Paramount Global (NASDAQ:PARA) Reaches New 52-Week High - Should You Buy?

Paramount Global (NASDAQ:PARA - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $12.54 and last traded at $12.53, with a volume of 8017302 shares traded. The stock had previously closed at $12.32.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. cut their target price on Paramount Global from $11.00 to $10.00 and set an "underweight" rating on the stock in a report on Wednesday, May 21st. Citigroup reissued a "neutral" rating and set a $12.00 price objective (down previously from $13.00) on shares of Paramount Global in a report on Thursday, May 29th. Guggenheim restated a "buy" rating and issued a $14.00 target price on shares of Paramount Global in a report on Thursday. Benchmark lowered their price target on Paramount Global from $19.00 to $16.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Finally, Morgan Stanley decreased their price objective on shares of Paramount Global from $11.00 to $10.00 and set an "underweight" rating for the company in a report on Tuesday, May 6th. Five equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Paramount Global has an average rating of "Hold" and a consensus target price of $11.50.

Paramount Global Stock Up 1.7%

The firm's 50-day simple moving average is $11.84 and its 200-day simple moving average is $11.33. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.18 and a current ratio of 1.29. The company has a market capitalization of $8.45 billion, a price-to-earnings ratio of -1.52, a price-to-earnings-growth ratio of 3.69 and a beta of 1.19.

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

Paramount Global Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.60%. The ex-dividend date is Monday, June 16th. Paramount Global's dividend payout ratio (DPR) is presently -2.43%.

Hedge Funds Weigh In On Paramount Global

A number of hedge funds have recently made changes to their positions in the business. Strs Ohio bought a new stake in Paramount Global in the first quarter valued at about $1,035,000. IFM Investors Pty Ltd acquired a new stake in Paramount Global during the first quarter valued at approximately $1,261,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Paramount Global by 9.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,966,070 shares of the company's stock valued at $23,514,000 after purchasing an additional 169,537 shares during the period. Woodline Partners LP raised its holdings in shares of Paramount Global by 31.6% in the 1st quarter. Woodline Partners LP now owns 1,395,942 shares of the company's stock worth $16,695,000 after buying an additional 335,132 shares in the last quarter. Finally, MBB Public Markets I LLC bought a new position in shares of Paramount Global during the 1st quarter worth approximately $323,000. Institutional investors and hedge funds own 73.00% of the company's stock.

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.

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