Paramount Global (NASDAQ:PARAA) Trading 6.2% Higher

Paramount Global (NASDAQ:PARAA)’s stock price was up 6.2% during mid-day trading on Monday . The company traded as high as 23.98 and last traded at 23.80. Approximately 62,196 shares traded hands during mid-day trading, a decline of 19% from the average daily volume of 76,994 shares. The stock had previously closed at 22.42.

Analyst Upgrades and Downgrades

Separately, Seaport Res Ptn cut shares of Paramount Global from a “buy” rating to a “neutral” rating in a research note on Thursday, May 2nd.

Paramount Global Stock Up 1.3 %

The stock has a 50-day moving average of 21.95 and a 200 day moving average of 20.00. 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 company has a market cap of $15.35 billion, a P/E ratio of -156.79 and a beta of 1.66.

Paramount Global (NASDAQ:PARAA) last issued its earnings results on Wednesday, February 28th. The company reported 0.04 earnings per share for the quarter, missing analysts’ consensus estimates of 0.08 by -0.04. The company had revenue of 7.64 billion during the quarter, compared to analyst estimates of 7.89 billion. Paramount Global had a negative net margin of 0.15% and a positive return on equity of 3.35%. During the same quarter in the prior year, the business earned $0.08 EPS. Research analysts anticipate that Paramount Global will post 1.25 earnings per share for the current year.

Paramount Global Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 17th will be given a $0.05 dividend. The ex-dividend date of this dividend is Monday, June 17th. This represents a $0.20 annualized dividend and a yield of 0.85%. Paramount Global’s payout ratio is -133.32%.

Hedge Funds Weigh In On Paramount Global

A number of hedge funds have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC raised its stake in shares of Paramount Global by 31.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 31,737 shares of the company’s stock worth $501,000 after purchasing an additional 7,670 shares during the period. Gamco Investors INC. ET AL lifted its stake in Paramount Global by 7.5% in the third quarter. Gamco Investors INC. ET AL now owns 2,831,528 shares of the company’s stock valued at $44,710,000 after purchasing an additional 197,114 shares during the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. grew its holdings in Paramount Global by 25.2% during the third quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 75,100 shares of the company’s stock valued at $1,186,000 after purchasing an additional 15,100 shares during the period. B. Riley Wealth Advisors Inc. increased its position in Paramount Global by 29.5% in the third quarter. B. Riley Wealth Advisors Inc. now owns 35,160 shares of the company’s stock worth $557,000 after buying an additional 8,007 shares during the last quarter. Finally, Raymond James & Associates bought a new stake in shares of Paramount Global in the fourth quarter valued at $205,000. 5.98% of the stock is owned by hedge funds and other institutional investors.

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.