Paramount Global (NASDAQ:PARA) Shares Gap Up After Strong Earnings

Paramount Global (NASDAQ:PARA)’s share price gapped up prior to trading on Monday following a better than expected earnings announcement. The stock had previously closed at $11.91, but opened at $12.50. Paramount Global shares last traded at $12.54, with a volume of 3,037,487 shares changing hands.

The company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.28. Paramount Global had a positive return on equity of 3.34% and a negative net margin of 0.15%. The business had revenue of $7.69 billion during the quarter, compared to analyst estimates of $7.73 billion. During the same period last year, the company earned $0.09 earnings per share. Paramount Global’s quarterly revenue was up 5.8% compared to the same quarter last year.

Paramount Global Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 17th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.76%. The ex-dividend date is Monday, June 17th. Paramount Global’s payout ratio is presently -133.32%.

Analyst Upgrades and Downgrades

PARA has been the subject of several analyst reports. Wells Fargo & Company reduced their price objective on shares of Paramount Global from $15.00 to $14.00 and set an “equal weight” rating for the company in a research note on Tuesday. Raymond James reissued a “market perform” rating on shares of Paramount Global in a research note on Tuesday, March 26th. Moffett Nathanson upgraded Paramount Global from a “sell” rating to a “neutral” rating and set a $13.00 price target on the stock in a report on Tuesday, January 9th. Wolfe Research raised shares of Paramount Global from an “underperform” rating to a “peer perform” rating in a report on Thursday, April 4th. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on shares of Paramount Global from $20.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, February 28th. Nine research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $13.58.

Hedge Funds Weigh In On Paramount Global

A number of hedge funds have recently made changes to their positions in the business. VisionPoint Advisory Group LLC acquired a new position in Paramount Global in the third quarter worth about $25,000. Anchor Investment Management LLC acquired a new stake in Paramount Global in the 4th quarter valued at $30,000. Archer Investment Corp bought a new stake in Paramount Global in the fourth quarter valued at $30,000. WFA of San Diego LLC raised its stake in Paramount Global by 635.0% during the third quarter. WFA of San Diego LLC now owns 2,646 shares of the company’s stock worth $34,000 after acquiring an additional 2,286 shares in the last quarter. Finally, Cornerstone Planning Group LLC lifted its holdings in shares of Paramount Global by 55.1% during the third quarter. Cornerstone Planning Group LLC now owns 2,972 shares of the company’s stock valued at $38,000 after acquiring an additional 1,056 shares during the period. Institutional investors and hedge funds own 73.00% of the company’s stock.

Paramount Global Stock Performance

The company has a quick ratio of 1.17, a current ratio of 1.32 and a debt-to-equity ratio of 0.63. The company’s fifty day moving average price is $11.48 and its two-hundred day moving average price is $12.88.

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.