Paramount Global (NASDAQ:PARA) Shares Gap Up to $12.89

Paramount Global (NASDAQ:PARA)’s share price gapped up before the market opened on Monday . The stock had previously closed at $12.89, but opened at $13.34. Paramount Global shares last traded at $13.35, with a volume of 6,727,882 shares trading hands.

Analyst Ratings Changes

A number of analysts recently weighed in on PARA shares. Raymond James reiterated a “market perform” rating on shares of Paramount Global in a research report on Tuesday, March 26th. Wolfe Research raised shares of Paramount Global from an “underperform” rating to a “peer perform” rating in a research report on Thursday, April 4th. Wells Fargo & Company decreased their target price on shares of Paramount Global from $15.00 to $14.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 30th. Morgan Stanley reduced their price target on Paramount Global from $11.00 to $10.00 and set an “underweight” rating for the company in a research note on Tuesday, February 27th. Finally, Seaport Res Ptn cut shares of Paramount Global from a “buy” rating to a “neutral” rating in a research report on Thursday. Ten research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Paramount Global presently has a consensus rating of “Hold” and a consensus target price of $13.58.

Paramount Global Trading Up 3.1 %

The company has a market cap of $8.86 billion, a P/E ratio of -89.06, a price-to-earnings-growth ratio of 0.39 and a beta of 1.74. The company has a quick ratio of 1.19, a current ratio of 1.29 and a debt-to-equity ratio of 0.65. The firm’s 50-day moving average price is $11.55 and its 200-day moving average price is $12.89.

Paramount Global (NASDAQ:PARA) last issued its earnings results on Monday, April 29th. The company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.34 by $0.28. Paramount Global had a positive return on equity of 3.35% and a negative net margin of 0.15%. The business had revenue of $7.69 billion during the quarter, compared to the consensus estimate of $7.73 billion. During the same quarter last year, the company earned $0.09 EPS. The firm’s revenue was up 5.8% compared to the same quarter last year. As a group, equities research analysts expect that Paramount Global will post 1.32 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 17th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date is Monday, June 17th. Paramount Global’s dividend payout ratio is currently -133.32%.

Institutional Investors Weigh In On Paramount Global

A number of large investors have recently added to or reduced their stakes in PARA. International Assets Investment Management LLC boosted its position in Paramount Global by 541.7% during the fourth quarter. International Assets Investment Management LLC now owns 708,662 shares of the company’s stock valued at $10,481,000 after buying an additional 598,235 shares during the period. Ariel Investments LLC lifted its position in Paramount Global by 18.0% in the third quarter. Ariel Investments LLC now owns 11,330,850 shares of the company’s stock valued at $146,168,000 after purchasing an additional 1,731,714 shares during the last quarter. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Paramount Global during the third quarter valued at approximately $1,240,000. Caprock Group LLC grew its holdings in shares of Paramount Global by 2.9% in the fourth quarter. Caprock Group LLC now owns 50,252 shares of the company’s stock worth $746,000 after purchasing an additional 1,401 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. increased its stake in shares of Paramount Global by 1,201.5% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 84,600 shares of the company’s stock worth $1,282,000 after buying an additional 78,100 shares during the period. Hedge funds and other 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.