Paramount Global Expected to Earn Q2 2024 Earnings of $0.18 Per Share (NASDAQ:PARA)

Paramount Global (NASDAQ:PARA) – Equities research analysts at Seaport Res Ptn cut their Q2 2024 earnings per share estimates for Paramount Global in a research note issued on Tuesday, April 30th. Seaport Res Ptn analyst D. Joyce now anticipates that the company will post earnings per share of $0.18 for the quarter, down from their previous forecast of $0.22. The consensus estimate for Paramount Global’s current full-year earnings is $1.23 per share. Seaport Res Ptn also issued estimates for Paramount Global’s Q3 2024 earnings at $0.25 EPS and FY2024 earnings at $1.25 EPS.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings data on Monday, April 29th. The company reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.28. Paramount Global had a positive return on equity of 3.35% and a negative net margin of 0.15%. The business had revenue of $7.69 billion for the quarter, compared to analyst estimates of $7.73 billion. During the same quarter in the prior year, the firm posted $0.09 EPS. The firm’s revenue for the quarter was up 5.8% on a year-over-year basis.

PARA has been the subject of several other reports. Moffett Nathanson raised shares of Paramount Global from a “sell” rating to a “neutral” rating and set a $13.00 price objective for the company in a report on Tuesday, January 9th. Morgan Stanley cut their target price on shares of Paramount Global from $11.00 to $10.00 and set an “underweight” rating for the company in a research report on Tuesday, February 27th. Wolfe Research raised Paramount Global from an “underperform” rating to a “peer perform” rating in a research report on Thursday, April 4th. Benchmark reissued a “buy” rating and set a $19.00 price objective on shares of Paramount Global in a research report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on Paramount Global from $20.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, February 28th. Ten analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $13.58.

Paramount Global Trading Down 7.0 %

Shares of PARA stock opened at $12.89 on Friday. Paramount Global has a 12 month low of $10.12 and a 12 month high of $19.04. The company has a market cap of $8.41 billion, a PE ratio of -92.39, a price-to-earnings-growth ratio of 0.40 and a beta of 1.74. The company has a quick ratio of 1.17, a current ratio of 1.29 and a debt-to-equity ratio of 0.65. The business’s 50 day moving average is $11.52 and its two-hundred day moving average is $12.88.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Paramount Global by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 58,286,539 shares of the company’s stock valued at $862,058,000 after purchasing an additional 626,256 shares in the last quarter. Invesco Ltd. boosted its stake in Paramount Global by 9.4% in the 3rd quarter. Invesco Ltd. now owns 14,832,568 shares of the company’s stock valued at $191,340,000 after buying an additional 1,272,851 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Paramount Global by 15.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 13,299,798 shares of the company’s stock valued at $171,567,000 after buying an additional 1,767,173 shares in the last quarter. Ariel Investments LLC grew its position in Paramount Global by 18.0% in the third quarter. Ariel Investments LLC now owns 11,330,850 shares of the company’s stock valued at $146,168,000 after acquiring an additional 1,731,714 shares during the period. Finally, Kodai Capital Management LP acquired a new position in Paramount Global during the fourth quarter worth $84,842,000. Institutional investors and hedge funds own 73.00% of the company’s stock.

Paramount Global Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 17th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, June 17th. This represents a $0.20 annualized dividend and a dividend yield of 1.55%. Paramount Global’s dividend payout ratio (DPR) is currently -133.32%.

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.