Paramount Global (NASDAQ:PARAA) Downgraded by Seaport Res Ptn to Neutral

Seaport Res Ptn cut shares of Paramount Global (NASDAQ:PARAA) from a buy rating to a neutral rating in a research report report published on Thursday, Zacks.com reports. Seaport Res Ptn also issued estimates for Paramount Global’s Q2 2024 earnings at $0.18 EPS and FY2024 earnings at $1.25 EPS.

Paramount Global Trading Down 14.1 %

Paramount Global stock opened at 22.42 on Thursday. The stock has a 50-day moving average price of 21.87 and a 200 day moving average price of 19.82. Paramount Global has a 52 week low of 13.40 and a 52 week high of 26.34. The company has a market capitalization of $14.63 billion, a price-to-earnings ratio of -149.46 and a beta of 1.66. The company has a quick ratio of 1.17, a current ratio of 1.29 and a debt-to-equity ratio of 0.65.

Paramount Global (NASDAQ:PARAA) last issued its quarterly earnings results on Wednesday, February 28th. The company reported 0.04 earnings per share for the quarter, missing analysts’ consensus estimates of 0.08 by -0.04. Paramount Global had a negative net margin of 0.15% and a positive return on equity of 3.35%. The firm had revenue of 7.64 billion during the quarter, compared to the consensus estimate of 7.89 billion. During the same quarter last year, the firm posted $0.08 earnings per share. Sell-side analysts anticipate that Paramount Global will post 1.25 EPS for the current year.

Paramount Global Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 17th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 0.89%. The ex-dividend date is Monday, June 17th. Paramount Global’s dividend payout ratio (DPR) is -133.32%.

Institutional Investors Weigh In On Paramount Global

Hedge funds and other institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC increased its stake in shares of Paramount Global by 5.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 10,953 shares of the company’s stock valued at $239,000 after acquiring an additional 537 shares during the period. GAMMA Investing LLC grew its holdings in Paramount Global by 708.2% during the first quarter. GAMMA Investing LLC now owns 1,285 shares of the company’s stock worth $28,000 after acquiring an additional 1,126 shares during the period. SageView Advisory Group LLC acquired a new position in Paramount Global during the fourth quarter worth about $284,000. Gamco Investors INC. ET AL lifted its holdings in Paramount Global by 0.7% in the 4th quarter. Gamco Investors INC. ET AL now owns 2,852,411 shares of the company’s stock valued at $56,078,000 after acquiring an additional 20,883 shares during the last quarter. Finally, Honeycomb Asset Management LP bought a new position in shares of Paramount Global during the 4th quarter valued at about $880,000. 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.