Paramount Global (NASDAQ:PARAA) Declares $0.05 Quarterly Dividend

Paramount Global (NASDAQ:PARAA - Get Free Report) announced a quarterly dividend on Wednesday, April 10th, Zacks reports. Stockholders 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 dividend on an annualized basis and a dividend yield of 0.92%. The ex-dividend date is Monday, June 17th.

Paramount Global has a dividend payout ratio of 15.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect Paramount Global to earn $2.63 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 7.6%.

Paramount Global Stock Down 5.9 %

NASDAQ:PARAA traded down 1.36 during mid-day trading on Friday, hitting 21.76. 45,900 shares of the company's stock traded hands, compared to its average volume of 76,375. Paramount Global has a twelve month low of 13.40 and a twelve month high of 27.23. The company has a market capitalization of $14.20 billion, a P/E ratio of -21.33 and a beta of 1.67. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.17 and a current ratio of 1.32. The company has a fifty day moving average of 21.63 and a 200 day moving average of 19.08.

Paramount Global (NASDAQ:PARAA - Get Free Report) last posted its quarterly earnings results on Wednesday, February 28th. The company reported 0.04 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of 0.08 by -0.04. 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 during the quarter, compared to analysts' expectations of 7.89 billion. During the same period in the prior year, the business posted $0.08 EPS. On average, analysts forecast that Paramount Global will post 1.37 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Sei Investments Co. raised its holdings in shares of Paramount Global by 4.6% during the fourth quarter. Sei Investments Co. now owns 11,300 shares of the company's stock worth $222,000 after purchasing an additional 492 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Paramount Global by 16.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 3,785 shares of the company's stock valued at $70,000 after buying an additional 526 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of Paramount Global by 18.2% in the 2nd quarter. Wells Fargo & Company MN now owns 3,559 shares of the company's stock valued at $66,000 after buying an additional 548 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Paramount Global by 2.0% in the second quarter. Bank of New York Mellon Corp now owns 33,544 shares of the company's stock worth $623,000 after buying an additional 661 shares during the last quarter. Finally, Barclays PLC grew its holdings in Paramount Global by 3.1% during the second quarter. Barclays PLC now owns 24,252 shares of the company's stock worth $450,000 after acquiring an additional 722 shares during the period. 5.98% of the stock is owned by institutional investors and hedge funds.

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.