The Vanguard Group, Inc. recently announced the acquisition of new stake in Paramount Global (NASDAQ:PARA). The institutional investor has increased its shareholding in the Communication Services company by 0.38% to 56.62 million shares with purchase of 0.22 million shares. This fresh investment now brings its stake to 9.28% valued currently at $854.43 million. In addition, Geode Capital Management LLC raised its holdings by 0.21 million to 11.66 million shares. And Charles Schwab Investment Managem has lifted its position by 6.91% or 0.75 million shares – to 11.53 million shares.
With over 18.41 million Paramount Global (PARA) shares trading Friday and a closing price of $14.06 on the day, the dollar volume was approximately $258.79 million. The shares have shown a negative half year performance of -29.59% and its price on 09/15/23 gained nearly 1.96%. Currently, there are 651.00M common shares owned by the public and among those 584.01M shares have been available to trade.
Insiders at the company have transacted a total of 77 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 57 of these insider trades were purchases, accounting for 682,107 shares. Insider sales of the common stock occurred on 20 occasions, with total insider shares sold totaling 213,570 shares.
The top 3 mutual fund holders in Paramount Global are Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and Vanguard Mid Cap Index Fund. Vanguard Total Stock Market ETF owns 15.51 million shares of the company’s stock, all valued at over $234.03 million. The company sold 1346.0 shares recently to bring their total holdings to about 2.54% of the shares outstanding. Vanguard 500 Index Fund bought 59636.0 shares to see its total holdings expand to 12.2 million shares valued at over $184.1 million and representing 2.00% of the shares outstanding. Vanguard Mid Cap Index Fund bought 15279.0 shares to bring its total holdings to over 11.33 million shares at a value of $170.92 million. Vanguard Mid Cap Index Fund now owns shares totaling to 1.86% of the shares outstanding.
However, the script later moved the day high at 14.56, up 1.96%. The company’s stock has a 5-day price change of 2.93% and -14.94% over the past three months. PARA shares are trading -16.71% year to date (YTD), with the 12-month market performance down to -35.86% lower. It has a 12-month low price of $12.84 and touched a high of $25.93 over the same period. PARA has an average intraday trading volume of 11.41 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -1.06%, -7.08%, and -23.49% respectively.
Institutional ownership of Paramount Global (NASDAQ: PARA) shares accounts for 81.80% of the company’s 651.00M shares outstanding. Mutual fund holders own 45.59%, while other institutional holders and individual stakeholders account for 5.64% and 33.07% respectively.
It has a market capitalization of $9.12B and a beta (3y monthly) value of 1.69. The earnings-per-share (ttm) stands at -$2.48. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.73% over the week and 3.65% over the month.
Analysts forecast that Paramount Global (PARA) will achieve an EPS of $Marathon Digital Holdings, Inc. for the current quarter, $9.80 for the next quarter and $Stocks for Type. The lowest estimate earnings-per-share for the quarter is $Plains All American Pipeline, L while analysts give the company a high EPS estimate of $Cara Therapeutics, Inc.. Comparatively, EPS for the current quarter was $Par Pacific Holdings, Inc. Comm a year ago. Earnings per share for the fiscal year are expected to decrease by -84.50%, and 171.09% over the next financial year. EPS should grow at an annualized rate of -3.70% over the next five years, compared to -27.30% over the past 5-year period.
Looking at the support for the PARA, a number of firms have released research notes about the stock. Wolfe Research stated their Underperform rating for the stock in a research note on July 07, 2023, with the firm’s price target at $14.