Paramount Global (NASDAQ:PARA) Declares Quarterly Dividend of $0.24

Paramount Global (NASDAQ:PARAGet Rating) announced a quarterly dividend on Wednesday, September 21st, Zacks reports. Stockholders of record on Thursday, December 15th will be given a dividend of 0.24 per share on Tuesday, January 3rd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 4.77%. The ex-dividend date is Wednesday, December 14th.

Paramount Global Price Performance

Shares of NASDAQ PARA traded down $0.75 during midday trading on Friday, reaching $20.12. The company’s stock had a trading volume of 91,991 shares, compared to its average volume of 10,865,614. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.33 and a current ratio of 1.47. Paramount Global has a fifty-two week low of $20.85 and a fifty-two week high of $41.18. The business’s 50 day moving average price is $24.34 and its two-hundred day moving average price is $28.77. The company has a market cap of $13.06 billion, a P/E ratio of 3.98, a P/E/G ratio of 1.23 and a beta of 1.53.

Paramount Global (NASDAQ:PARAGet Rating) last released its quarterly earnings results on Thursday, August 4th. The company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.02. Paramount Global had a net margin of 11.60% and a return on equity of 6.74%. The company had revenue of $7.78 billion during the quarter, compared to the consensus estimate of $7.55 billion. During the same period in the previous year, the business earned $0.97 earnings per share. The firm’s quarterly revenue was up 18.5% on a year-over-year basis. On average, analysts forecast that Paramount Global will post 2.14 EPS for the current fiscal year.

Wall Street Analyst Weigh In

PARA has been the subject of several research analyst reports. UBS Group lowered their price objective on shares of Paramount Global to $22.00 in a research report on Tuesday, July 26th. Morgan Stanley lowered their price objective on shares of Paramount Global from $22.00 to $20.00 and set an “underweight” rating for the company in a research report on Friday, August 5th. Moffett Nathanson downgraded shares of Paramount Global from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $30.00 to $18.00 in a research report on Friday, July 22nd. Credit Suisse Group lowered their price objective on shares of Paramount Global to $31.00 in a research report on Tuesday, August 9th. Finally, Rosenblatt Securities lowered their price target on shares of Paramount Global from $25.00 to $19.00 and set a “sell” rating for the company in a report on Monday, July 11th. Seven research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, Paramount Global has a consensus rating of “Hold” and a consensus price target of $25.20.

Hedge Funds Weigh In On Paramount Global

An institutional investor recently bought a new position in Paramount Global stock. Captrust Financial Advisors acquired a new stake in shares of Paramount Global (NASDAQ:PARAGet Rating) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 30,774 shares of the company’s stock, valued at approximately $767,000. Institutional investors and hedge funds own 73.45% of the company’s stock.

About Paramount Global

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Paramount Global operates as a media and entertainment company worldwide. The company distributes a schedule of news and public affairs broadcasts, and sports and entertainment programming; acquires or develops, and schedules programming on the CBS Television Network that includes primetime comedies and dramas, reality, specials, kids' programs, daytime dramas, game shows, and late night programs; produces or distributes talk shows, court shows, game shows, and newsmagazines; owns and operates 29 broadcast television stations; and operates CBS Sports Network, a 24-hour cable channel that provides sports and related content, as well as streaming and cable subscription services.

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