New Age Alpha Advisors LLC Acquires New Position in Paramount Global (NASDAQ:PARA)

New Age Alpha Advisors LLC purchased a new position in Paramount Global (NASDAQ:PARA - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund 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 portfolio, making the stock its 15th largest position. New Age Alpha Advisors LLC owned 0.29% of Paramount Global as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also modified their holdings of the business. Contrarius Group Holdings Ltd acquired a new position in Paramount Global during the fourth quarter worth $146,230,000. State Street Corp grew its holdings in shares of Paramount Global by 18.4% in the third quarter. State Street Corp now owns 44,154,027 shares of the company's stock valued at $470,695,000 after purchasing an additional 6,848,037 shares during the period. Norges Bank acquired a new stake in Paramount Global during the fourth quarter worth about $45,202,000. Geode Capital Management LLC boosted its holdings in Paramount Global by 12.1% in the 3rd quarter. Geode Capital Management LLC now owns 14,842,966 shares of the company's stock valued at $157,168,000 after purchasing an additional 1,606,779 shares during the last quarter. Finally, Lingotto Investment Management LLP raised its position in Paramount Global by 3.7% in the fourth quarter. Lingotto Investment Management LLP now owns 44,753,299 shares of the company's stock valued at $468,120,000 after purchasing an additional 1,593,579 shares during the period. Hedge funds and other institutional investors own 73.00% of the company's stock.

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Analysts Set New Price Targets

Several analysts have recently issued reports on PARA shares. Morgan Stanley increased their price target on shares of Paramount Global from $10.00 to $11.00 and gave the stock an "underweight" rating in a research report on Tuesday, February 4th. StockNews.com began coverage on shares of Paramount Global in a report on Sunday. They issued a "hold" rating on the stock. Needham & Company LLC reiterated a "hold" rating on shares of Paramount Global in a report on Thursday, February 27th. Guggenheim restated a "buy" rating and issued a $14.00 price target on shares of Paramount Global in a research note on Thursday, February 27th. Finally, Benchmark reissued a "buy" rating and set a $19.00 target price on shares of Paramount Global in a research report on Thursday, February 27th. Six investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $12.10.

Paramount Global Stock Down 1.0 %

Shares of PARA stock traded down $0.11 during trading hours on Tuesday, reaching $11.85. The company had a trading volume of 3,587,215 shares, compared to its average volume of 9,211,275. The company has a market capitalization of $7.90 billion, a P/E ratio of -1.44, a price-to-earnings-growth ratio of 1.68 and a beta of 1.60. The stock's fifty day simple moving average is $11.31 and its 200 day simple moving average is $10.91. Paramount Global has a twelve month low of $9.54 and a twelve month high of $14.54. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.10 and a current ratio of 1.27.

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

Paramount Global Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 17th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.20 annualized dividend and a dividend yield of 1.69%. Paramount Global's payout ratio is -2.15%.

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.