Paramount Global (NASDAQ:PARA) Trading Up 4.2%

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

Analysts Set New Price Targets

Several analysts have weighed in on the company. 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. Needham & Company LLC reiterated a “buy” rating and set a $15.00 price target on shares of Paramount Global in a research note on Thursday, February 29th. Moffett Nathanson upgraded 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. Redburn Atlantic downgraded Paramount Global from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $17.00 to $11.00 in a research note on Thursday, January 11th. Finally, StockNews.com upgraded Paramount Global from a “sell” rating to a “hold” rating in a research note on Wednesday, April 10th. Eight research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $13.79.

Paramount Global Stock Up 13.4 %

The business has a 50-day simple moving average of $11.53 and a 200-day simple moving average of $12.85. The company has a market cap of $8.12 billion, a PE ratio of -11.79, a P/E/G ratio of 0.38 and a beta of 1.77. The company has a quick ratio of 1.17, a current ratio of 1.32 and a debt-to-equity ratio of 0.63.

Paramount Global (NASDAQ:PARA) last announced its earnings results on Wednesday, February 28th. The company reported $0.04 EPS for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $7.80 billion. During the same quarter in the prior year, the firm earned $0.08 earnings per share. The business’s revenue was down 6.1% compared to the same quarter last year. Equities research analysts anticipate that Paramount Global will post 1.2 EPS for the current year.

Paramount Global Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 17th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, June 17th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.61%. Paramount Global’s payout ratio is currently -19.61%.

Institutional Investors Weigh In On Paramount Global

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of Paramount Global by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 58,286,539 shares of the company’s stock valued at $862,058,000 after purchasing an additional 626,256 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Paramount Global by 30.4% in the first quarter. BlackRock Inc. now owns 54,882,034 shares of the company’s stock valued at $1,224,418,000 after purchasing an additional 12,783,448 shares during the last quarter. State Street Corp increased its holdings in shares of Paramount Global by 7.3% in the first quarter. State Street Corp now owns 35,333,056 shares of the company’s stock valued at $796,459,000 after purchasing an additional 2,402,874 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Paramount Global by 9.4% in the third quarter. Invesco Ltd. now owns 14,832,568 shares of the company’s stock valued at $191,340,000 after purchasing an additional 1,272,851 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Paramount Global by 15.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 13,299,798 shares of the company’s stock valued at $171,567,000 after purchasing an additional 1,767,173 shares during the last quarter. Institutional investors and hedge funds own 73.00% of the company’s stock.

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.