Paramount Global (NASDAQ:PARA) Shares Up 4.2%

Paramount Global (NASDAQ:PARA) shot up 4.2% on Wednesday . The stock traded as high as $10.90 and last traded at $10.87. 6,800,672 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 18,960,006 shares. The stock had previously closed at $10.43.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PARA. Raymond James reaffirmed a “market perform” rating on shares of Paramount Global in a report on Tuesday, March 26th. JPMorgan Chase & Co. lowered their price target on Paramount Global from $13.00 to $12.00 and set an “underweight” rating for the company in a report on Thursday, April 4th. Wells Fargo & Company raised Paramount Global from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $15.00 to $18.00 in a report on Wednesday, December 20th. Needham & Company LLC reissued a “buy” rating and set a $15.00 price target on shares of Paramount Global in a report on Thursday, February 29th. Finally, Benchmark lowered their price target on Paramount Global from $30.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, February 29th. Eight analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $13.79.

Paramount Global Trading Up 3.6 %

The business has a 50 day moving average of $11.61 and a two-hundred day moving average of $12.88. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.17 and a current ratio of 1.32. The firm has a market capitalization of $7.05 billion, a price-to-earnings ratio of -10.23, a P/E/G ratio of 0.41 and a beta of 1.77.

Paramount Global (NASDAQ:PARA) last posted its quarterly earnings results on Wednesday, February 28th. The company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.09. Paramount Global had a positive return on equity of 1.78% and a negative net margin of 2.05%. The business had revenue of $7.64 billion for the quarter, compared to the consensus estimate of $7.80 billion. During the same period in the prior year, the business earned $0.08 EPS. The firm’s revenue for the quarter was down 6.1% on a year-over-year basis. Equities analysts predict that Paramount Global will post 1.17 EPS for the current year.

Paramount Global Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 17th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.85%. The ex-dividend date is Monday, June 17th. Paramount Global’s dividend payout ratio (DPR) is presently -19.61%.

Institutional Trading of Paramount Global

Institutional investors and hedge funds have recently modified their holdings of the stock. Tokio Marine Asset Management Co. Ltd. increased its position in shares of Paramount Global by 5.5% during the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 14,855 shares of the company’s stock valued at $220,000 after acquiring an additional 769 shares during the last quarter. Highlander Capital Management LLC boosted its holdings in shares of Paramount Global by 13.4% in the fourth quarter. Highlander Capital Management LLC now owns 7,210 shares of the company’s stock worth $107,000 after acquiring an additional 850 shares during the period. Vident Advisory LLC boosted its holdings in shares of Paramount Global by 5.9% in the fourth quarter. Vident Advisory LLC now owns 15,461 shares of the company’s stock worth $229,000 after acquiring an additional 867 shares during the period. Kestra Private Wealth Services LLC boosted its holdings in shares of Paramount Global by 3.1% in the fourth quarter. Kestra Private Wealth Services LLC now owns 29,171 shares of the company’s stock worth $431,000 after acquiring an additional 879 shares during the period. Finally, Arizona State Retirement System boosted its holdings in shares of Paramount Global by 0.7% in the fourth quarter. Arizona State Retirement System now owns 134,210 shares of the company’s stock worth $1,985,000 after acquiring an additional 887 shares during the period. 73.00% of the stock is owned by hedge funds and other institutional investors.

About Paramount Global

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.