Paramount Global (NASDAQ:PARA) Shares Gap Up to $10.14

Paramount Global (NASDAQ:PARA)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $10.14, but opened at $10.50. Paramount Global shares last traded at $10.52, with a volume of 1,433,570 shares changing hands.

Analyst Ratings Changes

Several brokerages have recently weighed in on PARA. Wolfe Research upgraded Paramount Global from an “underperform” rating to a “peer perform” rating in a research note on Thursday, April 4th. Raymond James restated a “market perform” rating on shares of Paramount Global in a research note on Tuesday, March 26th. StockNews.com upgraded Paramount Global from a “sell” rating to a “hold” rating in a research note on Wednesday, May 8th. Benchmark reiterated a “buy” rating and issued a $19.00 price target on shares of Paramount Global in a research note on Tuesday, April 30th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Paramount Global from $13.00 to $12.00 and set an “underweight” rating for the company in a report on Thursday, April 4th. Ten research analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $13.29.

Paramount Global Stock Performance

The company has a quick ratio of 1.19, a current ratio of 1.29 and a debt-to-equity ratio of 0.65. The stock’s 50 day moving average price is $11.71 and its two-hundred day moving average price is $12.37.

Paramount Global (NASDAQ:PARA) last released its quarterly earnings results on Monday, April 29th. The company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $7.69 billion during the quarter, compared to analysts’ expectations of $7.73 billion. During the same period in the prior year, the company earned $0.09 earnings per share. The business’s quarterly revenue was up 5.8% compared to the same quarter last year. On average, sell-side analysts predict that Paramount Global will post 1.31 EPS for the current year.

Paramount Global Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Monday, June 17th were given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.90%. The ex-dividend date was Monday, June 17th. Paramount Global’s dividend payout ratio (DPR) is presently -133.32%.

Institutional Trading of Paramount Global

Several hedge funds have recently modified their holdings of the company. Tokio Marine Asset Management Co. Ltd. increased its holdings 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 buying an additional 769 shares in the last quarter. Highlander Capital Management LLC increased 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 valued at $107,000 after purchasing an additional 850 shares in the last quarter. Kestra Private Wealth Services LLC increased 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 valued at $431,000 after purchasing an additional 879 shares in the last quarter. Arizona State Retirement System increased 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 valued at $1,985,000 after purchasing an additional 887 shares in the last quarter. Finally, Cape Investment Advisory Inc. increased its holdings in shares of 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 in the last quarter. Institutional investors and hedge funds own 73.00% of the company’s stock.

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.