Paramount Skydance (NASDAQ:PSKY) Reaches New 52-Week High - Here's Why

Key Points

• Paramount Skydance's shares hit a new 52-week high of $17.58, significantly rising from a previous close of $15.11 with a trading volume of almost 48 million shares.
• Several analysts have downgraded their ratings on PSKY, with an average rating of "Strong Sell" and an average target price of $10.60, while Seaport Res Ptn upgraded the stock to a "hold" rating.
• The company announced a quarterly dividend of $0.05 scheduled for October 1st, with an ex-dividend date of September 15th, representing an annual yield of 1.1%.

Paramount Skydance Corporation (NASDAQ:PSKY - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $17.58 and last traded at $17.46, with a volume of 48398737 shares. The stock had previously closed at $15.11.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on PSKY shares. Seaport Res Ptn raised shares of Paramount Skydance from a "strong sell" rating to a "hold" rating in a research note on Friday, August 8th. Barclays decreased their price objective on shares of Paramount Skydance from $12.00 to $8.00 and set an "underweight" rating for the company in a report on Friday, August 8th. Guggenheim reissued a "neutral" rating and set a $13.00 price objective on shares of Paramount Skydance in a report on Friday, August 22nd. UBS Group set a $11.00 price objective on shares of Paramount Skydance in a report on Friday, September 5th. Finally, Morgan Stanley decreased their price objective on shares of Paramount Skydance from $12.00 to $10.00 and set an "underweight" rating for the company in a report on Wednesday, August 27th. Two equities research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Strong Sell" and an average target price of $10.60.

Paramount Skydance Price Performance

The stock has a market cap of $11.77 billion, a price-to-earnings ratio of -581.81, a PEG ratio of 4.03 and a beta of 1.18. The company has a current ratio of 1.39, a quick ratio of 1.21 and a debt-to-equity ratio of 0.83.

Paramount Skydance Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be given a $0.05 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.20 annualized dividend and a yield of 1.1%. Paramount Skydance's dividend payout ratio (DPR) is currently -666.67%.

About Paramount Skydance

Paramount Global is a media and entertainment company which creates premium content and experiences for audiences. The company's portfolio of consumer brands includes CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount , Pluto TV and Simon & Schuster, among others.

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