KeyCorp Weighs in on Paramount Global’s Q2 2023 Earnings (NASDAQ:PARA)

Paramount Global (NASDAQ:PARA – Get Rating) – Equities researchers at KeyCorp reduced their Q2 2023 EPS estimates for shares of Paramount Global in a research report issued on Thursday, May 4th. KeyCorp analyst B. Nispel now anticipates that the company will earn $0.14 per share for the quarter, down from their prior forecast of $0.18. The consensus estimate for Paramount Global’s current full-year earnings is $0.84 per share. KeyCorp also issued estimates for Paramount Global’s Q3 2023 earnings at $0.20 EPS, Q4 2023 earnings at $0.23 EPS, Q1 2024 earnings at $0.33 EPS, Q2 2024 earnings at $0.16 EPS, Q3 2024 earnings at $0.37 EPS and Q4 2024 earnings at $0.46 EPS.

Paramount Global (NASDAQ:PARA – Get Rating) last announced its quarterly earnings results on Thursday, May 4th. The company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.03). The business had revenue of $7.27 billion for the quarter, compared to analysts’ expectations of $7.42 billion. Paramount Global had a negative net margin of 1.49% and a positive return on equity of 3.64%. The business’s quarterly revenue was down .9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.60 earnings per share.

PARA has been the topic of a number of other reports. Guggenheim upped their price target on shares of Paramount Global from $20.00 to $22.00 in a research note on Thursday, January 12th. StockNews.com started coverage on shares of Paramount Global in a research note on Thursday, March 16th. They issued a “sell” rating on the stock. Bank of America upgraded shares of Paramount Global from a “neutral” rating to a “buy” rating and increased their target price for the stock from $24.00 to $32.00 in a research note on Tuesday, March 28th. Credit Suisse Group increased their target price on shares of Paramount Global from $20.00 to $23.00 and gave the stock a “neutral” rating in a research note on Friday, February 17th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $28.00 target price on shares of Paramount Global in a research note on Friday, April 14th. Eleven research 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 data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $22.00.

Paramount Global Stock Performance

Shares of PARA stock opened at $16.86 on Monday. The stock has a market capitalization of $10.97 billion, a P/E ratio of -21.62, a PEG ratio of 2.18 and a beta of 1.64. The company has a current ratio of 1.12, a quick ratio of 1.11 and a debt-to-equity ratio of 0.70. The firm’s 50 day moving average is $21.41 and its 200 day moving average is $20.30. Paramount Global has a 12 month low of $15.29 and a 12 month high of $34.50.

Hedge Funds Weigh In On Paramount Global

Several institutional investors and hedge funds have recently made changes to their positions in the business. Berkshire Hathaway Inc grew its holdings in shares of Paramount Global by 2.7% during the 4th quarter. Berkshire Hathaway Inc now owns 93,637,189 shares of the company’s stock valued at $1,580,596,000 after purchasing an additional 2,420,679 shares during the last quarter. Vanguard Group Inc. bought a new position in shares of Paramount Global during the 3rd quarter valued at $1,095,014,000. BlackRock Inc. bought a new stake in Paramount Global in the 3rd quarter worth $773,643,000. State Street Corp bought a new stake in Paramount Global in the 3rd quarter worth $633,173,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in Paramount Global by 0.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 10,827,484 shares of the company’s stock worth $182,767,000 after acquiring an additional 79,641 shares during the last quarter. Institutional investors own 74.13% of the company’s stock.

Paramount Global Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 3rd. Investors of record on Monday, March 20th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 5.69%. The ex-dividend date of this dividend was Friday, March 17th. Paramount Global’s dividend payout ratio is currently -123.08%.

Paramount Global Company Profile

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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.