Seaport Res Ptn Comments on Paramount Global’s Q2 2024 Earnings (NASDAQ:PARA)

Paramount Global (NASDAQ:PARA) – Stock analysts at Seaport Res Ptn reduced their Q2 2024 EPS estimates for shares of Paramount Global in a research note issued to investors on Tuesday, April 30th. Seaport Res Ptn analyst D. Joyce now forecasts that the company will post earnings of $0.18 per share for the quarter, down from their previous forecast of $0.22. Seaport Res Ptn has a “Neutral” rating on the stock. The consensus estimate for Paramount Global’s current full-year earnings is $1.32 per share. Seaport Res Ptn also issued estimates for Paramount Global’s Q3 2024 earnings at $0.25 EPS and FY2024 earnings at $1.25 EPS.

Paramount Global (NASDAQ:PARA) last announced its quarterly earnings data on Monday, April 29th. The company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.28. Paramount Global had a negative net margin of 0.15% and a positive return on equity of 3.35%. The company had revenue of $7.69 billion during the quarter, compared to analysts’ expectations of $7.73 billion. During the same quarter in the prior year, the company earned $0.09 EPS. Paramount Global’s revenue was up 5.8% compared to the same quarter last year.

Several other research analysts have also commented on PARA. Benchmark reiterated a “buy” rating and set a $19.00 price target on shares of Paramount Global in a report on Tuesday, April 30th. Wells Fargo & Company reduced their target price on shares of Paramount Global from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 30th. 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. Raymond James reaffirmed a “market perform” rating on shares of Paramount Global in a research report on Tuesday, March 26th. Finally, StockNews.com downgraded Paramount Global from a “hold” rating to a “sell” rating in a research report on Tuesday, April 30th. Ten research analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $13.58.

Paramount Global Price Performance

PARA stock opened at $12.89 on Friday. Paramount Global has a 1 year low of $10.12 and a 1 year high of $19.04. The firm has a market capitalization of $8.41 billion, a PE ratio of -85.93, a price-to-earnings-growth ratio of 0.42 and a beta of 1.74. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.29 and a quick ratio of 1.17. The business has a 50 day simple moving average of $11.55 and a 200-day simple moving average of $12.89.

Institutional Trading of Paramount Global

Institutional investors and hedge funds have recently made changes to their positions in the company. VisionPoint Advisory Group LLC acquired a new position in Paramount Global during the third quarter worth approximately $25,000. Anchor Investment Management LLC acquired a new position in shares of Paramount Global in the 4th quarter valued at $30,000. Archer Investment Corp purchased a new stake in Paramount Global in the 4th quarter valued at $30,000. WFA of San Diego LLC boosted its stake in Paramount Global by 635.0% during the 3rd quarter. WFA of San Diego LLC now owns 2,646 shares of the company’s stock worth $34,000 after purchasing an additional 2,286 shares during the period. Finally, Cornerstone Planning Group LLC boosted its stake in Paramount Global by 55.1% during the 3rd quarter. Cornerstone Planning Group LLC now owns 2,972 shares of the company’s stock worth $38,000 after purchasing an additional 1,056 shares during the period. 73.00% of the stock is owned by hedge funds and other institutional investors.

Paramount Global Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 17th will be paid a dividend of $0.05 per share. The ex-dividend date is Monday, June 17th. This represents a $0.20 annualized dividend and a yield of 1.55%. Paramount Global’s dividend payout ratio is currently -133.32%.

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.