Seaport Res Ptn Has Strong Estimate for PARA FY2024 Earnings

Paramount Global (NASDAQ:PARA) – Equities research analysts at Seaport Res Ptn increased their FY2024 EPS estimates for Paramount Global in a report released on Sunday, November 10th. Seaport Res Ptn analyst D. Joyce now expects that the company will post earnings of $2.25 per share for the year, up from their prior forecast of $1.96. The consensus estimate for Paramount Global’s current full-year earnings is $1.78 per share. Seaport Res Ptn also issued estimates for Paramount Global’s Q4 2024 earnings at $0.60 EPS, Q1 2025 earnings at $1.10 EPS, Q2 2025 earnings at $0.82 EPS, Q3 2025 earnings at $0.93 EPS, Q4 2025 earnings at $0.63 EPS, FY2025 earnings at $3.48 EPS and FY2026 earnings at $4.10 EPS.

PARA has been the subject of several other reports. Macquarie reiterated an “underperform” rating and set a $10.00 target price on shares of Paramount Global in a research report on Monday. Wells Fargo & Company upgraded shares of Paramount Global from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $10.00 to $11.00 in a report on Friday, August 9th. StockNews.com upgraded shares of Paramount Global from a “sell” rating to a “hold” rating in a research note on Monday. Needham & Company LLC reaffirmed a “hold” rating on shares of Paramount Global in a research note on Monday. Finally, JPMorgan Chase & Co. dropped their price objective on Paramount Global from $12.00 to $11.00 and set an “underweight” rating on the stock in a research note on Thursday, August 15th. Eight investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $12.40.

Paramount Global Price Performance

PARA opened at $11.16 on Wednesday. The business has a fifty day moving average of $10.58 and a 200 day moving average of $11.09. The stock has a market cap of $7.44 billion, a P/E ratio of -1.36, a PEG ratio of 1.44 and a beta of 1.74. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.85. 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 quarterly earnings data on Friday, November 8th. The company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.25. The business had revenue of $6.73 billion during the quarter, compared to the consensus estimate of $6.94 billion. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The firm’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.30 earnings per share.

Paramount Global Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be issued a $0.05 dividend. The ex-dividend date is Monday, December 16th. This represents a $0.20 dividend on an annualized basis and a yield of 1.79%. Paramount Global’s dividend payout ratio is presently -2.43%.

Institutional Investors Weigh In On Paramount Global

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Blue Trust Inc. increased its position in shares of Paramount Global by 162.8% during the third quarter. Blue Trust Inc. now owns 2,539 shares of the company’s stock worth $26,000 after purchasing an additional 1,573 shares in the last quarter. Huntington National Bank grew its stake in Paramount Global by 129.0% during the 3rd quarter. Huntington National Bank now owns 2,771 shares of the company’s stock worth $29,000 after buying an additional 1,561 shares during the last quarter. Atlas Capital Advisors LLC acquired a new position in Paramount Global during the 2nd quarter valued at about $35,000. Ashton Thomas Private Wealth LLC purchased a new stake in Paramount Global in the second quarter valued at about $43,000. Finally, Kennebec Savings Bank acquired a new stake in Paramount Global in the third quarter worth about $47,000. Hedge funds and other institutional investors 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.