Paramount Global (NASDAQ:PARA) Trading Up 12.6%

Shares of Paramount Global (NASDAQ:PARA) were up 12.6% during trading on Thursday . The stock traded as high as $14.00 and last traded at $13.80. Approximately 46,357,240 shares were traded during mid-day trading, an increase of 138% from the average daily volume of 19,470,035 shares. The stock had previously closed at $12.26.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Benchmark restated a “buy” rating and set a $19.00 price target on shares of Paramount Global in a report on Tuesday. Needham & Company LLC lowered Paramount Global from a “buy” rating to a “hold” rating in a report on Tuesday. StockNews.com lowered Paramount Global from a “hold” rating to a “sell” rating in a report on Tuesday. Moffett Nathanson upgraded Paramount Global from a “sell” rating to a “neutral” rating and set a $13.00 price objective for the company in a research note on Tuesday, January 9th. Finally, Morgan Stanley decreased their target price on Paramount Global from $11.00 to $10.00 and set an “underweight” rating for the company in a research report on Tuesday, February 27th. Nine equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Paramount Global presently has an average rating of “Hold” and a consensus target price of $13.58.

Paramount Global Stock Performance

The business’s fifty day moving average price is $11.48 and its 200-day moving average price is $12.87. 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 stock has a market capitalization of $9.04 billion, a PE ratio of -92.40, a P/E/G ratio of 0.41 and a beta of 1.74.

Paramount Global (NASDAQ:PARA) last announced its quarterly earnings results on Monday, April 29th. The company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.34 by $0.28. The firm had revenue of $7.69 billion during the quarter, compared to the consensus estimate of $7.73 billion. Paramount Global had a negative net margin of 0.15% and a positive return on equity of 3.35%. The business’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same period last year, the firm earned $0.09 EPS. As a group, equities research analysts expect that Paramount Global will post 1.18 EPS for the current year.

Paramount Global Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 17th will be issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.44%. The ex-dividend date of this dividend is Monday, June 17th. Paramount Global’s payout ratio is -133.33%.

Hedge Funds Weigh In On Paramount Global

A number of institutional investors have recently made changes to their positions in PARA. Tokio Marine Asset Management Co. Ltd. lifted its holdings in shares of Paramount Global by 5.5% during the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 14,855 shares of the company’s stock worth $220,000 after acquiring an additional 769 shares during the last quarter. Highlander Capital Management LLC raised its position in Paramount Global by 13.4% during the fourth quarter. Highlander Capital Management LLC now owns 7,210 shares of the company’s stock valued at $107,000 after purchasing an additional 850 shares in the last quarter. Kestra Private Wealth Services LLC lifted its stake in Paramount Global by 3.1% during the fourth quarter. Kestra Private Wealth Services LLC now owns 29,171 shares of the company’s stock worth $431,000 after purchasing an additional 879 shares during the last quarter. Arizona State Retirement System boosted its holdings in shares of Paramount Global by 0.7% in the 4th quarter. Arizona State Retirement System now owns 134,210 shares of the company’s stock worth $1,985,000 after purchasing an additional 887 shares in the last quarter. Finally, Cape Investment Advisory Inc. increased its position in shares of Paramount Global by 5.2% during the 4th quarter. Cape Investment Advisory Inc. now owns 18,014 shares of the company’s stock valued at $266,000 after purchasing an additional 889 shares during the last quarter. 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.