Paramount Global (NASDAQ:PARA) Trading Up 12.6%

Paramount Global (NASDAQ:PARA)’s stock price was up 12.6% on Thursday . The company 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.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. StockNews.com lowered shares of Paramount Global from a “hold” rating to a “sell” rating in a research note on Tuesday. Morgan Stanley lowered their price target on Paramount Global from $11.00 to $10.00 and set an “underweight” rating on the stock in a report on Tuesday, February 27th. Wolfe Research raised Paramount Global from an “underperform” rating to a “peer perform” rating in a research note on Thursday, April 4th. Raymond James reaffirmed a “market perform” rating on shares of Paramount Global in a research note on Tuesday, March 26th. Finally, Needham & Company LLC lowered shares of Paramount Global from a “buy” rating to a “hold” rating in a research report on Tuesday. Nine investment analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Paramount Global currently has an average rating of “Hold” and a consensus price target of $13.58.

Paramount Global Stock Performance

The company has a quick ratio of 1.17, a current ratio of 1.29 and a debt-to-equity ratio of 0.65. The firm has a 50-day moving average of $11.48 and a 200 day moving average of $12.87. The stock has a market capitalization of $9.04 billion, a P/E ratio of -92.40, a PEG ratio of 0.41 and a beta of 1.74.

Paramount Global (NASDAQ:PARA) last posted its quarterly earnings results 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. Paramount Global had a negative net margin of 0.15% and a positive return on equity of 3.35%. The firm had revenue of $7.69 billion during the quarter, compared to analyst estimates of $7.73 billion. During the same quarter in the prior year, the business posted $0.09 earnings per share. The company’s quarterly revenue was up 5.8% compared to the same quarter last year. Research analysts anticipate that Paramount Global will post 1.18 EPS for the current fiscal year.

Paramount Global Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 17th will be given a $0.05 dividend. The ex-dividend date of this dividend is Monday, June 17th. This represents a $0.20 dividend on an annualized basis and a yield of 1.44%. Paramount Global’s dividend payout ratio (DPR) is presently -133.33%.

Institutional Investors Weigh In On Paramount Global

Hedge funds and other institutional investors have recently bought and sold shares of the business. Tokio Marine Asset Management Co. Ltd. raised 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 worth $220,000 after acquiring an additional 769 shares during the last quarter. 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 worth $107,000 after purchasing an additional 850 shares during the period. Kestra Private Wealth Services LLC increased its stake in shares of Paramount Global by 3.1% in the 4th quarter. Kestra Private Wealth Services LLC now owns 29,171 shares of the company’s stock valued at $431,000 after acquiring an additional 879 shares during the last quarter. Arizona State Retirement System increased its stake in Paramount Global by 0.7% in the fourth quarter. Arizona State Retirement System now owns 134,210 shares of the company’s stock valued at $1,985,000 after purchasing an additional 887 shares in the last quarter. Finally, Cape Investment Advisory Inc. grew its stake 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 acquiring an additional 889 shares during the period. 73.00% of the stock is owned by institutional investors and hedge funds.

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.