Traders Purchase High Volume of Put Options on Paramount Global (NASDAQ:PARA)

Paramount Global (NASDAQ:PARA) saw some unusual options trading activity on Thursday. Traders acquired 29,149 put options on the stock. This represents an increase of approximately 72% compared to the typical volume of 16,942 put options.

Paramount Global Price Performance

Shares of PARA stock traded up $0.19 on Thursday, reaching $11.93. The company’s stock had a trading volume of 7,004,108 shares, compared to its average volume of 12,488,484. Paramount Global has a 12-month low of $9.54 and a 12-month high of $14.54. The stock’s 50 day simple moving average is $11.10 and its 200-day simple moving average is $10.82. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.85. The company has a market capitalization of $7.96 billion, a P/E ratio of -1.45, a PEG ratio of 1.68 and a beta of 1.60.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings results on Wednesday, February 26th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.29). The company had revenue of $7.98 billion during the quarter, compared to the consensus estimate of $8.07 billion. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. As a group, equities analysts predict that Paramount Global will post 1.77 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 17th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.68%. The ex-dividend date is Monday, March 17th. Paramount Global’s dividend payout ratio (DPR) is presently -2.15%.

Institutional Investors Weigh In On Paramount Global

A number of institutional investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. lifted its stake in Paramount Global by 4.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,743,123 shares of the company’s stock worth $80,993,000 after purchasing an additional 348,298 shares during the last quarter. Bridgewater Associates LP lifted its stake in shares of Paramount Global by 50.7% in the 3rd quarter. Bridgewater Associates LP now owns 328,099 shares of the company’s stock valued at $3,484,000 after acquiring an additional 110,357 shares during the last quarter. Franklin Resources Inc. boosted its holdings in Paramount Global by 824.1% during the 3rd quarter. Franklin Resources Inc. now owns 195,690 shares of the company’s stock valued at $2,029,000 after acquiring an additional 174,514 shares during the period. Wilsey Asset Management Inc. grew its position in Paramount Global by 16.2% during the 4th quarter. Wilsey Asset Management Inc. now owns 1,902,332 shares of the company’s stock worth $19,898,000 after acquiring an additional 265,408 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Paramount Global by 24.7% in the 4th quarter. Bank of New York Mellon Corp now owns 4,586,288 shares of the company’s stock worth $47,973,000 after purchasing an additional 908,515 shares during the period. Hedge funds and other institutional investors own 73.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PARA. Morgan Stanley lifted their price objective on shares of Paramount Global from $10.00 to $11.00 and gave the stock an “underweight” rating in a research report on Tuesday, February 4th. Needham & Company LLC reaffirmed a “hold” rating on shares of Paramount Global in a research report on Thursday, February 27th. Benchmark restated a “buy” rating and issued a $19.00 price objective on shares of Paramount Global in a research note on Thursday, February 27th. Finally, Guggenheim reissued a “buy” rating and set a $14.00 target price on shares of Paramount Global in a report on Thursday, February 27th. Six equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $12.10.

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.