FY2024 Earnings Estimate for Paramount Global Issued By Seaport Res Ptn (NASDAQ:PARA)

Paramount Global (NASDAQ:PARA) – Equities researchers at Seaport Res Ptn upped their FY2024 EPS estimates for shares of Paramount Global in a note issued to investors on Thursday, October 3rd. Seaport Res Ptn analyst D. Joyce now expects that the company will post earnings per share of $1.96 for the year, up from their prior forecast of $1.91. The consensus estimate for Paramount Global’s current full-year earnings is $1.56 per share. Seaport Res Ptn also issued estimates for Paramount Global’s Q4 2024 earnings at $0.40 EPS and FY2028 earnings at $2.96 EPS.

Paramount Global (NASDAQ:PARA) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.40. The firm had revenue of $6.81 billion during the quarter, compared to analyst estimates of $7.21 billion. Paramount Global had a positive return on equity of 4.88% and a negative net margin of 17.62%.

Several other analysts have also issued reports on PARA. JPMorgan Chase & Co. dropped their target price on shares of Paramount Global from $12.00 to $11.00 and set an “underweight” rating on the stock in a research report on Thursday, August 15th. The Goldman Sachs Group initiated coverage on Paramount Global in a report on Tuesday, June 25th. They set a “sell” rating and a $9.50 target price for the company. Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a research report on Friday, August 9th. Wolfe Research cut Paramount Global from a “peer perform” rating to an “underperform” rating and set a $10.00 price target for the company. in a report on Tuesday, July 9th. Finally, Evercore ISI lowered their price target on shares of Paramount Global from $13.00 to $11.50 and set an “in-line” rating on the stock in a research report on Tuesday, July 9th. Ten analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Paramount Global currently has an average rating of “Hold” and a consensus target price of $12.25.

Paramount Global Price Performance

Paramount Global stock opened at $10.50 on Monday. The stock has a market capitalization of $7.00 billion, a P/E ratio of -70.00, a P/E/G ratio of 0.58 and a beta of 1.75. The company’s fifty day moving average price is $10.58 and its 200 day moving average price is $11.26. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.15 and a current ratio of 1.30. Paramount Global has a 1 year low of $9.54 and a 1 year high of $17.50.

Paramount Global Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date is Monday, December 16th. Paramount Global’s dividend payout ratio is currently -133.32%.

Hedge Funds Weigh In On Paramount Global

Institutional investors and hedge funds have recently bought and sold shares of the stock. Czech National Bank raised its position in shares of Paramount Global by 28.6% in the 3rd quarter. Czech National Bank now owns 121,149 shares of the company’s stock worth $1,287,000 after buying an additional 26,944 shares during the period. Handelsbanken Fonder AB grew its holdings in shares of Paramount Global by 27.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 132,400 shares of the company’s stock worth $1,406,000 after purchasing an additional 28,400 shares during the period. Alpha Omega Wealth Management LLC increased its position in Paramount Global by 0.4% during the 3rd quarter. Alpha Omega Wealth Management LLC now owns 477,131 shares of the company’s stock worth $5,067,000 after purchasing an additional 2,071 shares in the last quarter. Stonehearth Capital Management LLC raised its holdings in Paramount Global by 9.3% in the third quarter. Stonehearth Capital Management LLC now owns 16,182 shares of the company’s stock valued at $172,000 after buying an additional 1,374 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Paramount Global during the second quarter valued at approximately $3,000,000. Institutional investors and hedge funds 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.