Retirement Systems of Alabama Lowers Holdings in Paramount Global (NASDAQ:PARA)

Retirement Systems of Alabama cut its position in Paramount Global (NASDAQ:PARA) by 0.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 177,846 shares of the company’s stock after selling 972 shares during the quarter. Retirement Systems of Alabama’s holdings in Paramount Global were worth $2,127,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Paramount Global by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 67,040,366 shares of the company’s stock worth $701,242,000 after acquiring an additional 761,561 shares during the last quarter. Lingotto Investment Management LLP increased its position in shares of Paramount Global by 3.7% during the fourth quarter. Lingotto Investment Management LLP now owns 44,753,299 shares of the company’s stock valued at $468,120,000 after buying an additional 1,593,579 shares during the period. Invesco Ltd. increased its position in shares of Paramount Global by 5.7% during the fourth quarter. Invesco Ltd. now owns 20,593,954 shares of the company’s stock valued at $215,413,000 after buying an additional 1,119,314 shares during the period. Geode Capital Management LLC increased its position in shares of Paramount Global by 4.9% during the fourth quarter. Geode Capital Management LLC now owns 15,567,531 shares of the company’s stock valued at $162,731,000 after buying an additional 724,565 shares during the period. Finally, Ariel Investments LLC increased its position in shares of Paramount Global by 3.2% during the fourth quarter. Ariel Investments LLC now owns 14,663,907 shares of the company’s stock valued at $153,384,000 after buying an additional 460,539 shares during the period. 73.00% of the stock is currently owned by hedge funds and other institutional investors.

Paramount Global Stock Performance

PARA opened at $12.22 on Thursday. The stock has a market capitalization of $8.24 billion, a price-to-earnings ratio of -1.48, a PEG ratio of 3.69 and a beta of 1.19. The company has a fifty day moving average of $11.81 and a 200 day moving average of $11.32. Paramount Global has a fifty-two week low of $9.87 and a fifty-two week high of $12.54. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.18 and a current ratio of 1.29.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.02. Paramount Global had a negative net margin of 19.09% and a positive return on equity of 4.80%. The business had revenue of $7.19 billion during the quarter, compared to analysts’ expectations of $7.14 billion. During the same period last year, the company posted $0.62 EPS. The business’s revenue was down 6.4% on a year-over-year basis. As a group, sell-side analysts forecast that Paramount Global will post 1.77 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th will be paid a $0.05 dividend. The ex-dividend date is Monday, June 16th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.64%. Paramount Global’s payout ratio is currently -2.43%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on PARA shares. Morgan Stanley cut their price objective on shares of Paramount Global from $11.00 to $10.00 and set an “underweight” rating on the stock in a report on Tuesday, May 6th. Guggenheim restated a “buy” rating and set a $14.00 price objective on shares of Paramount Global in a research report on Thursday, February 27th. JPMorgan Chase & Co. lowered their price objective on shares of Paramount Global from $11.00 to $10.00 and set an “underweight” rating on the stock in a research report on Wednesday, May 21st. Wall Street Zen began coverage on shares of Paramount Global in a research report on Saturday, May 17th. They issued a “hold” rating on the stock. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of Paramount Global from a “buy” rating to a “hold” rating and set a $12.00 price target on the stock. in a research report on Wednesday, April 2nd. Five analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Paramount Global has a consensus rating of “Hold” and a consensus target price of $11.50.

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.