of the company’s stock valued at $706,000 after buying an additional 1,261 shares in the last quarter. Duality Advisers LP bought a new stake in shares of Paramount Global in the 4th quarter valued at about $622,000. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in shares of Paramount Global by 1.9% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 48,971 shares of the company’s stock valued at $724,000 after buying an additional 897 shares in the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd bought a new stake in shares of Paramount Global in the 4th quarter valued at about $201,000. 73.00% of the stock is currently owned by institutional investors.

Paramount Global Price Performance

Paramount Global stock opened at $11.95 on Friday. The company’s fifty day moving average price is $11.49 and its 200 day moving average price is $12.88. Paramount Global has a 1 year low of $10.12 and a 1 year high of $24.00. The stock has a market capitalization of $7.80 billion, a P/E ratio of -11.94, a P/E/G ratio of 0.45 and a beta of 1.77. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.17 and a current ratio of 1.32.

Paramount Global (NASDAQ:PARA) last released its quarterly earnings results on Wednesday, February 28th. The company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.09. Paramount Global had a negative net margin of 2.05% and a positive return on equity of 1.78%. The firm had revenue of $7.64 billion for the quarter, compared to analysts’ expectations of $7.80 billion. During the same quarter last year, the company earned $0.08 EPS. The firm’s revenue for the quarter was down 6.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Paramount Global will post 1.2 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The firm 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. This represents a $0.20 annualized dividend and a dividend yield of 1.67%. The ex-dividend date of this dividend is Monday, June 17th. Paramount Global’s dividend payout ratio is currently -19.61%.

Analyst Ratings Changes

PARA has been the topic of a number of recent analyst reports. Rosenblatt Securities restated a “neutral” rating and issued a $13.00 price target on shares of Paramount Global in a report on Tuesday, April 9th. Morgan Stanley decreased their price objective on shares of Paramount Global from $11.00 to $10.00 and set an “underweight” rating for the company in a research report on Tuesday, February 27th. Benchmark decreased their price objective on shares of Paramount Global from $30.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday, February 29th. Moffett Nathanson raised shares of Paramount Global from a “sell” rating to a “neutral” rating and set a $13.00 price objective for the company in a research report on Tuesday, January 9th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $15.00 price objective on shares of Paramount Global in a research report on Thursday, February 29th. Eight analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $13.79.

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.