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

Posted by on Jul 27th, 2023

Retirement Systems of Alabama decreased its holdings in Paramount Global (NASDAQ:PARA – Free Report) by 5.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 199,275 shares of the company’s stock after selling 12,515 shares during the quarter. Retirement Systems of Alabama’s holdings in Paramount Global were worth $4,446,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Berkshire Hathaway Inc grew its holdings in Paramount Global by 2.7% in the 4th quarter. Berkshire Hathaway Inc now owns 93,637,189 shares of the company’s stock valued at $1,580,596,000 after buying an additional 2,420,679 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Paramount Global by 0.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 10,827,484 shares of the company’s stock valued at $182,767,000 after purchasing an additional 79,641 shares in the last quarter. Franklin Resources Inc. lifted its stake in shares of Paramount Global by 4.2% in the 4th quarter. Franklin Resources Inc. now owns 10,367,668 shares of the company’s stock valued at $175,006,000 after purchasing an additional 414,302 shares in the last quarter. Ariel Investments LLC lifted its stake in shares of Paramount Global by 17.5% in the 4th quarter. Ariel Investments LLC now owns 8,400,479 shares of the company’s stock valued at $141,800,000 after purchasing an additional 1,251,269 shares in the last quarter. Finally, Contrarius Investment Management Ltd lifted its stake in shares of Paramount Global by 64.9% in the 4th quarter. Contrarius Investment Management Ltd now owns 6,261,216 shares of the company’s stock valued at $105,689,000 after purchasing an additional 2,464,943 shares in the last quarter. Hedge funds and other institutional investors own 77.42% of the company’s stock.

Insiders Place Their Bets

In other Paramount Global news, Director Shari Redstone purchased 165,000 shares of Paramount Global stock in a transaction on Tuesday, May 16th. The stock was bought at an average price of $15.06 per share, for a total transaction of $2,484,900.00. Following the transaction, the director now owns 577,064 shares of the company’s stock, valued at approximately $8,690,583.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.53% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts recently commented on PARA shares. Citigroup reduced their price target on Paramount Global from $32.00 to $22.00 in a research report on Monday, May 15th. Needham & Company LLC reissued a “buy” rating and set a $28.00 price target on shares of Paramount Global in a research report on Friday, April 14th. Evercore ISI cut their target price on Paramount Global from $18.00 to $15.00 and set an “in-line” rating on the stock in a research report on Monday. Barclays cut their target price on Paramount Global from $15.00 to $13.00 in a research report on Friday, May 12th. Finally, Wolfe Research lowered Paramount Global from a “peer perform” rating to an “underperform” rating and set a $14.00 target price on the stock. in a research report on Friday, July 7th. Eight equities research analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $19.95.

Paramount Global Price Performance

Shares of PARA opened at $15.49 on Thursday. The stock has a fifty day moving average price of $15.79 and a 200 day moving average price of $19.37. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.02 and a current ratio of 1.12. Paramount Global has a 12 month low of $13.80 and a 12 month high of $27.49.

Paramount Global (NASDAQ:PARA – Get Free Report) last announced its quarterly earnings results on Thursday, May 4th. The company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.03). Paramount Global had a positive return on equity of 3.64% and a negative net margin of 1.49%. The business had revenue of $7.27 billion for the quarter, compared to analyst estimates of $7.42 billion. During the same quarter last year, the firm posted $0.60 EPS. The company’s revenue was down .9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Paramount Global will post 0.63 EPS for the current fiscal year.

Paramount Global Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 3rd. Shareholders of record on Thursday, June 15th were given a dividend of $0.05 per share. The ex-dividend date was Wednesday, June 14th. This represents a $0.20 dividend on an annualized basis and a yield of 1.29%. Paramount Global’s dividend payout ratio (DPR) is presently -25.64%.

Paramount Global Profile

(Free Report)

Paramount Global operates as a media and entertainment company worldwide. The company operates through TV Media, Direct-to-Consumer, and Filmed Entertainment segments. Its TV Media segment operates domestic and international broadcast networks, including CBS Television Network, Network 10, Channel 5, Telefe, and Chilevisión; and cable networks comprising Paramount Media Networks, Nickelodeon, BET Media Group, and CBS Sports.

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Institutional Ownership by Quarter for Paramount Global (NASDAQ:PARA)

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