Paramount Global (NASDAQ:PARAA) Shares Gap Up to $21.06

Paramount Global (NASDAQ:PARAA)’s stock price gapped up before the market opened on Friday . The stock had previously closed at 21.06, but opened at 21.79. Paramount Global shares last traded at 21.85, with a volume of 10,907 shares trading hands.

Paramount Global Stock Performance

The firm has a market capitalization of $14.39 billion, a P/E ratio of -20.99 and a beta of 1.67. The company has a current ratio of 1.32, a quick ratio of 1.17 and a debt-to-equity ratio of 0.63. The business’s 50 day simple moving average is 21.62 and its two-hundred day simple moving average is 19.23.

Paramount Global (NASDAQ:PARAA) last released its quarterly earnings data on Wednesday, February 28th. The company reported 0.04 earnings per share for the quarter, missing analysts’ consensus estimates of 0.08 by -0.04. The firm had revenue of 7.64 billion for the quarter, compared to the consensus estimate of 7.89 billion. Paramount Global had a negative net margin of 2.05% and a positive return on equity of 1.78%. During the same quarter in the prior year, the business posted $0.08 earnings per share. Sell-side analysts anticipate that Paramount Global will post 1.37 EPS for the current fiscal year.

Paramount Global Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 17th will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date of this dividend is Monday, June 17th. Paramount Global’s payout ratio is presently -19.61%.

Institutional Trading of Paramount Global

A number of institutional investors have recently made changes to their positions in PARAA. Envestnet Asset Management Inc. boosted its holdings in shares of Paramount Global by 1,776.8% in the first quarter. Envestnet Asset Management Inc. now owns 482,631 shares of the company’s stock worth $122,000 after buying an additional 456,916 shares during the last quarter. Vanguard Group Inc. purchased a new position in shares of Paramount Global in the third quarter worth approximately $9,701,000. Gamco Investors INC. ET AL boosted its holdings in shares of Paramount Global by 20.4% in the second quarter. Gamco Investors INC. ET AL now owns 2,634,414 shares of the company’s stock worth $48,895,000 after buying an additional 445,501 shares during the last quarter. BlackRock Inc. purchased a new position in shares of Paramount Global in the third quarter worth approximately $6,074,000. Finally, Millennium Management LLC boosted its holdings in shares of Paramount Global by 171.4% in the fourth quarter. Millennium Management LLC now owns 317,030 shares of the company’s stock worth $6,217,000 after buying an additional 200,232 shares during the last quarter. Hedge funds and other institutional investors own 5.98% 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.