Paramount Global Sees Unusually High Options Volume (NASDAQ:PARA)

Posted by on Apr 12th, 2023

Paramount Global (NASDAQ:PARA – Get Rating) saw some unusual options trading on Tuesday. Traders acquired 70,064 put options on the company. This is an increase of approximately 65% compared to the typical volume of 42,510 put options.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. StockNews.com assumed coverage on Paramount Global in a research report on Thursday, March 16th. They set a “sell” rating for the company. Guggenheim lifted their target price on Paramount Global from $20.00 to $22.00 in a report on Thursday, January 12th. Bank of America raised Paramount Global from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $24.00 to $32.00 in a report on Tuesday, March 28th. Benchmark reissued a “buy” rating and issued a $31.00 target price on shares of Paramount Global in a report on Wednesday, February 15th. Finally, Credit Suisse Group lifted their target price on Paramount Global from $20.00 to $23.00 and gave the stock a “neutral” rating in a report on Friday, February 17th. Eleven analysts have rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Paramount Global presently has a consensus rating of “Hold” and an average target price of $22.45.

Paramount Global Price Performance

Shares of Paramount Global stock opened at $22.88 on Wednesday. The stock’s 50-day simple moving average is $21.96 and its 200-day simple moving average is $19.97. Paramount Global has a 52 week low of $15.29 and a 52 week high of $36.98. The company has a market capitalization of $14.88 billion, a price-to-earnings ratio of 14.30, a PEG ratio of 3.78 and a beta of 1.64. The company has a quick ratio of 1.11, a current ratio of 1.23 and a debt-to-equity ratio of 0.66.

Paramount Global (NASDAQ:PARA – Get Rating) last announced its quarterly earnings data on Thursday, February 16th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.10). Paramount Global had a net margin of 3.66% and a return on equity of 5.03%. The business had revenue of $8.13 billion during the quarter, compared to analysts’ expectations of $8.16 billion. During the same quarter in the previous year, the firm earned $0.26 earnings per share. Paramount Global’s revenue was up 1.6% on a year-over-year basis. As a group, analysts expect that Paramount Global will post 0.65 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 3rd. Stockholders of record on Monday, March 20th were given a $0.24 dividend. The ex-dividend date was Friday, March 17th. This represents a $0.96 annualized dividend and a dividend yield of 4.20%. Paramount Global’s payout ratio is 60.00%.

Hedge Funds Weigh In On Paramount Global

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. bought a new stake in shares of Paramount Global in the third quarter worth about $1,095,014,000. BlackRock Inc. bought a new stake in shares of Paramount Global in the third quarter worth about $773,643,000. State Street Corp bought a new stake in shares of Paramount Global in the third quarter worth about $633,173,000. Price T Rowe Associates Inc. MD bought a new stake in shares of Paramount Global in the third quarter worth about $204,640,000. Finally, Dimensional Fund Advisors LP bought a new stake in shares of Paramount Global in the third quarter worth about $112,712,000. 74.13% of the stock is currently owned by hedge funds and other institutional investors.

About Paramount Global

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Paramount Global operates as a mass media company, which creates and distributes content across a variety of platforms to audiences around the world. It operates its business through the following segments: Entertainment, Cable Networks, Publishing, and Local Media. The Entertainment segment is composed of the CBS Television Network, CBS Television Studios, CBS Studios International, CBS Television Distribution, CBS Interactive, and CBS Films, as well as the company’s digital streaming services, CBS All Access and CBSN.

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