Paramount Global (NASDAQ:PARA – Get Free Report)’s stock price shot up 8.2% during trading on Wednesday . The stock traded as high as $12.19 and last traded at $12.11. 21,369,405 shares changed hands during mid-day trading, an increase of 26% from the average session volume of 16,950,945 shares. The stock had previously closed at $11.19.
Analyst Ratings Changes
Several brokerages have recently issued reports on PARA. Moffett Nathanson raised shares of Paramount Global from a “sell” rating to a “neutral” rating and set a $13.00 price objective for the company in a research report on Tuesday, January 9th. Morgan Stanley lowered their price objective on shares of Paramount Global from $11.00 to $10.00 and set an “underweight” rating for the company in a research report on Tuesday, February 27th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Paramount Global from $20.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, February 28th. Rosenblatt Securities lowered their price objective on shares of Paramount Global from $12.00 to $9.00 and set a “sell” rating for the company in a research report on Thursday, February 29th. Finally, Wells Fargo & Company raised shares of Paramount Global from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $15.00 to $18.00 in a research report on Wednesday, December 20th. Ten research analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $13.84.
Paramount Global Trading Up 11.8 %
The stock has a market cap of $8.16 billion, a price-to-earnings ratio of -11.94, a PEG ratio of 0.42 and a beta of 1.76. The company has a quick ratio of 1.17, a current ratio of 1.32 and a debt-to-equity ratio of 0.63. The business’s 50 day simple moving average is $12.48 and its 200 day simple moving average is $13.12.
Paramount Global (NASDAQ:PARA – Get Free Report) last posted its earnings results on Wednesday, February 28th. The company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.09. The company had revenue of $7.64 billion during the quarter, compared to analysts’ expectations of $7.80 billion. Paramount Global had a negative net margin of 2.05% and a positive return on equity of 1.78%. Paramount Global’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.08 EPS. On average, research analysts expect that Paramount Global will post 1.17 EPS for the current fiscal year.
Paramount Global Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 15th will be paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date of this dividend is Thursday, March 14th. Paramount Global’s dividend payout ratio is presently -19.61%.
Institutional Trading of Paramount Global
Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in Paramount Global by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 58,286,539 shares of the company’s stock worth $862,058,000 after purchasing an additional 626,256 shares in the last quarter. BlackRock Inc. raised its stake in Paramount Global by 30.4% in the 1st quarter. BlackRock Inc. now owns 54,882,034 shares of the company’s stock worth $1,224,418,000 after purchasing an additional 12,783,448 shares in the last quarter. State Street Corp increased its holdings in Paramount Global by 7.3% in the 1st quarter. State Street Corp now owns 35,333,056 shares of the company’s stock valued at $796,459,000 after buying an additional 2,402,874 shares during the period. Invesco Ltd. increased its holdings in Paramount Global by 9.4% in the 3rd quarter. Invesco Ltd. now owns 14,832,568 shares of the company’s stock valued at $191,340,000 after buying an additional 1,272,851 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in Paramount Global by 15.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 13,299,798 shares of the company’s stock valued at $171,567,000 after buying an additional 1,767,173 shares during the period. Institutional investors and hedge funds own 72.39% of the company’s stock.
About Paramount Global
Paramount Global operates as a media and entertainment company worldwide. The company operates through TV Media, Direct-to-Consumer, and Filmed Entertainment segments. Its TV Media segment operates domestic and international broadcast networks, including CBS Television Network, Network 10, Channel 5, Telefe, and Chilevisión; and cable networks comprising Paramount Media Networks, Nickelodeon, BET Media Group, and CBS Sports.