Retirement Systems of Alabama Sells 2,702 Shares of Paramount Global (NASDAQ:PARA)

Retirement Systems of Alabama decreased its holdings in Paramount Global (NASDAQ:PARA) by 1.7% in 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 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. International Assets Investment Management LLC lifted its holdings in shares of Paramount Global by 541.7% in the 4th quarter. International Assets Investment Management LLC now owns 708,662 shares of the company’s stock valued at $10,481,000 after acquiring an additional 598,235 shares during the last quarter. Ariel Investments LLC lifted its stake in Paramount Global by 18.0% in the third quarter. Ariel Investments LLC now owns 11,330,850 shares of the company’s stock worth $146,168,000 after purchasing an additional 1,731,714 shares during the last quarter. Schonfeld Strategic Advisors LLC bought a new stake in Paramount Global in the third quarter worth about $1,240,000. Caprock Group LLC lifted its stake in Paramount Global by 2.9% in the fourth quarter. Caprock Group LLC now owns 50,252 shares of the company’s stock worth $746,000 after purchasing an additional 1,401 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. lifted its stake in Paramount Global by 1,201.5% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 84,600 shares of the company’s stock worth $1,282,000 after purchasing an additional 78,100 shares during the last quarter. Institutional investors own 73.00% of the company’s stock.

Paramount Global Price Performance

NASDAQ PARA opened at $12.82 on Thursday. The firm’s fifty day simple moving average is $11.67 and its two-hundred day simple moving average is $12.91. The company has a current ratio of 1.29, a quick ratio of 1.19 and a debt-to-equity ratio of 0.65. Paramount Global has a 12-month low of $10.12 and a 12-month high of $17.50. The firm has a market capitalization of $8.54 billion, a P/E ratio of -85.47, a P/E/G ratio of 0.39 and a beta of 1.74.

Paramount Global (NASDAQ:PARA) last released its quarterly earnings results on Monday, April 29th. The company reported $0.62 earnings per share (EPS) for the quarter, topping 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 business had revenue of $7.69 billion for the quarter, compared to analyst estimates of $7.73 billion. During the same period in the previous year, the company earned $0.09 earnings per share. The business’s revenue for the quarter was up 5.8% on a year-over-year basis. Analysts forecast that Paramount Global will post 1.32 EPS for the current fiscal year.

Paramount Global Dividend Announcement

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

Wall Street Analyst Weigh In

Several analysts have issued reports on PARA shares. Wells Fargo & Company decreased their price objective on shares of 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. Rosenblatt Securities reaffirmed a “neutral” rating and set a $13.00 target price on shares of Paramount Global in a research report on Tuesday, April 9th. Argus lowered shares of Paramount Global from a “hold” rating to a “sell” rating in a research report on Friday, May 3rd. Benchmark reaffirmed a “buy” rating and set a $19.00 target price on shares of Paramount Global in a research report on Tuesday, April 30th. Finally, Raymond James reaffirmed a “market perform” rating on shares of Paramount Global in a research report on Tuesday, March 26th. Nine research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $13.58.

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.