CIBC Asset Management Inc Boosts Stock Position in Paramount Global (NASDAQ:PARA)

CIBC Asset Management Inc raised its stake in shares of Paramount Global (NASDAQ:PARA) by 2.5% in the 4th quarter, Holdings Channel reports. The fund owned 85,095 shares of the company’s stock after acquiring an additional 2,052 shares during the quarter. CIBC Asset Management Inc’s holdings in Paramount Global were worth $890,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. State of New Jersey Common Pension Fund D raised its stake in shares of Paramount Global by 3.0% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 237,966 shares of the company’s stock worth $2,489,000 after buying an additional 6,839 shares in the last quarter. Allworth Financial LP raised its stake in shares of Paramount Global by 140.1% during the 4th quarter. Allworth Financial LP now owns 2,391 shares of the company’s stock worth $25,000 after buying an additional 1,395 shares in the last quarter. New Mexico Educational Retirement Board raised its stake in shares of Paramount Global by 17.4% during the 4th quarter. New Mexico Educational Retirement Board now owns 28,399 shares of the company’s stock worth $297,000 after buying an additional 4,200 shares in the last quarter. Savant Capital LLC raised its stake in shares of Paramount Global by 53.0% during the 4th quarter. Savant Capital LLC now owns 58,240 shares of the company’s stock worth $609,000 after buying an additional 20,163 shares in the last quarter. Finally, Wilsey Asset Management Inc. raised its stake in shares of Paramount Global by 16.2% during the 4th quarter. Wilsey Asset Management Inc. now owns 1,902,332 shares of the company’s stock worth $19,898,000 after buying an additional 265,408 shares in the last quarter. 73.00% of the stock is owned by hedge funds and other institutional investors.

Paramount Global Stock Performance

Paramount Global stock opened at $11.49 on Friday. 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 stock has a fifty day moving average of $10.75 and a two-hundred day moving average of $10.71. The company has a market capitalization of $7.66 billion, a price-to-earnings ratio of -1.40, a PEG ratio of 1.68 and a beta of 1.69. Paramount Global has a fifty-two week low of $9.54 and a fifty-two week high of $14.54.

Wall Street Analysts Forecast Growth

PARA has been the subject of a number of analyst reports. Macquarie reissued an “underperform” rating and set a $10.00 target price on shares of Paramount Global in a research note on Monday, November 11th. Needham & Company LLC reissued a “hold” rating on shares of Paramount Global in a research note on Monday, November 11th. StockNews.com raised Paramount Global from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Finally, Morgan Stanley raised their price objective on Paramount Global from $10.00 to $11.00 and gave the company an “underweight” rating in a research note on Tuesday, February 4th. Six research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $12.58.

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.