Paramount Global (NASDAQ:PARA) Shares Gap Up to $11.91

Paramount Global (NASDAQ:PARA)’s share price gapped up before the market opened on Monday . The stock had previously closed at $11.91, but opened at $12.50. Paramount Global shares last traded at $12.54, with a volume of 3,037,487 shares traded.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Needham & Company LLC reiterated a “buy” rating and issued a $15.00 target price on shares of Paramount Global in a report on Thursday, February 29th. Deutsche Bank Aktiengesellschaft decreased their price target on Paramount Global from $20.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, February 28th. Benchmark dropped their price target on Paramount Global from $30.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, February 29th. Redburn Atlantic cut Paramount Global from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $17.00 to $11.00 in a research note on Thursday, January 11th. Finally, Rosenblatt Securities reiterated a “neutral” rating and set a $13.00 price objective on shares of Paramount Global in a research report on Tuesday, April 9th. Eight analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Paramount Global presently has an average rating of “Hold” and an average target price of $13.79.

Paramount Global Stock Up 4.6 %

The stock has a fifty day simple moving average of $11.48 and a two-hundred day simple moving average of $12.88. The company has a quick ratio of 1.17, a current ratio of 1.32 and a debt-to-equity ratio of 0.63.

Paramount Global (NASDAQ:PARA) last posted its earnings results on Wednesday, February 28th. The company reported $0.04 earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.09. Paramount Global had a negative net margin of 2.05% and a positive return on equity of 1.78%. The firm had revenue of $7.64 billion during the quarter, compared to the consensus estimate of $7.80 billion. During the same quarter last year, the company earned $0.08 earnings per share. The company’s revenue was down 6.1% on a year-over-year basis. On average, research analysts anticipate that Paramount Global will post 1.19 earnings per share for the current year.

Paramount Global Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders 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 1.61%. The ex-dividend date of this dividend is Monday, June 17th. Paramount Global’s dividend payout ratio is currently -19.61%.

Institutional Investors Weigh In On Paramount Global

A number of institutional investors have recently added to or reduced their stakes in the stock. Tokio Marine Asset Management Co. Ltd. raised its position in shares of Paramount Global by 5.5% in the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 14,855 shares of the company’s stock worth $220,000 after acquiring an additional 769 shares in the last quarter. Highlander Capital Management LLC grew its position in Paramount Global by 13.4% during the fourth quarter. Highlander Capital Management LLC now owns 7,210 shares of the company’s stock valued at $107,000 after buying an additional 850 shares during the period. Kestra Private Wealth Services LLC lifted its holdings in Paramount Global by 3.1% during the fourth quarter. Kestra Private Wealth Services LLC now owns 29,171 shares of the company’s stock valued at $431,000 after purchasing an additional 879 shares in the last quarter. Arizona State Retirement System lifted its stake in shares of Paramount Global by 0.7% in the fourth quarter. Arizona State Retirement System now owns 134,210 shares of the company’s stock worth $1,985,000 after buying an additional 887 shares in the last quarter. Finally, Cape Investment Advisory Inc. boosted its holdings in Paramount Global by 5.2% in the 4th quarter. Cape Investment Advisory Inc. now owns 18,014 shares of the company’s stock valued at $266,000 after purchasing an additional 889 shares during the last quarter. 73.00% of the stock is owned by hedge funds and other institutional investors.

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.