Paramount Global (NASDAQ:PARA) Trading Up 12.6%

Paramount Global (NASDAQ:PARA) was up 12.6% during trading on Thursday . The stock traded as high as $14.00 and last traded at $13.80. Approximately 46,357,240 shares were traded during mid-day trading, an increase of 138% from the average daily volume of 19,470,035 shares. The stock had previously closed at $12.26.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Moffett Nathanson raised Paramount Global from a “sell” rating to a “neutral” rating and set a $13.00 price objective for the company in a research note on Tuesday, January 9th. Seaport Res Ptn cut Paramount Global from a “buy” rating to a “neutral” rating in a research report on Thursday. Rosenblatt Securities reiterated a “neutral” rating and issued a $13.00 price objective on shares of Paramount Global in a research report on Tuesday, April 9th. Benchmark restated a “buy” rating and set a $19.00 target price on shares of Paramount Global in a report on Tuesday. Finally, StockNews.com downgraded shares of Paramount Global from a “hold” rating to a “sell” rating in a report on Tuesday. Ten analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $13.58.

Paramount Global Stock Down 7.0 %

The firm has a 50 day moving average price of $11.55 and a two-hundred day moving average price of $12.89. The firm has a market capitalization of $8.41 billion, a price-to-earnings ratio of -85.93, a price-to-earnings-growth ratio of 0.42 and a beta of 1.74. The company has a current ratio of 1.29, a quick ratio of 1.17 and a debt-to-equity ratio of 0.65.

Paramount Global (NASDAQ:PARA) last released its quarterly earnings data on Monday, April 29th. The company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.28. The company had revenue of $7.69 billion during the quarter, compared to the consensus estimate of $7.73 billion. Paramount Global had a negative net margin of 0.15% and a positive return on equity of 3.35%. Paramount Global’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.09 earnings per share. On average, equities analysts expect that Paramount Global will post 1.32 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 17th will be paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date of this dividend is Monday, June 17th. Paramount Global’s dividend payout ratio is presently -133.32%.

Hedge Funds Weigh In On Paramount Global

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Tokio Marine Asset Management Co. Ltd. boosted its stake in shares of Paramount Global by 5.5% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 14,855 shares of the company’s stock valued at $220,000 after purchasing an additional 769 shares during the period. Highlander Capital Management LLC grew its stake in shares of Paramount Global by 13.4% during the fourth quarter. Highlander Capital Management LLC now owns 7,210 shares of the company’s stock valued at $107,000 after acquiring an additional 850 shares in the last quarter. Kestra Private Wealth Services LLC increased its position in shares of Paramount Global by 3.1% during 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 last quarter. Arizona State Retirement System lifted its stake 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 in the last quarter. Finally, Cape Investment Advisory Inc. boosted its holdings in Paramount Global by 5.2% in the fourth quarter. Cape Investment Advisory Inc. now owns 18,014 shares of the company’s stock valued at $266,000 after purchasing an additional 889 shares during the last quarter. 73.00% of the stock is owned by institutional investors and hedge funds.

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.