Paramount Global (NASDAQ:PARAA) Shares Gap Up to $19.32

Paramount Global (NASDAQ:PARAA) shares gapped up prior to trading on Wednesday . The stock had previously closed at 19.32, but opened at 20.97. Paramount Global shares last traded at 20.52, with a volume of 32,085 shares changing hands.

Wall Street Analyst Weigh In

Separately, Seaport Res Ptn lowered shares of Paramount Global from a “buy” rating to a “neutral” rating in a research note on Thursday, May 2nd.

Paramount Global Stock Performance

The stock’s 50-day moving average price is 20.45 and its 200 day moving average price is 20.78. The company has a quick ratio of 1.19, a current ratio of 1.29 and a debt-to-equity ratio of 0.65.

Paramount Global (NASDAQ:PARAA) last issued its earnings results on Monday, April 29th. The company reported 0.62 earnings per share for the quarter, topping analysts’ consensus estimates of 0.25 by 0.37. The business had revenue of 7.69 billion for the quarter, compared to the consensus estimate of 7.85 billion. Paramount Global had a negative net margin of 0.15% and a positive return on equity of 3.35%. Analysts anticipate that Paramount Global will post 1.25 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Monday, June 17th were issued a dividend of $0.05 per share. The ex-dividend date of this dividend was Monday, June 17th. This represents a $0.20 dividend on an annualized basis and a yield of 1.00%. Paramount Global’s payout ratio is -133.32%.

Hedge Funds Weigh In On Paramount Global

Several institutional investors and hedge funds have recently modified their holdings of PARAA. Gamco Investors INC. ET AL boosted its position in shares of Paramount Global by 2.6% in the first quarter. Gamco Investors INC. ET AL now owns 2,927,163 shares of the company’s stock valued at $63,900,000 after acquiring an additional 74,752 shares during the period. Gabelli Funds LLC lifted its position in Paramount Global by 0.6% during the first quarter. Gabelli Funds LLC now owns 1,863,691 shares of the company’s stock worth $40,684,000 after purchasing an additional 11,300 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Paramount Global by 11.3% in the first quarter. Vanguard Group Inc. now owns 682,998 shares of the company’s stock worth $14,910,000 after acquiring an additional 69,084 shares during the last quarter. Poehling Capital Management INC. lifted its holdings in shares of Paramount Global by 35.1% in the first quarter. Poehling Capital Management INC. now owns 393,293 shares of the company’s stock worth $8,586,000 after acquiring an additional 102,132 shares during the last quarter. Finally, Ninety One UK Ltd bought a new position in shares of Paramount Global in the fourth quarter worth about $3,421,000. 5.98% 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.