Paramount Global (NASDAQ:PARA) Announces Quarterly Earnings Results

Paramount Global (NASDAQ:PARA) announced its quarterly earnings results on Friday. The company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.25, Briefing.com reports. Paramount Global had a negative net margin of 17.62% and a positive return on equity of 4.88%. The firm had revenue of $6.73 billion for the quarter, compared to analyst estimates of $6.94 billion. During the same quarter in the previous year, the firm posted $0.30 earnings per share. The business’s revenue was down 5.6% on a year-over-year basis.

Paramount Global Price Performance

NASDAQ:PARA traded down $0.46 during trading hours on Friday, reaching $11.07. 15,682,603 shares of the company were exchanged, compared to its average volume of 14,915,848. The company has a market capitalization of $7.38 billion, a P/E ratio of -1.42, a P/E/G ratio of 1.70 and a beta of 1.74. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.30 and a quick ratio of 1.15. The business has a 50 day moving average of $10.52 and a 200 day moving average of $11.12. Paramount Global has a 1-year low of $9.54 and a 1-year high of $17.50.

Paramount Global Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be given a $0.05 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.81%. Paramount Global’s payout ratio is -2.57%.

Wall Street Analyst Weigh In

PARA has been the subject of a number of analyst reports. Guggenheim decreased their target price on shares of Paramount Global from $19.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, September 25th. StockNews.com downgraded Paramount Global from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. Benchmark reissued a “buy” rating and set a $19.00 price target on shares of Paramount Global in a research report on Friday, August 9th. Wells Fargo & Company upgraded Paramount Global from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $10.00 to $11.00 in a research note on Friday, August 9th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Paramount Global in a research note on Friday, August 9th. Eight analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $12.57.

Paramount Global Company Profile

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.