Paramount Global (NASDAQ:PARA) Announces Quarterly Earnings Results, Beats Expectations By $0.28 EPS

Paramount Global (NASDAQ:PARA) issued its quarterly earnings data on Monday. The company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.28, Briefing.com reports. The firm had revenue of $7.69 billion for the quarter, compared to analyst estimates of $7.73 billion. Paramount Global had a negative net margin of 2.05% and a positive return on equity of 1.78%. Paramount Global’s revenue was up 5.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.09 EPS.

Paramount Global Stock Performance

Shares of PARA opened at $12.25 on Tuesday. The stock has a 50 day moving average price of $11.48 and a 200 day moving average price of $12.88. The company has a quick ratio of 1.17, a current ratio of 1.32 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $7.99 billion, a price-to-earnings ratio of -12.01, a price-to-earnings-growth ratio of 0.42 and a beta of 1.77. Paramount Global has a 52-week low of $10.12 and a 52-week high of $24.00.

Paramount Global Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 17th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date of this dividend is Monday, June 17th. Paramount Global’s dividend payout ratio (DPR) is -19.61%.

Analysts Set New Price Targets

PARA has been the topic of several research analyst reports. Redburn Atlantic lowered shares of Paramount Global from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $17.00 to $11.00 in a report on Thursday, January 11th. JPMorgan Chase & Co. reduced their price objective on shares of Paramount Global from $13.00 to $12.00 and set an “underweight” rating on the stock in a report on Thursday, April 4th. Moffett Nathanson upgraded shares of Paramount Global from a “sell” rating to a “neutral” rating and set a $13.00 price target on the stock in a research note on Tuesday, January 9th. Raymond James reiterated a “market perform” rating on shares of Paramount Global in a research note on Tuesday, March 26th. Finally, Rosenblatt Securities reiterated a “neutral” rating and set a $13.00 price target on shares of Paramount Global in a research note on Tuesday, April 9th. Eight equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $13.79.

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.