Paramount Global (NASDAQ:PARA) Sees Large Volume Increase

Paramount Global (NASDAQ:PARA) shares saw unusually-high trading volume on Wednesday . Approximately 15,264,027 shares traded hands during mid-day trading, a decline of 19% from the previous session’s volume of 18,799,227 shares.The stock last traded at $11.81 and had previously closed at $10.72.

Analysts Set New Price Targets

PARA has been the subject of a number of recent analyst reports. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $14.00 price objective on shares of Paramount Global in a research note on Tuesday, June 4th. Benchmark reissued a “buy” rating and set a $19.00 target price on shares of Paramount Global in a research note on Tuesday, April 30th. StockNews.com raised shares of Paramount Global from a “sell” rating to a “hold” rating in a research note on Wednesday, May 8th. Wells Fargo & Company lowered shares of Paramount Global from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $14.00 to $9.00 in a research note on Wednesday, June 12th. Finally, Needham & Company LLC lowered shares of Paramount Global from a “buy” rating to a “hold” rating in a research note on Tuesday, April 30th. Ten analysts have rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Paramount Global currently has a consensus rating of “Hold” and a consensus target price of $13.29.

Paramount Global Stock Up 6.4 %

The stock has a market cap of $7.60 billion, a P/E ratio of -79.26, a P/E/G ratio of 0.32 and a beta of 1.78. The company has a current ratio of 1.29, a quick ratio of 1.19 and a debt-to-equity ratio of 0.65. The firm’s fifty day moving average is $11.67 and its 200 day moving average is $12.33.

Paramount Global (NASDAQ:PARA) last announced its earnings results on Monday, April 29th. The company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.34 by $0.28. The firm had revenue of $7.69 billion for the quarter, compared to the consensus estimate of $7.73 billion. Paramount Global had a negative net margin of 0.15% and a positive return on equity of 3.35%. The business’s quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.09 EPS. As a group, equities research analysts forecast that Paramount Global will post 1.31 EPS for the current year.

Paramount Global Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Monday, June 17th were issued a $0.05 dividend. The ex-dividend date of this dividend was Monday, June 17th. This represents a $0.20 annualized dividend and a yield of 1.75%. Paramount Global’s dividend payout ratio (DPR) is presently -133.32%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PARA. Kodai Capital Management LP bought a new position in shares of Paramount Global during the 4th quarter worth about $84,842,000. Vanguard Group Inc. increased its holdings in shares of Paramount Global by 6.5% during the 1st quarter. Vanguard Group Inc. now owns 62,090,467 shares of the company’s stock worth $730,805,000 after purchasing an additional 3,803,928 shares during the period. Capitolis Liquid Global Markets LLC bought a new position in shares of Paramount Global during the 1st quarter worth about $33,191,000. Norges Bank bought a new position in shares of Paramount Global during the 4th quarter worth about $41,497,000. Finally, Lingotto Investment Management LLP increased its holdings in shares of Paramount Global by 375.8% during the 4th quarter. Lingotto Investment Management LLP now owns 3,263,978 shares of the company’s stock worth $48,388,000 after purchasing an additional 2,577,978 shares during the period. 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.