Retirement Systems of Alabama Has $1.65 Million Stock Position in Paramount Global (NASDAQ:PARA)

Retirement Systems of Alabama raised its holdings in shares of Paramount Global (NASDAQ:PARA) by 1.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 159,049 shares of the company’s stock after purchasing an additional 2,562 shares during the period. Retirement Systems of Alabama’s holdings in Paramount Global were worth $1,653,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Newbridge Financial Services Group Inc. acquired a new stake in shares of Paramount Global in the 4th quarter valued at approximately $44,000. SageView Advisory Group LLC acquired a new position in shares of Paramount Global in the 1st quarter valued at $56,000. GAMMA Investing LLC increased its position in shares of Paramount Global by 22.8% in the 2nd quarter. GAMMA Investing LLC now owns 5,742 shares of the company’s stock valued at $60,000 after buying an additional 1,067 shares in the last quarter. Bessemer Group Inc. lifted its holdings in Paramount Global by 40.9% during the first quarter. Bessemer Group Inc. now owns 5,868 shares of the company’s stock worth $68,000 after acquiring an additional 1,704 shares in the last quarter. Finally, Quest Partners LLC acquired a new stake in shares of Paramount Global during the fourth quarter worth about $98,000. Institutional investors and hedge funds own 73.00% of the company’s stock.

Paramount Global Stock Performance

NASDAQ:PARA opened at $10.52 on Wednesday. The stock has a 50 day simple moving average of $10.97 and a 200 day simple moving average of $11.49. The stock has a market cap of $7.01 billion, a P/E ratio of -70.13, a PEG ratio of 0.61 and a beta of 1.78. Paramount Global has a 1-year low of $9.54 and a 1-year high of $17.50. The company has a current ratio of 1.30, a quick ratio of 1.15 and a debt-to-equity ratio of 0.85.

Paramount Global Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date of this dividend is Monday, September 16th. Paramount Global’s dividend payout ratio is currently -133.32%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PARA. StockNews.com lowered shares of Paramount Global from a “hold” rating to a “sell” rating in a research note on Monday, August 12th. Argus downgraded Paramount Global from a “hold” rating to a “sell” rating in a research note on Friday, May 3rd. The Goldman Sachs Group started coverage on Paramount Global in a research report on Tuesday, June 25th. They set a “sell” rating and a $9.50 price objective for the company. Wells Fargo & Company raised shares of Paramount Global from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $10.00 to $11.00 in a research report on Friday, August 9th. Finally, Benchmark restated a “buy” rating and set a $19.00 target price on shares of Paramount Global in a report on Friday, August 9th. Eleven investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $12.47.

Paramount Global Company 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.