Shares of Paramount Global (NASDAQ:PARA – Get Free Report) gapped up prior to trading on Monday after the company announced better than expected quarterly earnings. The stock had previously closed at $11.91, but opened at $12.50. Paramount Global shares last traded at $12.54, with a volume of 3,037,487 shares trading hands.
The company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.34 by $0.28. Paramount Global had a positive return on equity of 3.34% and a negative net margin of 0.15%. The company had revenue of $7.69 billion during the quarter, compared to analyst estimates of $7.73 billion. During the same period in the previous year, the business earned $0.09 EPS. Paramount Global’s quarterly revenue was up 5.8% on a year-over-year basis.
Paramount Global Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 17th will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.76%. The ex-dividend date is Monday, June 17th. Paramount Global’s payout ratio is -133.32%.
Wall Street Analysts Forecast Growth
Get Our Latest Stock Report on PARA
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in the business. Tokio Marine Asset Management Co. Ltd. boosted its position in Paramount Global by 5.5% in the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 14,855 shares of the company’s stock valued at $220,000 after buying an additional 769 shares during the period. Highlander Capital Management LLC raised its stake in shares of Paramount Global by 13.4% in the fourth quarter. Highlander Capital Management LLC now owns 7,210 shares of the company’s stock valued at $107,000 after acquiring an additional 850 shares in the last quarter. Kestra Private Wealth Services LLC boosted its holdings in Paramount Global by 3.1% in the fourth quarter. Kestra Private Wealth Services LLC now owns 29,171 shares of the company’s stock valued at $431,000 after purchasing an additional 879 shares during the period. Arizona State Retirement System grew its stake in Paramount Global by 0.7% during the 4th quarter. Arizona State Retirement System now owns 134,210 shares of the company’s stock worth $1,985,000 after purchasing an additional 887 shares in the last quarter. Finally, Cape Investment Advisory Inc. increased its holdings in Paramount Global by 5.2% during the 4th quarter. Cape Investment Advisory Inc. now owns 18,014 shares of the company’s stock worth $266,000 after purchasing an additional 889 shares during the period. Institutional investors and hedge funds own 73.00% of the company’s stock.
Paramount Global Trading Down 7.0 %
The company has a debt-to-equity ratio of 0.63, a current ratio of 1.32 and a quick ratio of 1.17. The business has a 50-day simple moving average of $11.48 and a 200-day simple moving average of $12.88.
About Paramount Global
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.
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