Paramount Skydance (NASDAQ:PSKY) Trading 8% Higher - Here's Why

Key Points

• Paramount Skydance Corporation (NASDAQ:PSKY) experienced an 8% increase in stock price, rising from a previous close of $18.61 to $20.09 during mid-day trading.
• Several research firms have lowered their target prices for PSKY, with Bank of America and UBS Group both setting a target price of $11.00 and Morgan Stanley revising it down to $10.00.
• The company has announced a quarterly dividend of $0.05, representing an annualized dividend yield of 1.0%, with the payout ratio currently standing at -666.67%.

Paramount Skydance Corporation (NASDAQ:PSKY - Get Free Report) traded up 8% during mid-day trading on Tuesday . The company traded as high as $20.39 and last traded at $20.09. 7,170,811 shares changed hands during trading, a decline of 37% from the average session volume of 11,461,377 shares. The stock had previously closed at $18.61.

Analyst Ratings Changes

A number of research firms have weighed in on PSKY. Bank of America began coverage on shares of Paramount Skydance in a research note on Friday, September 5th. They issued an "underperform" rating and a $11.00 target price on the stock. UBS Group set a $11.00 target price on shares of Paramount Skydance in a research note on Friday, September 5th. Morgan Stanley dropped their target price on shares of Paramount Skydance from $12.00 to $10.00 and set an "underweight" rating on the stock in a research note on Wednesday, August 27th. Seaport Res Ptn upgraded shares of Paramount Skydance from a "strong sell" rating to a "hold" rating in a research note on Friday, August 8th. Finally, Guggenheim reiterated a "neutral" rating and issued a $13.00 target price on shares of Paramount Skydance in a research note on Friday, August 22nd. Two research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Strong Sell" and a consensus price target of $10.60.

Paramount Skydance Price Performance

The firm has a market capitalization of $13.30 billion, a PE ratio of -657.45, a PEG ratio of 5.04 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 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Monday, September 15th. Paramount Skydance's dividend payout ratio is presently -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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