Alpha Omega Wealth Management LLC Has $350,000 Stake in Paramount Global (NASDAQ:PARA)

Alpha Omega Wealth Management LLC trimmed its position in shares of Paramount Global (NASDAQ:PARA) by 90.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,236 shares of the company’s stock after selling 269,922 shares during the quarter. Alpha Omega Wealth Management LLC’s holdings in Paramount Global were worth $350,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of PARA. Charles Schwab Investment Management Inc. grew its holdings in Paramount Global by 4.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,743,123 shares of the company’s stock worth $80,993,000 after buying an additional 348,298 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Paramount Global by 24.7% during the fourth quarter. Bank of New York Mellon Corp now owns 4,586,288 shares of the company’s stock worth $47,973,000 after buying an additional 908,515 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Paramount Global during the fourth quarter worth $5,457,000. Amundi grew its holdings in Paramount Global by 10.1% during the fourth quarter. Amundi now owns 1,655,784 shares of the company’s stock worth $17,618,000 after buying an additional 152,026 shares in the last quarter. Finally, Lingotto Investment Management LLP grew its stake in Paramount Global by 3.7% in the 4th 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. 73.00% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have issued reports on PARA shares. Guggenheim restated a “buy” rating and issued a $14.00 price objective on shares of Paramount Global in a research note on Thursday, February 27th. UBS Group reduced their price objective on Paramount Global from $11.00 to $10.00 and set a “sell” rating for the company in a research note on Tuesday, April 15th. Citigroup restated a “neutral” rating and issued a $12.00 price objective (down previously from $13.00) on shares of Paramount Global in a research note on Thursday, May 29th. Benchmark reduced their price objective on Paramount Global from $19.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday, May 6th. Finally, JPMorgan Chase & Co. reduced their price objective on Paramount Global from $11.00 to $10.00 and set an “underweight” rating for the company in a research note on Wednesday, May 21st. Six equities research 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, Paramount Global currently has a consensus rating of “Hold” and a consensus target price of $11.33.

Paramount Global Stock Performance

Shares of PARA opened at $12.24 on Thursday. The stock’s 50-day simple moving average is $11.56 and its 200 day simple moving average is $11.24. The stock has a market capitalization of $8.25 billion, a price-to-earnings ratio of -1.49, a price-to-earnings-growth ratio of 1.68 and a beta of 1.19. 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 has a 52-week low of $9.54 and a 52-week high of $12.54.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.02. The business had revenue of $7.19 billion for the quarter, compared to analysts’ expectations of $7.14 billion. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. The firm’s quarterly revenue was down 6.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.62 EPS. Research analysts forecast that Paramount Global will post 1.77 EPS for the current fiscal year.

Paramount Global Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 16th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.20 dividend on an annualized basis and a yield of 1.63%. Paramount Global’s dividend payout ratio (DPR) is -2.43%.

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.