Paramount Global (NASDAQ:PARAA) Downgraded by Seaport Res Ptn to “Neutral”

Seaport Res Ptn downgraded shares of Paramount Global (NASDAQ:PARAA) from a buy rating to a neutral rating in a research report sent to investors on Thursday morning, Zacks.com reports. Seaport Res Ptn also issued estimates for Paramount Global’s Q2 2024 earnings at $0.18 EPS and FY2024 earnings at $1.25 EPS.

Paramount Global Stock Performance

PARAA stock opened at 22.42 on Thursday. The firm has a market cap of $14.63 billion, a P/E ratio of -149.46 and a beta of 1.66. The stock’s 50 day simple moving average is 21.87 and its 200 day simple moving average is 19.88. The company has a current ratio of 1.29, a quick ratio of 1.17 and a debt-to-equity ratio of 0.65. Paramount Global has a 12-month low of 13.40 and a 12-month high of 26.34.

Paramount Global (NASDAQ:PARAA) last issued its earnings results on Wednesday, February 28th. The company reported 0.04 earnings per share for the quarter, missing analysts’ consensus estimates of 0.08 by -0.04. Paramount Global had a positive return on equity of 3.35% and a negative net margin of 0.15%. The business had revenue of 7.64 billion for the quarter, compared to analyst estimates of 7.89 billion. During the same period last year, the company posted $0.08 earnings per share. As a group, equities research analysts predict that Paramount Global will post 1.25 EPS for the current year.

Paramount Global Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders 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 0.89%. Paramount Global’s payout ratio is currently -133.32%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC raised its holdings in shares of Paramount Global by 5.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 10,953 shares of the company’s stock valued at $239,000 after buying an additional 537 shares during the last quarter. GAMMA Investing LLC raised its stake in Paramount Global by 708.2% during the 1st quarter. GAMMA Investing LLC now owns 1,285 shares of the company’s stock valued at $28,000 after acquiring an additional 1,126 shares in the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. boosted its position in Paramount Global by 8.8% during the 4th quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 81,700 shares of the company’s stock worth $1,606,000 after acquiring an additional 6,600 shares during the period. B. Riley Wealth Advisors Inc. grew its stake in shares of Paramount Global by 29.5% in the third quarter. B. Riley Wealth Advisors Inc. now owns 35,160 shares of the company’s stock worth $557,000 after purchasing an additional 8,007 shares in the last quarter. Finally, Raymond James & Associates acquired a new position in shares of Paramount Global during the fourth quarter valued at $205,000. 5.98% of the stock is currently owned by institutional investors.

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.