Alpha Omega Wealth Management LLC Sells 269,922 Shares of Paramount Global (NASDAQ:PARA)

Alpha Omega Wealth Management LLC lessened its position in shares of Paramount Global (NASDAQ:PARA - Free Report) by 90.2% in the first quarter, according to its most recent filing with the SEC. 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 quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Contrarius Group Holdings Ltd bought a new position in shares of Paramount Global in the fourth quarter valued at $146,230,000. Norges Bank bought a new position in shares of Paramount Global in the fourth quarter valued at $45,202,000. Slate Path Capital LP lifted its stake in shares of Paramount Global by 42.3% in the fourth quarter. Slate Path Capital LP now owns 12,586,000 shares of the company's stock valued at $131,650,000 after buying an additional 3,741,000 shares in the last quarter. Two Sigma Investments LP bought a new position in shares of Paramount Global in the fourth quarter valued at $21,229,000. Finally, New Age Alpha Advisors LLC bought a new position in shares of Paramount Global in the fourth quarter valued at $20,292,000. Institutional investors and hedge funds own 73.00% of the company's stock.

Paramount Global Trading Down 0.4%

Shares of NASDAQ PARA traded down $0.05 during mid-day trading on Friday, hitting $11.89. The stock had a trading volume of 5,725,066 shares, compared to its average volume of 9,493,070. 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 1 year low of $9.54 and a 1 year high of $12.54. The business has a 50 day moving average price of $11.60 and a two-hundred day moving average price of $11.26. The firm has a market cap of $8.02 billion, a P/E ratio of -1.45, a price-to-earnings-growth ratio of 1.68 and a beta of 1.19.

Paramount Global (NASDAQ:PARA - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.29 earnings per share for the quarter, topping analysts' consensus estimates of $0.27 by $0.02. The firm had revenue of $7.19 billion for the quarter, compared to the consensus estimate of $7.14 billion. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The company's revenue was down 6.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.62 EPS. On average, equities analysts anticipate that Paramount Global will post 1.77 EPS for the current fiscal year.

Paramount Global Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.68%. The ex-dividend date is Monday, June 16th. Paramount Global's dividend payout ratio is currently -2.43%.

Analysts Set New Price Targets

Several analysts have recently commented on PARA shares. Deutsche Bank Aktiengesellschaft downgraded shares of Paramount Global from a "buy" rating to a "hold" rating and set a $12.00 target price for the company. in a report on Wednesday, April 2nd. Benchmark lowered their target price on shares of Paramount Global from $19.00 to $16.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Needham & Company LLC reiterated a "hold" rating on shares of Paramount Global in a report on Thursday, February 27th. JPMorgan Chase & Co. lowered their target price on shares of Paramount Global from $11.00 to $10.00 and set an "underweight" rating for the company in a report on Wednesday, May 21st. Finally, Citigroup reiterated a "neutral" rating and issued a $12.00 target price (down previously from $13.00) on shares of Paramount Global in a report on Thursday, May 29th. Six investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $11.33.

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.