Retirement Systems of Alabama Reduces Position in Paramount Global (NASDAQ:PARA)

Retirement Systems of Alabama cut its position in Paramount Global (NASDAQ:PARA) by 1.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 156,330 shares of the company’s stock after selling 2,702 shares during the period. Retirement Systems of Alabama’s holdings in Paramount Global were worth $2,312,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. VisionPoint Advisory Group LLC purchased a new position in shares of Paramount Global in the 3rd quarter valued at $25,000. Archer Investment Corp purchased a new position in shares of Paramount Global in the 4th quarter valued at $30,000. Anchor Investment Management LLC purchased a new position in shares of Paramount Global in the 4th quarter valued at $30,000. WFA of San Diego LLC grew its position in shares of Paramount Global by 635.0% in the 3rd quarter. WFA of San Diego LLC now owns 2,646 shares of the company’s stock valued at $34,000 after buying an additional 2,286 shares during the last quarter. Finally, Friedenthal Financial purchased a new position in shares of Paramount Global in the 4th quarter valued at $39,000. 73.00% of the stock is owned by hedge funds and other institutional investors.

Paramount Global Stock Down 0.5 %

Paramount Global stock opened at $12.82 on Thursday. The firm has a market capitalization of $8.54 billion, a price-to-earnings ratio of -85.47, a price-to-earnings-growth ratio of 0.39 and a beta of 1.74. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.19 and a current ratio of 1.29. Paramount Global has a fifty-two week low of $10.12 and a fifty-two week high of $17.50. The stock’s fifty day moving average is $11.67 and its two-hundred day moving average is $12.91.

Paramount Global (NASDAQ:PARA) last posted its earnings results on Monday, April 29th. The company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.28. Paramount Global had a negative net margin of 0.15% and a positive return on equity of 3.35%. The firm had revenue of $7.69 billion during the quarter, compared to the consensus estimate of $7.73 billion. During the same period last year, the firm posted $0.09 EPS. The firm’s revenue for the quarter was up 5.8% on a year-over-year basis. Analysts predict that Paramount Global will post 1.32 EPS for the current fiscal year.

Paramount Global Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 17th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date of this dividend is Monday, June 17th. Paramount Global’s payout ratio is currently -133.33%.

Wall Street Analysts Forecast Growth

PARA has been the topic of a number of research reports. Argus lowered shares of Paramount Global from a “hold” rating to a “sell” rating in a research report on Friday, May 3rd. Morgan Stanley decreased their target price on shares of Paramount Global from $11.00 to $10.00 and set an “underweight” rating for the company in a research note on Tuesday, February 27th. Seaport Res Ptn downgraded Paramount Global from a “buy” rating to a “neutral” rating in a research note on Thursday, May 2nd. Deutsche Bank Aktiengesellschaft lowered their target price on Paramount Global from $20.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, February 28th. Finally, Wells Fargo & Company cut their price target on Paramount Global from $15.00 to $14.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 30th. Nine research analysts have rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $13.58.

Paramount Global 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.