Paramount Global (NASDAQ:PARA) Posts Quarterly Earnings Results, Beats Expectations By $0.28 EPS

Paramount Global (NASDAQ:PARA) posted its quarterly earnings data on Monday. The company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.28, Briefing.com reports. The firm had revenue of $7.69 billion for the quarter, compared to analysts’ expectations of $7.73 billion. Paramount Global had a negative net margin of 2.05% and a positive return on equity of 1.78%. The business’s quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter last year, the company posted $0.09 EPS.

Paramount Global Trading Up 2.9 %

NASDAQ:PARA opened at $12.25 on Tuesday. Paramount Global has a one year low of $10.12 and a one year high of $24.00. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.32 and a quick ratio of 1.17. The company’s 50-day simple moving average is $11.48 and its 200 day simple moving average is $12.88. The firm has a market capitalization of $7.99 billion, a P/E ratio of -12.01, a PEG ratio of 0.42 and a beta of 1.77.

Paramount Global Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 17th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.63%. The ex-dividend date is Monday, June 17th. Paramount Global’s payout ratio is currently -19.61%.

Wall Street Analyst Weigh In

PARA has been the topic of several research reports. Needham & Company LLC cut shares of Paramount Global from a “buy” rating to a “hold” rating in a research report on Tuesday. Raymond James restated a “market perform” rating on shares of Paramount Global in a research report on Tuesday, March 26th. StockNews.com upgraded shares of Paramount Global from a “sell” rating to a “hold” rating in a research report on Wednesday, April 10th. Rosenblatt Securities restated a “neutral” rating and set a $13.00 price objective on shares of Paramount Global in a research report on Tuesday, April 9th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Paramount Global from $13.00 to $12.00 and set an “underweight” rating on the stock in a research report on Thursday, April 4th. Eight equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $13.79.

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.