Granite Bay Wealth Management LLC Takes $501,000 Position in Paramount Global (NASDAQ:PARA)

Granite Bay Wealth Management LLC purchased a new stake in shares of Paramount Global (NASDAQ:PARA) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 48,214 shares of the company’s stock, valued at approximately $501,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Arizona State Retirement System raised its holdings in Paramount Global by 0.7% during the 4th quarter. Arizona State Retirement System now owns 134,210 shares of the company’s stock valued at $1,985,000 after buying an additional 887 shares during the period. International Assets Investment Management LLC increased its stake in Paramount Global by 541.7% in the fourth quarter. International Assets Investment Management LLC now owns 708,662 shares of the company’s stock worth $10,481,000 after purchasing an additional 598,235 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in Paramount Global by 54.5% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 207,305 shares of the company’s stock worth $3,066,000 after purchasing an additional 73,112 shares during the period. Impax Asset Management Group plc increased its stake in Paramount Global by 355.7% in the fourth quarter. Impax Asset Management Group plc now owns 52,321 shares of the company’s stock worth $774,000 after purchasing an additional 40,839 shares during the period. Finally, Cerity Partners LLC purchased a new stake in Paramount Global in the fourth quarter worth $1,402,000. Hedge funds and other institutional investors own 73.00% of the company’s stock.

Paramount Global Stock Performance

PARA stock traded up $0.02 on Monday, reaching $10.32. The company’s stock had a trading volume of 6,334,063 shares, compared to its average volume of 17,693,338. The firm has a fifty day moving average of $11.06 and a two-hundred day moving average of $11.74. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.15 and a current ratio of 1.30. Paramount Global has a 52 week low of $9.54 and a 52 week high of $17.50.

Paramount Global Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.94%. The ex-dividend date of this dividend is Monday, September 16th. Paramount Global’s payout ratio is -133.32%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on PARA shares. Benchmark reaffirmed a “buy” rating and set a $19.00 price objective on shares of Paramount Global in a research report on Friday. Needham & Company LLC reaffirmed a “hold” rating on shares of Paramount Global in a research report on Friday. Argus downgraded Paramount Global from a “hold” rating to a “sell” rating in a research report on Friday, May 3rd. Rosenblatt Securities reissued a “neutral” rating and issued a $14.00 price target on shares of Paramount Global in a report on Tuesday, June 4th. Finally, Wolfe Research downgraded Paramount Global from a “peer perform” rating to an “underperform” rating and set a $10.00 price target for the company. in a report on Tuesday, July 9th. Ten research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $12.94.

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.