Paramount Global (NASDAQ:PARA) Shares Bought by Retirement Systems of Alabama

Retirement Systems of Alabama increased its stake in Paramount Global (NASDAQ:PARA) by 12.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 179,384 shares of the company’s stock after purchasing an additional 20,335 shares during the quarter. Retirement Systems of Alabama’s holdings in Paramount Global were worth $1,905,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PARA. Blue Trust Inc. lifted its stake in shares of Paramount Global by 162.8% in the 3rd quarter. Blue Trust Inc. now owns 2,539 shares of the company’s stock worth $26,000 after acquiring an additional 1,573 shares during the period. Huntington National Bank lifted its position in Paramount Global by 129.0% in the third quarter. Huntington National Bank now owns 2,771 shares of the company’s stock worth $29,000 after purchasing an additional 1,561 shares during the period. Atlas Capital Advisors LLC bought a new position in Paramount Global during the 2nd quarter valued at $35,000. Ashton Thomas Private Wealth LLC bought a new stake in shares of Paramount Global in the 2nd quarter worth $43,000. Finally, Kennebec Savings Bank acquired a new stake in shares of Paramount Global in the third quarter valued at $47,000. Institutional investors own 73.00% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a research report on Monday, November 11th. Macquarie reiterated an “underperform” rating and issued a $10.00 target price on shares of Paramount Global in a report on Monday, November 11th. StockNews.com upgraded shares of Paramount Global from a “sell” rating to a “hold” rating in a report on Monday, November 11th. Finally, Guggenheim dropped their price target on Paramount Global from $19.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, September 25th. Seven analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $12.43.

Paramount Global Stock Performance

Shares of Paramount Global stock opened at $10.66 on Friday. The stock has a market cap of $7.11 billion, a PE ratio of -1.30, a price-to-earnings-growth ratio of 1.35 and a beta of 1.71. Paramount Global has a 12 month low of $9.54 and a 12 month high of $15.70. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.85. The business has a fifty day simple moving average of $10.83 and a 200-day simple moving average of $10.83.

Paramount Global (NASDAQ:PARA) last released its earnings results on Friday, November 8th. The company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.25. The company had revenue of $6.73 billion for the quarter, compared to analysts’ expectations of $6.94 billion. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. The business’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.30 EPS. On average, sell-side analysts anticipate that Paramount Global will post 1.86 EPS for the current fiscal year.

Paramount Global Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be paid a $0.05 dividend. The ex-dividend date is Monday, December 16th. This represents a $0.20 annualized dividend and a yield of 1.88%. Paramount Global’s dividend payout ratio is presently -2.43%.

About Paramount Global

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.