Paramount Global to Issue Quarterly Dividend of $0.05 (NASDAQ:PARA)

Paramount Global (NASDAQ:PARA - Get Free Report) declared a quarterly dividend on Wednesday, April 10th, Zacks reports. Shareholders of record on Monday, June 17th will be given a dividend of 0.05 per share on Monday, July 1st. This represents a $0.20 annualized dividend and a yield of 1.82%. The ex-dividend date of this dividend is Monday, June 17th.

Paramount Global has a dividend payout ratio of 15.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Paramount Global to earn $1.62 per share next year, which means the company should continue to be able to cover its $0.20 annual dividend with an expected future payout ratio of 12.3%.

Paramount Global Price Performance

Shares of NASDAQ:PARA traded down $0.31 on Friday, reaching $10.96. 14,757,233 shares of the company traded hands, compared to its average volume of 19,202,592. The stock has a market capitalization of $7.15 billion, a PE ratio of -10.75, a P/E/G ratio of 0.39 and a beta of 1.77. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.32 and a quick ratio of 1.17. The company's 50 day moving average is $11.75 and its 200-day moving average is $12.91. Paramount Global has a fifty-two week low of $10.12 and a fifty-two week high of $24.00.

Paramount Global (NASDAQ:PARA - Get Free Report) last announced its earnings results on Wednesday, February 28th. The company reported $0.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.05) by $0.09. Paramount Global had a positive return on equity of 1.78% and a negative net margin of 2.05%. The company had revenue of $7.64 billion for the quarter, compared to analyst estimates of $7.80 billion. During the same period in the previous year, the firm earned $0.08 earnings per share. Paramount Global's revenue for the quarter was down 6.1% compared to the same quarter last year. As a group, analysts anticipate that Paramount Global will post 1.17 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

PARA has been the subject of a number of analyst reports. JPMorgan Chase & Co. reduced their price objective on shares of Paramount Global from $13.00 to $12.00 and set an "underweight" rating for the company in a research note on Thursday, April 4th. Raymond James restated a "market perform" rating on shares of Paramount Global in a research report on Tuesday, March 26th. Redburn Atlantic lowered shares of Paramount Global from a "neutral" rating to a "sell" rating and decreased their price objective for the stock from $17.00 to $11.00 in a research note on Thursday, January 11th. Rosenblatt Securities reissued a "neutral" rating and set a $13.00 target price on shares of Paramount Global in a research note on Tuesday. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $15.00 target price on shares of Paramount Global in a research report on Thursday, February 29th. Eight equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $13.79.

Institutional Investors Weigh In On Paramount Global

Hedge funds and other institutional investors have recently made changes to their positions in the company. Cornerstone Planning Group LLC bought a new stake in shares of Paramount Global in the 2nd quarter valued at approximately $30,000. ICA Group Wealth Management LLC bought a new stake in Paramount Global in the fourth quarter worth approximately $32,000. Pacific Center for Financial Services bought a new position in shares of Paramount Global during the 1st quarter valued at $35,000. Advisors Asset Management Inc. bought a new position in shares of Paramount Global during the 4th quarter valued at $38,000. Finally, UniSuper Management Pty Ltd acquired a new stake in shares of Paramount Global in the 2nd quarter valued at $67,000. 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.