Paramount Global (NASDAQ:PARAA) Sees Strong Trading Volume After Earnings Beat

Key Points

• Paramount Global reported a Q2 earnings per share (EPS) of $0.46, exceeding analysts' expectations of $0.44, which led to a significant spike in trading volume by 117% to approximately 64,075 shares.
• The company announced a $0.05 quarterly dividend, reflecting a 1.0% dividend yield, with a negative dividend payout ratio of -2.43%.
• Despite the positive earnings report, Seaport Res Ptn downgraded Paramount Global's shares from a "hold" rating to a "strong sell," indicating potential concerns among analysts regarding the stock's future performance.

Paramount Global (NASDAQ:PARAA - Get Free Report) shares saw unusually-strong trading volume on Friday following a stronger than expected earnings report. Approximately 64,075 shares traded hands during trading, an increase of 117% from the previous session's volume of 29,460 shares.The stock last traded at $19.93 and had previously closed at $19.09.

The company reported $0.46 EPS for the quarter, topping analysts' consensus estimates of $0.44 by $0.02. Paramount Global had a negative net margin of 19.09% and a positive return on equity of 4.80%. The firm had revenue of $6.85 billion for the quarter, compared to analyst estimates of $6.88 billion.

Paramount Global Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Monday, June 16th were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Monday, June 16th. Paramount Global's dividend payout ratio (DPR) is -2.43%.

Analyst Upgrades and Downgrades

Separately, Seaport Res Ptn downgraded shares of Paramount Global from a "hold" rating to a "strong sell" rating in a report on Monday.

Institutional Trading of Paramount Global

Several hedge funds and other institutional investors have recently modified their holdings of PARAA. PNC Financial Services Group Inc. boosted its position in shares of Paramount Global by 34.6% in the first quarter. PNC Financial Services Group Inc. now owns 3,366 shares of the company's stock valued at $77,000 after acquiring an additional 865 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in shares of Paramount Global by 1,090.4% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,119 shares of the company's stock valued at $25,000 after acquiring an additional 1,025 shares during the period. Mariner LLC boosted its position in shares of Paramount Global by 10.0% in the fourth quarter. Mariner LLC now owns 15,657 shares of the company's stock valued at $349,000 after acquiring an additional 1,425 shares during the period. State of Wyoming boosted its position in shares of Paramount Global by 97.9% in the fourth quarter. State of Wyoming now owns 4,788 shares of the company's stock valued at $107,000 after acquiring an additional 2,369 shares during the period. Finally, Central Pacific Bank Trust Division boosted its position in shares of Paramount Global by 6.9% in the first quarter. Central Pacific Bank Trust Division now owns 38,500 shares of the company's stock valued at $876,000 after acquiring an additional 2,500 shares during the period. Institutional investors own 5.98% of the company's stock.

Paramount Global Price Performance

The company's 50-day moving average is $22.78 and its two-hundred day moving average is $22.68. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.29 and a quick ratio of 1.18. The firm has a market cap of $13.43 billion, a P/E ratio of -2.42 and a beta of 1.29.

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.

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