Paramount Global (NASDAQ:PARA) Trading Up 3.2% - Here's Why

Paramount Global (NASDAQ:PARA - Get Free Report) shot up 3.2% during mid-day trading on Monday . The stock traded as high as $11.85 and last traded at $11.93. 4,198,792 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 12,399,798 shares. The stock had previously closed at $11.56.

Analyst Ratings Changes

Several equities analysts have recently issued reports on PARA shares. Needham & Company LLC reaffirmed a "hold" rating on shares of Paramount Global in a research note on Thursday, February 27th. Benchmark reaffirmed a "buy" rating and set a $19.00 target price on shares of Paramount Global in a report on Thursday, February 27th. Guggenheim reiterated a "buy" rating and issued a $14.00 price target on shares of Paramount Global in a research report on Thursday, February 27th. StockNews.com initiated coverage on Paramount Global in a research report on Sunday. They set a "hold" rating for the company. Finally, Morgan Stanley upped their target price on Paramount Global from $10.00 to $11.00 and gave the company an "underweight" rating in a report on Tuesday, February 4th. Six equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Paramount Global currently has an average rating of "Hold" and an average target price of $12.09.

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Paramount Global Trading Up 1.7 %

The stock has a market capitalization of $7.96 billion, a P/E ratio of -1.45, a P/E/G ratio of 1.68 and a beta of 1.60. The firm's 50 day simple moving average is $11.34 and its two-hundred day simple moving average is $10.92. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.85.

Paramount Global (NASDAQ:PARA - Get Free Report) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($0.11) earnings per share for the quarter, missing analysts' consensus estimates of $0.18 by ($0.29). Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. The firm had revenue of $7.98 billion for the quarter, compared to analyst estimates of $8.07 billion. As a group, analysts forecast that Paramount Global will post 1.77 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Monday, March 17th were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.20 dividend on an annualized basis and a yield of 1.68%. Paramount Global's dividend payout ratio (DPR) is presently -2.15%.

Hedge Funds Weigh In On Paramount Global

Large investors have recently added to or reduced their stakes in the business. Allworth Financial LP lifted its stake in Paramount Global by 140.1% during the 4th quarter. Allworth Financial LP now owns 2,391 shares of the company's stock valued at $25,000 after acquiring an additional 1,395 shares in the last quarter. Mattson Financial Services LLC bought a new position in shares of Paramount Global during the fourth quarter valued at about $28,000. Ossiam boosted its holdings in Paramount Global by 57.2% during the fourth quarter. Ossiam now owns 2,810 shares of the company's stock worth $29,000 after purchasing an additional 1,022 shares during the last quarter. Mountain Hill Investment Partners Corp. bought a new stake in Paramount Global in the 4th quarter worth about $31,000. Finally, Rakuten Securities Inc. increased its stake in Paramount Global by 187.8% in the 4th quarter. Rakuten Securities Inc. now owns 3,094 shares of the company's stock valued at $32,000 after buying an additional 2,019 shares during the last quarter. Institutional investors own 73.00% of the company's stock.

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.