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

Paramount Global (NASDAQ:PARA)’s stock price gapped up prior to trading 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 traded.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Rosenblatt Securities reaffirmed a “neutral” rating and set a $13.00 price target on shares of Paramount Global in a report on Tuesday, April 9th. Morgan Stanley cut their target price 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. Raymond James reissued a “market perform” rating on shares of Paramount Global in a report on Tuesday, March 26th. Seaport Res Ptn lowered Paramount Global from a “buy” rating to a “neutral” rating in a report on Thursday, May 2nd. Finally, Argus downgraded Paramount Global from a “hold” rating to a “sell” rating in a report on Friday, May 3rd. Nine analysts have rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $13.58.

Paramount Global Price Performance

The stock has a 50 day simple moving average of $11.63 and a 200-day simple moving average of $12.91. The firm has a market cap of $8.59 billion, a PE ratio of -85.93, a price-to-earnings-growth ratio of 0.39 and a beta of 1.74. The company has a current ratio of 1.29, a quick ratio of 1.19 and a debt-to-equity ratio of 0.65.

Paramount Global (NASDAQ:PARA) last issued its earnings results 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 positive return on equity of 3.35% and a negative net margin of 0.15%. The company had revenue of $7.69 billion for 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 quarterly revenue was up 5.8% on a year-over-year basis. Equities analysts anticipate that Paramount Global will post 1.32 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 17th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Monday, June 17th. This represents a $0.20 dividend on an annualized basis and a yield of 1.55%. Paramount Global’s dividend payout ratio is currently -133.33%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of Paramount Global by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 58,286,539 shares of the company’s stock worth $862,058,000 after buying an additional 626,256 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Paramount Global by 9.4% during the 3rd quarter. Invesco Ltd. now owns 14,832,568 shares of the company’s stock worth $191,340,000 after acquiring an additional 1,272,851 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Paramount Global by 15.3% during 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 acquiring an additional 1,767,173 shares during the last quarter. Ariel Investments LLC increased 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 worth $146,168,000 after purchasing an additional 1,731,714 shares during the last quarter. Finally, Kodai Capital Management LP bought a new stake in Paramount Global in the fourth quarter worth $84,842,000. 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.