Paramount Global (NASDAQ:PARA) Shares Gap Up to $10.14

Shares of Paramount Global (NASDAQ:PARA) gapped up prior to trading on Tuesday . The stock had previously closed at $10.14, but opened at $10.50. Paramount Global shares last traded at $10.52, with a volume of 1,433,570 shares changing hands.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Needham & Company LLC lowered Paramount Global from a “buy” rating to a “hold” rating in a research report on Tuesday, April 30th. Seaport Res Ptn lowered Paramount Global from a “buy” rating to a “neutral” rating in a research report on Thursday, May 2nd. StockNews.com upgraded Paramount Global from a “sell” rating to a “hold” rating in a research report on Wednesday, May 8th. JPMorgan Chase & Co. lowered their price objective on Paramount Global from $13.00 to $12.00 and set an “underweight” rating for the company in a research report on Thursday, April 4th. Finally, Wells Fargo & Company lowered Paramount Global from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $14.00 to $9.00 in a research report on Wednesday, June 12th. Ten investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $13.29.

Paramount Global Stock Performance

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 has a 50 day moving average price of $11.65 and a 200-day moving average price of $12.33.

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. The business had revenue of $7.69 billion for the quarter, compared to analysts’ expectations of $7.73 billion. Paramount Global had a positive return on equity of 3.35% and a negative net margin of 0.15%. The company’s revenue for the quarter was up 5.8% compared to the same quarter last year. During the same period last year, the firm earned $0.09 earnings per share. As a group, analysts anticipate that Paramount Global will post 1.31 earnings per share for the current year.

Paramount Global Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Monday, June 17th were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.75%. The ex-dividend date of this dividend was Monday, June 17th. Paramount Global’s dividend payout ratio (DPR) is presently -133.32%.

Hedge Funds Weigh In On Paramount Global

Several large investors have recently bought and sold shares of PARA. Envestnet Asset Management Inc. increased its holdings in Paramount Global by 8.3% in the third quarter. Envestnet Asset Management Inc. now owns 316,463 shares of the company’s stock valued at $4,082,000 after buying an additional 24,208 shares during the last quarter. Mariner LLC increased its holdings in Paramount Global by 16.3% in the third quarter. Mariner LLC now owns 80,554 shares of the company’s stock valued at $1,039,000 after buying an additional 11,264 shares during the last quarter. Bank of Nova Scotia increased its holdings in Paramount Global by 30.7% in the third quarter. Bank of Nova Scotia now owns 19,211 shares of the company’s stock valued at $248,000 after buying an additional 4,515 shares during the last quarter. Schonfeld Strategic Advisors LLC purchased a new position in Paramount Global in the third quarter valued at $1,240,000. Finally, Adage Capital Partners GP L.L.C. increased its holdings in Paramount Global by 8.7% in the third quarter. Adage Capital Partners GP L.L.C. now owns 304,485 shares of the company’s stock valued at $3,928,000 after buying an additional 24,300 shares during the last quarter. Hedge funds and other 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.