Paramount Global (NASDAQ:PARA) Announces Earnings Results

Paramount Global (NASDAQ:PARA) posted its quarterly earnings results on Friday. The company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.25, Briefing.com reports. The business had revenue of $6.73 billion for the quarter, compared to analyst estimates of $6.94 billion. Paramount Global had a positive return on equity of 4.88% and a negative net margin of 17.62%. The firm’s revenue was down 5.6% on a year-over-year basis. During the same period last year, the company earned $0.30 EPS.

Paramount Global Trading Down 4.0 %

Shares of PARA stock traded down $0.46 on Friday, hitting $11.07. 15,682,603 shares of the company’s stock traded hands, compared to its average volume of 14,915,848. The company’s fifty day simple moving average is $10.52 and its 200 day simple moving average is $11.12. Paramount Global has a one year low of $9.54 and a one year high of $17.50. The stock has a market capitalization of $7.38 billion, a price-to-earnings ratio of -1.42, a P/E/G ratio of 1.70 and a beta of 1.74. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.15 and a current ratio of 1.30.

Paramount Global Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date is Monday, December 16th. Paramount Global’s payout ratio is currently -2.57%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. StockNews.com cut shares of Paramount Global from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a report on Friday, August 9th. Wells Fargo & Company upgraded Paramount Global from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $10.00 to $11.00 in a research note on Friday, August 9th. Benchmark reissued a “buy” rating and set a $19.00 target price on shares of Paramount Global in a report on Friday, August 9th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Paramount Global from $12.00 to $11.00 and set an “underweight” rating on the stock in a research report on Thursday, August 15th. Eight equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Paramount Global presently has a consensus rating of “Hold” and a consensus price target of $12.57.

Paramount Global Company Profile

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.