Paramount Global Announces Quarterly Dividend of $0.05 (NASDAQ:PARA)

Paramount Global (NASDAQ:PARA) declared a quarterly dividend on Wednesday, June 4th, Wall Street Journal reports. Shareholders of record on Monday, June 16th will be paid a dividend of 0.05 per share on Tuesday, July 1st. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date of this dividend is Monday, June 16th.

Paramount Global has a dividend payout ratio of 14.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Paramount Global to earn $1.53 per share next year, which means the company should continue to be able to cover its $0.20 annual dividend with an expected future payout ratio of 13.1%.

Paramount Global Stock Down 0.4%

NASDAQ PARA opened at $11.89 on Friday. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.85. The company has a market cap of $8.02 billion, a price-to-earnings ratio of -1.45, a PEG ratio of 1.68 and a beta of 1.19. The company has a 50 day moving average of $11.60 and a 200-day moving average of $11.25. Paramount Global has a 1-year low of $9.54 and a 1-year high of $12.54.

Paramount Global (NASDAQ:PARA) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.02. The firm had revenue of $7.19 billion for the quarter, compared to analyst estimates of $7.14 billion. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. The company’s revenue was down 6.4% on a year-over-year basis. During the same quarter last year, the company earned $0.62 EPS. On average, equities research analysts expect that Paramount Global will post 1.77 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently commented on PARA. UBS Group decreased their price target on Paramount Global from $11.00 to $10.00 and set a “sell” rating on the stock in a research report on Tuesday, April 15th. Wall Street Zen began coverage on shares of Paramount Global in a research note on Saturday, May 17th. They set a “hold” rating on the stock. Deutsche Bank Aktiengesellschaft cut shares of Paramount Global from a “buy” rating to a “hold” rating and set a $12.00 target price for the company. in a research report on Wednesday, April 2nd. Benchmark cut their price target on shares of Paramount Global from $19.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, May 6th. Finally, Guggenheim reissued a “buy” rating and issued a $14.00 price objective on shares of Paramount Global in a research note on Thursday, February 27th. Six investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Paramount Global has an average rating of “Hold” and a consensus price target of $11.33.

Hedge Funds Weigh In On Paramount Global

A number of institutional investors have recently added to or reduced their stakes in the stock. United Services Automobile Association acquired a new stake in Paramount Global in the first quarter valued at approximately $142,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Paramount Global by 5.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 63,703 shares of the company’s stock worth $762,000 after buying an additional 3,264 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Paramount Global by 9.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,966,070 shares of the company’s stock valued at $23,514,000 after acquiring an additional 169,537 shares during the last quarter. 73.00% of the stock is currently owned by institutional investors and hedge funds.

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.