Paramount Global (NASDAQ:PARA – Get Free Report) shares saw an uptick in trading volume on Wednesday . 15,264,027 shares traded hands during trading, a decline of 19% from the previous session’s volume of 18,799,227 shares.The stock last traded at $11.81 and had previously closed at $10.72.
Wall Street Analyst Weigh In
Several research firms recently commented on PARA. StockNews.com upgraded shares of Paramount Global from a “sell” rating to a “hold” rating in a research report on Wednesday, May 8th. Wolfe Research upgraded shares of Paramount Global from an “underperform” rating to a “peer perform” rating in a report on Thursday, April 4th. Raymond James restated a “market perform” rating on shares of Paramount Global in a report on Tuesday, March 26th. Needham & Company LLC lowered shares of Paramount Global from a “buy” rating to a “hold” rating in a report on Tuesday, April 30th. Finally, Rosenblatt Securities restated a “neutral” rating and set a $14.00 price target on shares of Paramount Global in a report on Tuesday, June 4th. 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 stock. According to MarketBeat, Paramount Global presently has a consensus rating of “Hold” and an average price target of $13.29.
Read Our Latest Research Report on Paramount Global
Paramount Global Stock Up 6.4 %
Paramount Global (NASDAQ:PARA – Get Free Report) last announced its quarterly earnings results on Monday, April 29th. The company reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.28. The business had revenue of $7.69 billion during the quarter, compared to analyst estimates of $7.73 billion. Paramount Global had a negative net margin of 0.15% and a positive return on equity of 3.35%. Paramount Global’s quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.09 EPS. Research analysts anticipate that Paramount Global will post 1.31 EPS for the current year.
Paramount Global Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Monday, June 17th were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date was Monday, June 17th. Paramount Global’s dividend payout ratio is -133.32%.
Hedge Funds Weigh In On Paramount Global
A number of hedge funds have recently bought and sold shares of PARA. Kodai Capital Management LP purchased a new position in Paramount Global during the 4th quarter worth $84,842,000. Vanguard Group Inc. boosted its holdings in shares of Paramount Global by 6.5% in the 1st quarter. Vanguard Group Inc. now owns 62,090,467 shares of the company’s stock worth $730,805,000 after buying an additional 3,803,928 shares during the last quarter. Capitolis Liquid Global Markets LLC purchased a new position in shares of Paramount Global in the 1st quarter worth about $33,191,000. Norges Bank purchased a new position in shares of Paramount Global in the 4th quarter worth about $41,497,000. Finally, Lingotto Investment Management LLP boosted its holdings in shares of Paramount Global by 375.8% in the 4th quarter. Lingotto Investment Management LLP now owns 3,263,978 shares of the company’s stock worth $48,388,000 after buying an additional 2,577,978 shares during the last quarter. 73.00% of the stock is owned by hedge funds and other institutional investors.
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.
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