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

Paramount Global (NASDAQ:PARA - Get Free Report) declared a quarterly dividend on Wednesday, June 4th, Wall Street Journal reports. Stockholders of record on Monday, June 16th will be given a dividend of 0.05 per share on Tuesday, July 1st. This represents a $0.20 annualized dividend and a dividend yield of 1.68%. The ex-dividend date is Monday, June 16th.

Paramount Global has decreased its dividend payment by an average of 40.7% per year over the last three years and has increased its dividend annually for the last 1 consecutive years. Paramount Global has a payout ratio of 14.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Paramount Global to earn $1.53 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 13.1%.

Paramount Global Trading Up 0.2%

Shares of NASDAQ:PARA traded up $0.02 during midday trading on Friday, hitting $11.92. The company had a trading volume of 4,884,367 shares, compared to its average volume of 9,855,531. Paramount Global has a 12 month low of $9.54 and a 12 month high of $12.54. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.85. The stock has a market cap of $8.04 billion, a price-to-earnings ratio of -1.45, a PEG ratio of 1.68 and a beta of 1.19. The firm has a fifty day simple moving average of $11.52 and a 200 day simple moving average of $11.21.

Paramount Global (NASDAQ:PARA - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.02. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. The business had revenue of $7.19 billion for the quarter, compared to analyst estimates of $7.14 billion. During the same period last year, the company earned $0.62 EPS. The firm's revenue was down 6.4% on a year-over-year basis. On average, analysts predict that Paramount Global will post 1.77 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently commented on the company. JPMorgan Chase & Co. dropped their price objective on Paramount Global from $11.00 to $10.00 and set an "underweight" rating on the stock in a research note on Wednesday, May 21st. UBS Group lowered their target price on Paramount Global from $11.00 to $10.00 and set a "sell" rating on the stock in a research report on Tuesday, April 15th. Citigroup reaffirmed a "neutral" rating and issued a $12.00 target price (down previously from $13.00) on shares of Paramount Global in a research report on Thursday, May 29th. Deutsche Bank Aktiengesellschaft downgraded Paramount Global from a "buy" rating to a "hold" rating and set a $12.00 target price on the stock. in a research report on Wednesday, April 2nd. Finally, Guggenheim reaffirmed a "buy" rating and issued a $14.00 target price on shares of Paramount Global in a research report on Thursday, February 27th. Six research analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $11.33.

Hedge Funds Weigh In On Paramount Global

A number of institutional investors have recently bought and sold shares of PARA. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Paramount Global by 5.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 63,703 shares of the company's stock worth $762,000 after acquiring an additional 3,264 shares during the period. United Services Automobile Association bought a new stake in shares of Paramount Global during the first quarter worth approximately $142,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Paramount Global by 9.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,966,070 shares of the company's stock worth $23,514,000 after acquiring an additional 169,537 shares during the period. Institutional investors and hedge funds own 73.00% of the company's stock.

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.