Allianz Asset Management GmbH Boosts Stock Position in Paramount Global (NASDAQ:PARA)

Allianz Asset Management GmbH boosted its holdings in shares of Paramount Global (NASDAQ:PARA) by 48.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,425,849 shares of the company’s stock after purchasing an additional 787,516 shares during the quarter. Allianz Asset Management GmbH’s holdings in Paramount Global were worth $25,374,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the business. Handelsbanken Fonder AB raised its position in Paramount Global by 7.8% during the fourth quarter. Handelsbanken Fonder AB now owns 142,700 shares of the company’s stock valued at $1,493,000 after purchasing an additional 10,300 shares during the period. Ieq Capital LLC purchased a new stake in Paramount Global during the 4th quarter valued at $111,000. Kestra Investment Management LLC bought a new stake in Paramount Global in the fourth quarter worth $175,000. CIBC Asset Management Inc boosted its stake in Paramount Global by 2.5% during the fourth quarter. CIBC Asset Management Inc now owns 85,095 shares of the company’s stock worth $890,000 after buying an additional 2,052 shares during the period. Finally, State of New Jersey Common Pension Fund D increased its position in Paramount Global by 3.0% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 237,966 shares of the company’s stock valued at $2,489,000 after acquiring an additional 6,839 shares during the last quarter. Institutional investors own 73.00% of the company’s stock.

Paramount Global Stock Up 1.6 %

Shares of NASDAQ:PARA opened at $11.67 on Tuesday. The business’s 50 day moving average is $10.76 and its 200 day moving average is $10.72. The stock has a market cap of $7.78 billion, a P/E ratio of -1.42, a price-to-earnings-growth ratio of 1.68 and a beta of 1.69. Paramount Global has a 52-week low of $9.54 and a 52-week 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.

Paramount Global Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 17th 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 1.71%. The ex-dividend date of this dividend is Monday, March 17th. Paramount Global’s payout ratio is -2.43%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PARA. Needham & Company LLC restated a “hold” rating on shares of Paramount Global in a report on Monday, November 11th. Macquarie reissued an “underperform” rating and issued a $10.00 price objective on shares of Paramount Global in a research note on Monday, November 11th. Morgan Stanley boosted their target price on Paramount Global from $10.00 to $11.00 and gave the company an “underweight” rating in a research report on Tuesday, February 4th. Finally, StockNews.com upgraded Paramount Global from a “sell” rating to a “hold” rating in a report on Monday, November 11th. Six investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $12.58.

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.