Alpha Omega Wealth Management LLC Buys 26,016 Shares of Paramount Global (NASDAQ:PARA)

Alpha Omega Wealth Management LLC boosted its stake in Paramount Global (NASDAQ:PARA - Free Report) by 5.8% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 475,060 shares of the company's stock after purchasing an additional 26,016 shares during the quarter. Paramount Global comprises approximately 0.9% of Alpha Omega Wealth Management LLC's holdings, making the stock its 27th largest holding. Alpha Omega Wealth Management LLC owned 0.07% of Paramount Global worth $4,936,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in PARA. Kodai Capital Management LP purchased a new position in Paramount Global during the 4th quarter valued at approximately $84,842,000. Vanguard Group Inc. boosted its position in shares of Paramount Global by 6.5% during the 1st quarter. Vanguard Group Inc. now owns 62,090,467 shares of the company's stock valued at $730,805,000 after acquiring an additional 3,803,928 shares during the last quarter. Capitolis Liquid Global Markets LLC purchased a new position in shares of Paramount Global in the first quarter valued at $33,191,000. Norges Bank bought a new stake in Paramount Global in the fourth quarter worth $41,497,000. Finally, Lingotto Investment Management LLP raised its stake in Paramount Global by 375.8% during the fourth quarter. Lingotto Investment Management LLP now owns 3,263,978 shares of the company's stock valued at $48,388,000 after purchasing an additional 2,577,978 shares in the last quarter. Institutional investors own 73.00% of the company's stock.

Paramount Global Trading Down 0.3 %

Shares of Paramount Global stock traded down $0.03 on Monday, hitting $11.33. 9,387,916 shares of the company traded hands, compared to its average volume of 17,259,455. The company has a current ratio of 1.30, a quick ratio of 1.15 and a debt-to-equity ratio of 0.85. The company has a market cap of $7.55 billion, a PE ratio of -75.53, a PEG ratio of 0.61 and a beta of 1.78. The stock's 50 day moving average price is $10.95 and its 200-day moving average price is $11.50. Paramount Global has a 52 week low of $9.54 and a 52 week high of $17.50.

Paramount Global Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date of this dividend is Monday, September 16th. Paramount Global's dividend payout ratio (DPR) is presently -133.32%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PARA. Wells Fargo & Company raised shares of Paramount Global from an "underweight" rating to an "equal weight" rating and lifted their price objective for the stock from $10.00 to $11.00 in a research note on Friday, August 9th. Wolfe Research cut Paramount Global from a "peer perform" rating to an "underperform" rating and set a $10.00 price objective on the stock. in a research note on Tuesday, July 9th. Rosenblatt Securities restated a "neutral" rating and set a $14.00 price objective on shares of Paramount Global in a research report on Tuesday, June 4th. JPMorgan Chase & Co. dropped their target price on Paramount Global from $12.00 to $11.00 and set an "underweight" rating for the company in a report on Thursday, August 15th. Finally, Seaport Res Ptn downgraded Paramount Global from a "buy" rating to a "neutral" rating in a research report on Thursday, May 2nd. Eleven research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $12.47.

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.

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