Paramount Global (NASDAQ:PARAA) Shares Gap Up to $19.32

Paramount Global (NASDAQ:PARAA) shares gapped up before the market opened on Wednesday . The stock had previously closed at 19.32, but opened at 20.97. Paramount Global shares last traded at 20.52, with a volume of 32,085 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Seaport Res Ptn cut shares of Paramount Global from a “buy” rating to a “neutral” rating in a research note on Thursday, May 2nd.

Paramount Global Stock Up 5.6 %

The company’s 50 day moving average price is 20.55 and its two-hundred day moving average price is 20.79. 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 stock has a market cap of $13.32 billion, a P/E ratio of -136.32 and a beta of 1.68.

Paramount Global (NASDAQ:PARAA) last released its earnings results on Monday, April 29th. The company reported 0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of 0.25 by 0.37. The company had revenue of 7.69 billion during the quarter, compared to analyst estimates of 7.85 billion. Paramount Global had a negative net margin of 0.15% and a positive return on equity of 3.35%. Equities analysts forecast that Paramount Global will post 1.25 earnings per share for the current year.

Paramount Global Announces Dividend

The firm 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. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.98%. The ex-dividend date was Monday, June 17th. Paramount Global’s dividend payout ratio (DPR) is presently -133.32%.

Institutional Trading of Paramount Global

Several institutional investors and hedge funds have recently made changes to their positions in PARAA. GAMMA Investing LLC lifted its holdings in Paramount Global by 708.2% in the first quarter. GAMMA Investing LLC now owns 1,285 shares of the company’s stock valued at $28,000 after acquiring an additional 1,126 shares during the period. Russell Investments Group Ltd. lifted its holdings in Paramount Global by 416.3% in the first quarter. Russell Investments Group Ltd. now owns 2,592 shares of the company’s stock valued at $57,000 after acquiring an additional 2,090 shares during the period. Raymond James & Associates acquired a new position in Paramount Global in the fourth quarter valued at approximately $205,000. Allspring Global Investments Holdings LLC raised its stake in shares of Paramount Global by 5.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 10,953 shares of the company’s stock worth $239,000 after buying an additional 537 shares during the period. Finally, SageView Advisory Group LLC acquired a new position in shares of Paramount Global during the 4th quarter worth approximately $284,000. 5.98% of the stock is currently owned by institutional investors.

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.