Slate Path Capital LP Purchases 3,741,000 Shares of Paramount Global (NASDAQ:PARA)

Slate Path Capital LP lifted its holdings in shares of Paramount Global (NASDAQ:PARA) by 42.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,586,000 shares of the company’s stock after purchasing an additional 3,741,000 shares during the quarter. Paramount Global accounts for approximately 2.4% of Slate Path Capital LP’s portfolio, making the stock its 18th largest position. Slate Path Capital LP’s holdings in Paramount Global were worth $131,650,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Virtu Financial LLC bought a new stake in Paramount Global in the 3rd quarter worth approximately $196,000. Franklin Resources Inc. raised its position in Paramount Global by 824.1% in the 3rd quarter. Franklin Resources Inc. now owns 195,690 shares of the company’s stock worth $2,029,000 after purchasing an additional 174,514 shares during the period. Retirement Systems of Alabama lifted its stake in Paramount Global by 12.8% in the third quarter. Retirement Systems of Alabama now owns 179,384 shares of the company’s stock worth $1,905,000 after purchasing an additional 20,335 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Paramount Global by 22.3% during the third quarter. Principal Financial Group Inc. now owns 683,401 shares of the company’s stock valued at $7,258,000 after buying an additional 124,740 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in Paramount Global by 74.0% during the 4th quarter. GAMMA Investing LLC now owns 10,842 shares of the company’s stock valued at $113,000 after acquiring an additional 4,611 shares during the period. Hedge funds and other institutional investors own 73.00% of the company’s stock.

Paramount Global Stock Down 1.6 %

Shares of NASDAQ PARA opened at $10.76 on Tuesday. The firm’s 50-day moving average price is $11.38 and its 200-day moving average price is $10.96. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.85. Paramount Global has a 12-month low of $9.54 and a 12-month high of $14.54. The stock has a market capitalization of $7.18 billion, a price-to-earnings ratio of -1.31, a P/E/G ratio of 1.68 and a beta of 1.31.

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

Paramount Global Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Monday, March 17th were issued a $0.05 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.20 annualized dividend and a dividend yield of 1.86%. Paramount Global’s payout ratio is currently -2.15%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PARA. Needham & Company LLC restated a “hold” rating on shares of Paramount Global in a research report on Thursday, February 27th. StockNews.com began coverage on shares of Paramount Global in a report on Tuesday, April 15th. They issued a “hold” rating for the company. Deutsche Bank Aktiengesellschaft cut Paramount Global from a “buy” rating to a “hold” rating and set a $12.00 target price for the company. in a research note on Wednesday, April 2nd. Benchmark restated a “buy” rating and set a $19.00 price target on shares of Paramount Global in a report on Thursday, February 27th. Finally, Guggenheim reissued a “buy” rating and issued a $14.00 target price on shares of Paramount Global in a report on Thursday, February 27th. Seven equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $11.92.

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.