Traders Purchase High Volume of Call Options on Paramount Global (NASDAQ:PARA)

Paramount Global (NASDAQ:PARA) saw some unusual options trading activity on Wednesday. Stock investors purchased 78,008 call options on the stock. This is an increase of approximately 16% compared to the typical daily volume of 67,534 call options.

Paramount Global Stock Performance

Shares of PARA stock opened at $11.46 on Thursday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.19 and a current ratio of 1.29. The company has a market capitalization of $7.64 billion, a P/E ratio of -76.40, a price-to-earnings-growth ratio of 0.32 and a beta of 1.78. The company’s 50 day moving average price is $11.65 and its two-hundred day moving average price is $12.33. Paramount Global has a 52 week low of $9.54 and a 52 week high of $17.50.

Paramount Global (NASDAQ:PARA) last announced its earnings results on Monday, April 29th. The company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.34 by $0.28. The firm had revenue of $7.69 billion for 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%. The business’s quarterly revenue was up 5.8% on a year-over-year basis. During the same period last year, the company posted $0.09 EPS. On average, analysts expect that Paramount Global will post 1.31 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Monday, June 17th were issued a $0.05 dividend. The ex-dividend date of this dividend was Monday, June 17th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.75%. Paramount Global’s dividend payout ratio (DPR) is presently -133.33%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Wells Fargo & Company lowered shares of Paramount Global from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $14.00 to $9.00 in a research note on Wednesday, June 12th. Argus lowered shares of Paramount Global from a “hold” rating to a “sell” rating in a research note on Friday, May 3rd. The Goldman Sachs Group initiated coverage on shares of Paramount Global in a research note on Tuesday, June 25th. They issued a “sell” rating and a $9.50 target price on the stock. Seaport Res Ptn downgraded shares of Paramount Global from a “buy” rating to a “neutral” rating in a research report on Thursday, May 2nd. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $14.00 price target on shares of Paramount Global in a research report on Tuesday, June 4th. Ten research analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Paramount Global currently has an average rating of “Hold” and a consensus price target of $13.29.

Institutional Trading of Paramount Global

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Tokio Marine Asset Management Co. Ltd. raised its holdings 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 last quarter. Highlander Capital Management LLC raised 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 during the last quarter. Kestra Private Wealth Services LLC raised 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 during the last quarter. Arizona State Retirement System raised 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 during the last quarter. Finally, Cape Investment Advisory Inc. raised 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 during the last quarter. 73.00% of the stock is currently 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.