Paramount Global (NASDAQ:PARA) Posts Quarterly Earnings Results, Beats Estimates By $0.28 EPS

Paramount Global (NASDAQ:PARA) announced its quarterly earnings results on Monday. The company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.28, Briefing.com reports. Paramount Global had a negative net margin of 2.05% and a positive return on equity of 1.78%. The firm had revenue of $7.69 billion during the quarter, compared to analysts’ expectations of $7.73 billion. During the same period in the prior year, the company earned $0.09 EPS. The firm’s revenue was up 5.8% on a year-over-year basis.

Paramount Global Stock Up 2.9 %

Shares of Paramount Global stock opened at $12.25 on Tuesday. The business has a 50-day moving average price of $11.48 and a 200 day moving average price of $12.88. Paramount Global has a fifty-two week low of $10.12 and a fifty-two week high of $24.00. The firm has a market cap of $7.99 billion, a P/E ratio of -12.01, a P/E/G ratio of 0.42 and a beta of 1.77. The company has a quick ratio of 1.17, a current ratio of 1.32 and a debt-to-equity ratio of 0.63.

Paramount Global Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 17th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Monday, June 17th. This represents a $0.20 dividend on an annualized basis and a yield of 1.63%. Paramount Global’s dividend payout ratio (DPR) is -19.61%.

Analysts Set New Price Targets

A number of research analysts have commented on PARA shares. Deutsche Bank Aktiengesellschaft reduced their price objective on Paramount Global from $20.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, February 28th. Morgan Stanley reduced their price target on Paramount Global from $11.00 to $10.00 and set an “underweight” rating on the stock in a research report on Tuesday, February 27th. Raymond James reaffirmed a “market perform” rating on shares of Paramount Global in a research report on Tuesday, March 26th. Moffett Nathanson upgraded shares of Paramount Global from a “sell” rating to a “neutral” rating and set a $13.00 price objective on the stock in a research note on Tuesday, January 9th. Finally, Redburn Atlantic downgraded shares of Paramount Global from a “neutral” rating to a “sell” rating and decreased their target price for the company from $17.00 to $11.00 in a research note on Thursday, January 11th. Eight analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $13.79.

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.