Retirement Systems of Alabama Has $1.91 Million Holdings in Paramount Global (NASDAQ:PARA)

Retirement Systems of Alabama raised its position in shares of Paramount Global (NASDAQ:PARA) by 12.8% in the third quarter, Holdings Channel reports. The firm owned 179,384 shares of the company’s stock after buying an additional 20,335 shares during the period. Retirement Systems of Alabama’s holdings in Paramount Global were worth $1,905,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Raymond James & Associates lifted its stake in Paramount Global by 11.6% in the second quarter. Raymond James & Associates now owns 387,643 shares of the company’s stock valued at $4,028,000 after acquiring an additional 40,362 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of Paramount Global by 27.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 139,467 shares of the company’s stock valued at $1,456,000 after purchasing an additional 29,967 shares in the last quarter. Chevy Chase Trust Holdings LLC lifted its stake in shares of Paramount Global by 0.9% in the 2nd quarter. Chevy Chase Trust Holdings LLC now owns 270,021 shares of the company’s stock valued at $2,806,000 after purchasing an additional 2,466 shares during the last quarter. Fifth Third Bancorp boosted its holdings in Paramount Global by 66.3% in the second quarter. Fifth Third Bancorp now owns 28,331 shares of the company’s stock worth $294,000 after purchasing an additional 11,295 shares in the last quarter. Finally, Institute for Wealth Management LLC. increased its position in Paramount Global by 47.8% during the second quarter. Institute for Wealth Management LLC. now owns 63,068 shares of the company’s stock worth $655,000 after buying an additional 20,395 shares during the last quarter. 73.00% of the stock is currently owned by institutional investors and hedge funds.

Paramount Global Price Performance

NASDAQ:PARA opened at $10.66 on Friday. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.27 and a quick ratio of 1.10. Paramount Global has a one year low of $9.54 and a one year high of $15.70. The company has a fifty day moving average price of $10.83 and a 200 day moving average price of $10.83. The stock has a market cap of $7.11 billion, a P/E ratio of -1.30, a PEG ratio of 1.35 and a beta of 1.71.

Paramount Global (NASDAQ:PARA) last announced its quarterly earnings data on Friday, November 8th. The company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.25. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The business had revenue of $6.73 billion during the quarter, compared to analyst estimates of $6.94 billion. During the same quarter in the prior year, the business earned $0.30 earnings per share. The firm’s revenue for the quarter was down 5.6% on a year-over-year basis. Analysts anticipate that Paramount Global will post 1.86 earnings per share for the current year.

Paramount Global Announces Dividend

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

Analyst Ratings Changes

PARA has been the subject of several recent analyst reports. Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a research note on Monday, November 11th. Macquarie restated an “underperform” rating and issued a $10.00 target price on shares of Paramount Global in a report on Monday, November 11th. Guggenheim lowered 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. Finally, StockNews.com upgraded shares of Paramount Global from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Seven equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $12.43.

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.