Paramount Global (NASDAQ:PARA) Reaches New 52-Week High - Here's What Happened

Paramount Global (NASDAQ:PARA - Get Free Report)'s stock price reached a new 52-week high during trading on Thursday . The stock traded as high as $13.29 and last traded at $12.84, with a volume of 10618050 shares changing hands. The stock had previously closed at $13.16.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. UBS Group decreased their price target on shares of Paramount Global from $11.00 to $10.00 and set a "sell" rating on the stock in a research report on Tuesday, April 15th. Guggenheim reissued a "buy" rating and set a $14.00 target price on shares of Paramount Global in a research report on Thursday, June 26th. JPMorgan Chase & Co. cut their price target on Paramount Global from $11.00 to $10.00 and set an "underweight" rating for the company in a report on Wednesday, May 21st. Wall Street Zen began coverage on Paramount Global in a report on Saturday, May 17th. They set a "hold" rating on the stock. Finally, Morgan Stanley lowered their price objective on Paramount Global from $11.00 to $10.00 and set an "underweight" rating on the stock in a research report on Tuesday, May 6th. Five investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $11.50.

Paramount Global Stock Up 0.5%

The company has a quick ratio of 1.18, a current ratio of 1.29 and a debt-to-equity ratio of 0.84. The business has a 50-day simple moving average of $11.99 and a two-hundred day simple moving average of $11.37. The stock has a market capitalization of $8.70 billion, a P/E ratio of -1.57, a PEG ratio of 3.99 and a beta of 1.19.

Paramount Global (NASDAQ:PARA - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.02. Paramount Global had a negative net margin of 19.09% and a positive return on equity of 4.80%. The business had revenue of $7.19 billion for the quarter, compared to analyst estimates of $7.14 billion. During the same quarter in the prior year, the firm earned $0.62 EPS. The firm's quarterly revenue was down 6.4% compared to the same quarter last year. Equities research analysts forecast that Paramount Global will post 1.77 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Monday, June 16th were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.55%. The ex-dividend date of this dividend was Monday, June 16th. Paramount Global's payout ratio is -2.43%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of PARA. Contrarius Group Holdings Ltd bought a new position in Paramount Global in the 4th quarter valued at $146,230,000. Norges Bank acquired a new stake in shares of Paramount Global in the fourth quarter valued at $45,202,000. Slate Path Capital LP raised its holdings in shares of Paramount Global by 42.3% in the fourth quarter. Slate Path Capital LP now owns 12,586,000 shares of the company's stock valued at $131,650,000 after buying an additional 3,741,000 shares during the last quarter. Two Sigma Investments LP bought a new position in shares of Paramount Global in the fourth quarter valued at about $21,229,000. Finally, New Age Alpha Advisors LLC acquired a new position in Paramount Global during the 4th quarter worth about $20,292,000. 73.00% of the stock is owned by institutional investors and hedge funds.

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.