Contrarius Group Holdings Ltd Invests $146.23 Million in Paramount Global (NASDAQ:PARA)

Contrarius Group Holdings Ltd purchased a new position in Paramount Global (NASDAQ:PARA) in the fourth quarter, Holdings Channel.com reports. The firm purchased 13,979,941 shares of the company’s stock, valued at approximately $146,230,000. Paramount Global comprises 9.0% of Contrarius Group Holdings Ltd’s investment portfolio, making the stock its 3rd largest position.

A number of other large investors have also recently made changes to their positions in PARA. Allworth Financial LP grew its position in Paramount Global by 140.1% during the fourth quarter. Allworth Financial LP now owns 2,391 shares of the company’s stock valued at $25,000 after buying an additional 1,395 shares during the period. Huntington National Bank grew its position in Paramount Global by 129.0% during the third quarter. Huntington National Bank now owns 2,771 shares of the company’s stock valued at $29,000 after buying an additional 1,561 shares during the period. Rakuten Securities Inc. grew its position in Paramount Global by 187.8% during the fourth quarter. Rakuten Securities Inc. now owns 3,094 shares of the company’s stock valued at $32,000 after buying an additional 2,019 shares during the period. SBI Securities Co. Ltd. bought a new stake in Paramount Global during the fourth quarter valued at approximately $57,000. Finally, FNY Investment Advisers LLC grew its position in Paramount Global by 102.4% during the fourth quarter. FNY Investment Advisers LLC now owns 7,224 shares of the company’s stock valued at $75,000 after buying an additional 3,654 shares during the period. 73.00% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on PARA. Guggenheim restated a “buy” rating and set a $14.00 target price on shares of Paramount Global in a research report on Thursday, February 27th. Morgan Stanley upped their price target on shares of Paramount Global from $10.00 to $11.00 and gave the stock an “underweight” rating in a research report on Tuesday, February 4th. Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a research report on Thursday, February 27th. Finally, Benchmark reiterated a “buy” rating and issued a $19.00 price target on shares of Paramount Global in a research report on Thursday, February 27th. Six research analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $12.10.

Paramount Global Price Performance

PARA stock opened at $11.74 on Thursday. Paramount Global has a one year low of $9.54 and a one year high of $14.54. The company’s fifty day moving average price is $11.10 and its 200-day moving average price is $10.82. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.10 and a current ratio of 1.27. The company has a market capitalization of $7.83 billion, a PE ratio of -1.43, a price-to-earnings-growth ratio of 1.68 and a beta of 1.60.

Paramount Global (NASDAQ:PARA) last released its quarterly earnings results on Wednesday, February 26th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.29). The business had revenue of $7.98 billion for the quarter, compared to analysts’ expectations of $8.07 billion. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. On average, equities analysts anticipate that Paramount Global will post 1.77 EPS for the current fiscal year.

Paramount Global Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 17th will be paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date is Monday, March 17th. Paramount Global’s payout ratio is -2.15%.

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.