Paramount Global (NASDAQ:PARA) Shares Gap Up to $10.97

Paramount Global (NASDAQ:PARA)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $10.97, but opened at $11.94. Paramount Global shares last traded at $12.08, with a volume of 6,755,488 shares changing hands.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on PARA shares. Redburn Atlantic downgraded Paramount Global from a “neutral” rating to a “sell” rating and cut their target price for the company from $17.00 to $11.00 in a research report on Thursday, January 11th. Deutsche Bank Aktiengesellschaft dropped their price objective on Paramount Global from $20.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, February 28th. Morgan Stanley dropped their price objective on Paramount Global from $11.00 to $10.00 and set an “underweight” rating for the company in a research report on Tuesday, February 27th. JPMorgan Chase & Co. dropped their price objective on Paramount Global from $13.00 to $12.00 and set an “underweight” rating for the company in a research report on Thursday, April 4th. Finally, StockNews.com upgraded Paramount Global from a “sell” rating to a “hold” rating in a research report on Wednesday, April 10th. Eight research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $13.79.

Paramount Global Trading Up 9.7 %

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 firm has a 50-day moving average of $11.53 and a 200 day moving average of $12.85. The company has a market cap of $7.85 billion, a P/E ratio of -11.77, a price-to-earnings-growth ratio of 0.38 and a beta of 1.77.

Paramount Global (NASDAQ:PARA) last announced its earnings results on Wednesday, February 28th. The company reported $0.04 EPS for the quarter, beating the consensus estimate of ($0.05) by $0.09. Paramount Global had a positive return on equity of 1.78% and a negative net margin of 2.05%. The company had revenue of $7.64 billion for the quarter, compared to analyst estimates of $7.80 billion. During the same quarter in the prior year, the company earned $0.08 EPS. The firm’s revenue for the quarter was down 6.1% compared to the same quarter last year. On average, analysts predict that Paramount Global will post 1.2 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 17th will be given a dividend of $0.05 per share. The ex-dividend date is Monday, June 17th. This represents a $0.20 annualized dividend and a dividend yield of 1.66%. Paramount Global’s payout ratio is -19.61%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its holdings in Paramount Global by 3.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 24,682 shares of the company’s stock worth $291,000 after acquiring an additional 934 shares in the last quarter. Alpha Omega Wealth Management LLC lifted its holdings in shares of Paramount Global by 5.2% in the first quarter. Alpha Omega Wealth Management LLC now owns 449,044 shares of the company’s stock valued at $5,285,000 after purchasing an additional 22,349 shares in the last quarter. Cannon Global Investment Management LLC bought a new position in shares of Paramount Global in the first quarter valued at approximately $344,000. Register Financial Advisors LLC lifted its holdings in shares of Paramount Global by 54.5% in the first quarter. Register Financial Advisors LLC now owns 27,592 shares of the company’s stock valued at $325,000 after purchasing an additional 9,730 shares in the last quarter. Finally, Matrix Asset Advisors Inc. NY lifted its holdings in shares of Paramount Global by 2.1% in the first quarter. Matrix Asset Advisors Inc. NY now owns 355,859 shares of the company’s stock valued at $4,188,000 after purchasing an additional 7,330 shares in the last quarter. 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.