Paramount Global (NASDAQ:PARA) Shares Gap Up to $12.89

Paramount Global (NASDAQ:PARA - Get Free Report)'s share price gapped up before the market opened on Monday . The stock had previously closed at $12.89, but opened at $13.34. Paramount Global shares last traded at $13.35, with a volume of 6,727,882 shares traded.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PARA. JPMorgan Chase & Co. dropped their target price on Paramount Global from $13.00 to $12.00 and set an "underweight" rating on the stock in a report on Thursday, April 4th. Redburn Atlantic cut shares of Paramount Global from a "neutral" rating to a "sell" rating and reduced their target price for the stock from $17.00 to $11.00 in a research note on Thursday, January 11th. Seaport Res Ptn cut shares of Paramount Global from a "buy" rating to a "neutral" rating in a report on Thursday. Moffett Nathanson raised Paramount Global from a "sell" rating to a "neutral" rating and set a $13.00 price objective on the stock in a report on Tuesday, January 9th. Finally, Raymond James reiterated a "market perform" rating on shares of Paramount Global in a research report on Tuesday, March 26th. Ten analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, Paramount Global has a consensus rating of "Hold" and a consensus target price of $13.58.

Paramount Global Price Performance

The company has a market capitalization of $8.86 billion, a price-to-earnings ratio of -88.59, a PEG ratio of 0.39 and a beta of 1.74. The company's 50 day simple moving average is $11.60 and its 200-day simple moving average is $12.90. The company has a current ratio of 1.29, a quick ratio of 1.19 and a debt-to-equity ratio of 0.65.

Paramount Global (NASDAQ:PARA - Get Free Report) last announced its quarterly earnings results on Monday, April 29th. The company reported $0.62 earnings per share for the quarter, beating analysts' consensus estimates of $0.34 by $0.28. The company had revenue of $7.69 billion for 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 revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter last year, the business earned $0.09 EPS. On average, equities research analysts predict that Paramount Global will post 1.32 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

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 dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, June 17th. This represents a $0.20 dividend on an annualized basis and a yield of 1.50%. Paramount Global's dividend payout ratio (DPR) is -133.32%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Quantbot Technologies LP raised its stake in shares of Paramount Global by 45.7% during the first quarter. Quantbot Technologies LP now owns 318,155 shares of the company's stock valued at $3,745,000 after purchasing an additional 99,850 shares during the period. Envestnet Portfolio Solutions Inc. increased its stake in Paramount Global by 1.5% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 160,114 shares of the company's stock worth $1,885,000 after buying an additional 2,440 shares during the period. Texas Permanent School Fund Corp increased its stake in Paramount Global by 4.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 99,705 shares of the company's stock worth $1,174,000 after buying an additional 4,152 shares during the period. Wittenberg Investment Management Inc. lifted its holdings in Paramount Global by 29.4% in the 1st quarter. Wittenberg Investment Management Inc. now owns 378,711 shares of the company's stock worth $4,457,000 after buying an additional 86,000 shares in the last quarter. Finally, Carson Advisory Inc. boosted its position in Paramount Global by 3.7% in the 1st quarter. Carson Advisory Inc. now owns 51,457 shares of the company's stock valued at $606,000 after buying an additional 1,827 shares during the last quarter. 73.00% 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.