Paramount Global (NASDAQ:PARA) Shares Up 3.2% – Here’s What Happened

Paramount Global (NASDAQ:PARA)’s stock price rose 3.2% during trading on Monday . The stock traded as high as $11.85 and last traded at $11.93. Approximately 4,198,792 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 12,399,798 shares. The stock had previously closed at $11.56.

Wall Street Analyst Weigh In

A number of analysts have weighed in on PARA shares. Guggenheim reaffirmed a “buy” rating and set a $14.00 target price on shares of Paramount Global in a research note on Thursday, February 27th. StockNews.com initiated coverage on Paramount Global in a research report on Sunday. They set a “hold” rating for the company. Benchmark reissued a “buy” rating and set a $19.00 target price on shares of Paramount Global in a research note on Thursday, February 27th. Needham & Company LLC reissued a “hold” rating on shares of Paramount Global in a research report on Thursday, February 27th. Finally, Morgan Stanley lifted their price objective on shares of Paramount Global from $10.00 to $11.00 and gave the company an “underweight” rating in a report on Tuesday, February 4th. Six equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $12.10.

Paramount Global Price Performance

The company has a market cap of $7.92 billion, a PE ratio of -1.45, a price-to-earnings-growth ratio of 1.68 and a beta of 1.60. The business has a 50 day moving average of $11.28 and a 200 day moving average of $10.90. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.27 and a quick ratio of 1.10.

Paramount Global (NASDAQ:PARA) last announced its earnings results on Wednesday, February 26th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.29). The business had revenue of $7.98 billion for the quarter, compared to the consensus estimate of $8.07 billion. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. As a group, research analysts predict that Paramount Global will post 1.77 EPS for the current year.

Paramount Global Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 17th will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.20 dividend on an annualized basis and a yield of 1.68%. Paramount Global’s dividend payout ratio is presently -2.15%.

Hedge Funds Weigh In On Paramount Global

Several institutional investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. lifted its position in Paramount Global by 4.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,743,123 shares of the company’s stock valued at $80,993,000 after purchasing an additional 348,298 shares in the last quarter. Bridgewater Associates LP raised its stake in shares of Paramount Global by 50.7% in the third quarter. Bridgewater Associates LP now owns 328,099 shares of the company’s stock worth $3,484,000 after buying an additional 110,357 shares during the period. Franklin Resources Inc. lifted its position in shares of Paramount Global by 824.1% during the 3rd quarter. Franklin Resources Inc. now owns 195,690 shares of the company’s stock valued at $2,029,000 after buying an additional 174,514 shares in the last quarter. Wilsey Asset Management Inc. grew its stake in shares of Paramount Global by 16.2% during the 4th quarter. Wilsey Asset Management Inc. now owns 1,902,332 shares of the company’s stock valued at $19,898,000 after acquiring an additional 265,408 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in Paramount Global by 24.7% in the 4th quarter. Bank of New York Mellon Corp now owns 4,586,288 shares of the company’s stock worth $47,973,000 after acquiring an additional 908,515 shares in the last quarter. Institutional investors own 73.00% 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.