Invesco Capital Management LLC 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 8.86% to 13.71 million shares with purchase of 1.12 million shares. This fresh investment now brings its stake to 2.24% valued currently at $196.94 million. In addition, Charles Schwab Investment Managem raised its holdings by 1.77 million to 13.3 million shares. And Contrarius Investment Management has lifted its position by 11.89% or 1.23 million shares – to 11.58 million shares.
With over 12.36 million Paramount Global (PARA) shares trading Friday and a closing price of $14.65 on the day, the dollar volume was approximately $181.03 million. The shares have shown a negative half year performance of -10.07% and its price on 01/05/24 gained nearly 1.10%. Currently, there are 609.00M common shares owned by the public and among those 576.53M shares have been available to trade.
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Insiders at the company have transacted a total of 58 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 45 of these insider trades were purchases, accounting for 583,813 shares. Insider sales of the common stock occurred on 13 occasions, with total insider shares sold totaling 160,673 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 15.7 million shares of the company’s stock, all valued at over $225.58 million. The company bought an additional 21653.0 shares recently to bring their total holdings to about 2.57% of the shares outstanding. Vanguard 500 Index Fund bought 51241.0 shares to see its total holdings expand to 11.64 million shares valued at over $167.28 million and representing 1.91% of the shares outstanding. Vanguard Mid Cap Index Fund bought 43649.0 shares to bring its total holdings to over 11.1 million shares at a value of $159.51 million. Vanguard Mid Cap Index Fund now owns shares totaling to 1.82% of the shares outstanding.
Shares of Paramount Global (NASDAQ: PARA) opened at $14.39, down -$0.1 from a prior closing price of $14.49. The company’s stock has a 5-day price change of -3.30% and 25.54% over the past three months. PARA shares are trading -0.95% year to date (YTD), with the 12-month market performance down to -20.81% lower. It has a 12-month low price of $10.51 and touched a high of $25.93 over the same period. PARA has an average intraday trading volume of 15.46 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 -4.64%, 5.40%, and -6.39% respectively.
Institutional ownership of Paramount Global (NASDAQ: PARA) shares accounts for 74.49% of the company’s 609.00M shares outstanding. Mutual fund holders own 45.45%, while other institutional holders and individual stakeholders account for 5.67% and 34.34% respectively.
It has a market capitalization of $9.54B and a beta (3y monthly) value of 1.85. The earnings-per-share (ttm) stands at -$1.78. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.66% over the week and 4.60% over the month.
Analysts forecast that Paramount Global (PARA) will achieve an EPS of $0.01 for the current quarter, $0.34 for the next quarter and $1.17 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.35 while analysts give the company a high EPS estimate of $0.12. Comparatively, EPS for the current quarter was $0.08 a year ago. Earnings per share for the fiscal year are expected to decrease by -75.43%, and 173.52% over the next financial year. EPS should shrink at an annualized rate of -8.10% over the next five years, compared to 12.83% over the past 5-year period.
Looking at the support for the PARA, a number of firms have released research notes about the stock. Wells Fargo stated their Equal Weight rating for the stock in a research note on December 20, 2023, with the firm’s price target at $15-$18.
