Paramount Global (NASDAQ:PARA) Releases Quarterly Earnings Results, Beats Expectations By $0.11 EPS

Posted by Defense World Staff on Aug 9th, 2023

Paramount Global (NASDAQ:PARA – Get Free Report) announced its quarterly earnings results on Monday. The company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.11, Briefing.com reports. The firm had revenue of $7.62 billion for the quarter, compared to analyst estimates of $7.44 billion. Paramount Global had a positive return on equity of 2.13% and a negative net margin of 3.89%. The business’s revenue for the quarter was down 2.1% on a year-over-year basis. During the same period last year, the firm posted $0.64 earnings per share.

Paramount Global Stock Performance

NASDAQ PARA opened at $16.35 on Wednesday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.02 and a current ratio of 1.12. Paramount Global has a 52-week low of $13.80 and a 52-week high of $27.49. The company has a 50-day simple moving average of $15.91 and a 200 day simple moving average of $19.06.

Paramount Global Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date is Thursday, September 14th. Paramount Global’s dividend payout ratio (DPR) is currently -10.64%.

Insiders Place Their Bets

In other news, Director Shari Redstone acquired 165,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 16th. The shares were acquired at an average price of $15.06 per share, for a total transaction of $2,484,900.00. Following the completion of the purchase, the director now owns 577,064 shares in the company, valued at $8,690,583.84. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On Paramount Global

A number of institutional investors and hedge funds have recently modified their holdings of PARA. Advisory Services Network LLC boosted its holdings in Paramount Global by 27.2% in the 1st quarter. Advisory Services Network LLC now owns 18,285 shares of the company’s stock valued at $408,000 after purchasing an additional 3,910 shares during the period. Chevy Chase Trust Holdings LLC grew its position in Paramount Global by 1.0% during the first quarter. Chevy Chase Trust Holdings LLC now owns 293,633 shares of the company’s stock worth $6,551,000 after buying an additional 3,012 shares in the last quarter. Thrivent Financial for Lutherans grew its position in Paramount Global by 4.6% during the first quarter. Thrivent Financial for Lutherans now owns 22,626 shares of the company’s stock worth $505,000 after buying an additional 997 shares in the last quarter. Mercer Global Advisors Inc. ADV increased its stake in Paramount Global by 15.0% in the 1st quarter. Mercer Global Advisors Inc. ADV now owns 80,211 shares of the company’s stock worth $1,790,000 after acquiring an additional 10,464 shares during the last quarter. Finally, Pacific Center for Financial Services purchased a new stake in shares of Paramount Global in the 1st quarter valued at about $35,000. 77.42% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PARA has been the topic of a number of analyst reports. UBS Group reduced their price target on Paramount Global from $15.00 to $14.00 in a research report on Wednesday, July 5th. Wolfe Research lowered Paramount Global from a “peer perform” rating to an “underperform” rating and set a $14.00 price target on the stock. in a research note on Friday, July 7th. Benchmark boosted their target price on shares of Paramount Global from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Tuesday. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Paramount Global from $25.00 to $24.00 in a report on Tuesday. Finally, Rosenblatt Securities reiterated a “sell” rating and set a $12.00 price objective on shares of Paramount Global in a report on Tuesday. Eight analysts have rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $19.70.

View Our Latest Stock Analysis on PARA

About Paramount Global

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Paramount Global operates as a media and entertainment company worldwide. The company operates through TV Media, Direct-to-Consumer, and Filmed Entertainment segments. Its TV Media segment operates domestic and international broadcast networks, including CBS Television Network, Network 10, Channel 5, Telefe, and Chilevisión; and cable networks comprising Paramount Media Networks, Nickelodeon, BET Media Group, and CBS Sports.