Paramount Global (NASDAQ:PARA) Shares Gap Down to $10.29

Paramount Global (NASDAQ:PARA) shares gapped down prior to trading on Tuesday . The stock had previously closed at $10.29, but opened at $10.06. Paramount Global shares last traded at $10.06, with a volume of 628,422 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PARA. Raymond James reiterated a “market perform” rating on shares of Paramount Global in a report on Tuesday, March 26th. Seaport Res Ptn downgraded Paramount Global from a “buy” rating to a “neutral” rating in a report on Thursday, May 2nd. 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 report on Wednesday, February 28th. 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 report on Thursday, April 4th. Finally, Benchmark restated a “buy” rating and set a $19.00 price objective on shares of Paramount Global in a report on Tuesday, April 30th. Ten investment analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Paramount Global currently has an average rating of “Hold” and an average price target of $13.29.

Paramount Global Price Performance

The company has a debt-to-equity ratio of 0.65, a current ratio of 1.29 and a quick ratio of 1.19. The business’s 50-day simple moving average is $11.81 and its two-hundred day simple moving average is $12.52.

Paramount Global (NASDAQ:PARA) last posted its quarterly earnings data on Monday, April 29th. The company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.28. The company had revenue of $7.69 billion during the quarter, compared to analysts’ expectations of $7.73 billion. Paramount Global had a negative net margin of 0.15% and a positive return on equity of 3.35%. The firm’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.09 EPS. As a group, sell-side analysts expect that Paramount Global will post 1.32 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders 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 2.01%. Paramount Global’s payout ratio is -133.32%.

Hedge Funds Weigh In On Paramount Global

Several large investors have recently modified their holdings of PARA. VisionPoint Advisory Group LLC bought a new position in shares of Paramount Global during the third quarter worth about $25,000. Anchor Investment Management LLC bought a new position in shares of Paramount Global during the fourth quarter worth about $30,000. Archer Investment Corp bought a new position in shares of Paramount Global during the fourth quarter worth about $30,000. Friedenthal Financial bought a new position in shares of Paramount Global during the fourth quarter worth about $39,000. Finally, Newbridge Financial Services Group Inc. bought a new position in shares of Paramount Global during the fourth quarter worth about $44,000. 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.