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

Paramount Global (NASDAQ:PARA - Get Free Report)'s share price hit a new 52-week high on Thursday . The company traded as high as $13.29 and last traded at $13.29, with a volume of 1915128 shares. The stock had previously closed at $13.20.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on PARA shares. Needham & Company LLC reiterated a "hold" rating on shares of Paramount Global in a research note on Tuesday. Wall Street Zen started coverage on Paramount Global in a research note on Saturday, May 17th. They issued a "hold" rating for the company. UBS Group decreased their price target on Paramount Global from $11.00 to $10.00 and set a "sell" rating for the company in a research note on Tuesday, April 15th. Citigroup reiterated a "neutral" rating and issued a $12.00 price target (down from $13.00) on shares of Paramount Global in a research note on Thursday, May 29th. Finally, Deutsche Bank Aktiengesellschaft downgraded Paramount Global from a "buy" rating to a "hold" rating and set a $12.00 price target for the company. in a research note on Wednesday, April 2nd. Four investment analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Paramount Global has a consensus rating of "Hold" and an average target price of $11.67.

Paramount Global Trading Up 0.5%

The company has a market cap of $8.94 billion, a price-to-earnings ratio of -1.61, a price-to-earnings-growth ratio of 3.97 and a beta of 1.19. The company's fifty day moving average price is $12.35 and its two-hundred day moving average price is $11.61. The company has a quick ratio of 1.18, a current ratio of 1.29 and a debt-to-equity ratio of 0.84.

Paramount Global (NASDAQ:PARA - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.27 by $0.02. The firm had revenue of $7.19 billion for the quarter, compared to analysts' expectations of $7.14 billion. Paramount Global had a negative net margin of 19.09% and a positive return on equity of 4.80%. The business's revenue for the quarter was down 6.4% on a year-over-year basis. During the same period last year, the firm earned $0.62 earnings per share. Research analysts expect that Paramount Global will post 1.77 earnings per share for the current year.

Paramount Global Dividend Announcement

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date was Monday, June 16th. Paramount Global's dividend payout ratio (DPR) is presently -2.43%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Hoertkorn Richard Charles raised its position in Paramount Global by 10.2% in the first quarter. Hoertkorn Richard Charles now owns 252,485 shares of the company's stock worth $3,020,000 after acquiring an additional 23,419 shares during the period. Teacher Retirement System of Texas purchased a new stake in shares of Paramount Global in the 1st quarter valued at $1,040,000. New Age Alpha Advisors LLC purchased a new stake in Paramount Global during the 4th quarter valued at $20,292,000. American Century Companies Inc. boosted its position in Paramount Global by 29.2% during the 4th quarter. American Century Companies Inc. now owns 174,995 shares of the company's stock valued at $1,830,000 after buying an additional 39,572 shares during the period. Finally, Yakira Capital Management Inc. purchased a new stake in shares of Paramount Global in the 4th quarter worth about $1,315,000. 73.00% of the stock is owned by 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.