Paramount Global (NASDAQ:PARA) Posts Earnings Results, Beats Estimates By $0.25 EPS

Paramount Global (NASDAQ:PARA - Get Free Report) issued its quarterly earnings data on Friday. The company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.25, Briefing.com reports. Paramount Global had a negative net margin of 17.62% and a positive return on equity of 4.88%. The firm had revenue of $6.73 billion during the quarter, compared to the consensus estimate of $6.94 billion. During the same period last year, the business posted $0.30 earnings per share. The business's revenue for the quarter was down 5.6% compared to the same quarter last year.

Paramount Global Stock Down 4.0 %

NASDAQ PARA traded down $0.46 during trading hours on Friday, hitting $11.07. The company's stock had a trading volume of 15,682,603 shares, compared to its average volume of 14,915,848. The company has a market capitalization of $7.38 billion, a PE ratio of -1.42, a price-to-earnings-growth ratio of 1.70 and a beta of 1.74. The company has a current ratio of 1.30, a quick ratio of 1.15 and a debt-to-equity ratio of 0.85. Paramount Global has a 52 week low of $9.54 and a 52 week high of $17.50. The company's 50-day simple moving average is $10.52 and its two-hundred day simple moving average is $11.12.

Paramount Global Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 16th will be issued a $0.05 dividend. The ex-dividend date is Monday, December 16th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.81%. Paramount Global's dividend payout ratio is presently -2.57%.

Wall Street Analysts Forecast Growth

PARA has been the subject of a number of research reports. Guggenheim dropped their target price on Paramount Global from $19.00 to $14.00 and set a "buy" rating for the company in a report on Wednesday, September 25th. JPMorgan Chase & Co. cut their price objective on shares of Paramount Global from $12.00 to $11.00 and set an "underweight" rating for the company in a report on Thursday, August 15th. Benchmark reaffirmed a "buy" rating and set a $19.00 target price on shares of Paramount Global in a report on Friday, August 9th. Needham & Company LLC reiterated a "hold" rating on shares of Paramount Global in a research note on Friday, August 9th. Finally, Wells Fargo & Company upgraded Paramount Global from an "underweight" rating to an "equal weight" rating and raised their price objective for the stock from $10.00 to $11.00 in a research note on Friday, August 9th. Eight investment analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $12.57.

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.