Paramount Skydance (NASDAQ:PSKY) Shares Gap Up Following Analyst Upgrade

Shares of Paramount Skydance Corporation (NASDAQ:PSKY) gapped up prior to trading on Tuesday after Evercore ISI raised their price target on the stock from $12.00 to $14.00. The stock had previously closed at $15.25, but opened at $16.21. Evercore ISI currently has an in-line rating on the stock. Paramount Skydance shares last traded at $17.07, with a volume of 4,111,968 shares trading hands.

Several other brokerages have also weighed in on PSKY. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Paramount Skydance in a research report on Wednesday, October 8th. Barclays dropped their price target on Paramount Skydance from $12.00 to $8.00 and set an “underweight” rating for the company in a research note on Friday, August 8th. Benchmark increased their price objective on shares of Paramount Skydance from $16.00 to $19.00 and gave the stock a “buy” rating in a research report on Tuesday. Seaport Res Ptn upgraded Paramount Skydance from a “strong sell” rating to a “hold” rating in a report on Friday, August 8th. Finally, Bank of America boosted their price objective on shares of Paramount Skydance from $11.00 to $13.00 and gave the stock an “underperform” rating in a report on Tuesday. One investment analyst has rated the stock with a Buy rating, five have given a Hold rating and six have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $13.80.

Institutional Trading of Paramount Skydance

A number of large investors have recently modified their holdings of PSKY. Vanguard Group Inc. acquired a new position in Paramount Skydance during the 3rd quarter valued at about $678,726,000. Bank Pictet & Cie Europe AG bought a new stake in shares of Paramount Skydance during the third quarter valued at approximately $47,983,000. JPMorgan Chase & Co. acquired a new position in shares of Paramount Skydance during the third quarter worth approximately $41,864,000. Poehling Capital Management INC. bought a new position in Paramount Skydance in the 3rd quarter worth approximately $12,003,000. Finally, Rhumbline Advisers acquired a new stake in Paramount Skydance in the 3rd quarter valued at approximately $10,716,000. Institutional investors and hedge funds own 73.00% of the company’s stock.

Paramount Skydance Trading Up 9.8%

The firm has a market cap of $11.29 billion, a P/E ratio of -557.81, a price-to-earnings-growth ratio of 4.24 and a beta of 1.26. The business has a 50-day simple moving average of $17.09. The company has a current ratio of 1.39, a quick ratio of 1.21 and a debt-to-equity ratio of 0.83.

Paramount Skydance Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Monday, September 15th. Paramount Skydance’s payout ratio is currently -666.67%.

About Paramount Skydance

Paramount Global is a media and entertainment company which creates premium content and experiences for audiences. The company’s portfolio of consumer brands includes CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount , Pluto TV and Simon & Schuster, among others.