New Age Alpha Advisors LLC Takes $20.29 Million Position in Paramount Global (NASDAQ:PARA)

New Age Alpha Advisors LLC purchased a new position in shares of Paramount Global (NASDAQ:PARA) during the 4th quarter, Holdings Channel.com reports. The firm purchased 1,940,000 shares of the company’s stock, valued at approximately $20,292,000. Paramount Global comprises approximately 0.8% of New Age Alpha Advisors LLC’s investment portfolio, making the stock its 15th largest position.

A number of other hedge funds have also added to or reduced their stakes in the company. Allworth Financial LP lifted its holdings in shares of Paramount Global by 140.1% during the fourth quarter. Allworth Financial LP now owns 2,391 shares of the company’s stock worth $25,000 after purchasing an additional 1,395 shares during the period. PNC Financial Services Group Inc. grew its position in shares of Paramount Global by 1.6% in the 3rd quarter. PNC Financial Services Group Inc. now owns 92,019 shares of the company’s stock valued at $977,000 after buying an additional 1,481 shares during the last quarter. Insight Inv LLC increased its stake in shares of Paramount Global by 9.8% in the fourth quarter. Insight Inv LLC now owns 20,435 shares of the company’s stock valued at $215,000 after buying an additional 1,825 shares during the period. Rockefeller Capital Management L.P. raised its position in shares of Paramount Global by 9.6% during the third quarter. Rockefeller Capital Management L.P. now owns 21,146 shares of the company’s stock worth $225,000 after acquiring an additional 1,845 shares during the last quarter. Finally, Great Valley Advisor Group Inc. lifted its stake in shares of Paramount Global by 9.3% in the third quarter. Great Valley Advisor Group Inc. now owns 21,786 shares of the company’s stock worth $231,000 after acquiring an additional 1,846 shares during the period. 73.00% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Guggenheim reaffirmed a “buy” rating and set a $14.00 price target on shares of Paramount Global in a research report on Thursday, February 27th. StockNews.com assumed coverage on Paramount Global in a research note on Saturday, March 22nd. They set a “hold” rating for the company. Needham & Company LLC reissued a “hold” rating on shares of Paramount Global in a research note on Thursday, February 27th. Benchmark reaffirmed a “buy” rating and set a $19.00 price objective on shares of Paramount Global in a research report on Thursday, February 27th. Finally, Morgan Stanley boosted their target price on shares of Paramount Global from $10.00 to $11.00 and gave the company an “underweight” rating in a research report on Tuesday, February 4th. Six investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $12.10.

Paramount Global Trading Down 1.5 %

PARA opened at $11.68 on Friday. The firm has a market capitalization of $7.79 billion, a PE ratio of -1.42, a P/E/G ratio of 1.68 and a beta of 1.60. 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 fifty-two week low of $9.54 and a fifty-two week high of $14.54. The company’s 50-day moving average is $11.25 and its 200 day moving average is $10.87.

Paramount Global (NASDAQ:PARA) last released its earnings results on Wednesday, February 26th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.29). The business had revenue of $7.98 billion during the quarter, compared to the consensus estimate of $8.07 billion. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. As a group, research analysts predict that Paramount Global will post 1.77 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 17th will be paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date of this dividend is Monday, March 17th. Paramount Global’s payout ratio is currently -2.15%.

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.