Paramount Global (NASDAQ:PARA) to Post FY2024 Earnings of $1.96 Per Share, Seaport Res Ptn Forecasts

Paramount Global (NASDAQ:PARA) – Investment analysts at Seaport Res Ptn upped their FY2024 earnings per share (EPS) estimates for shares of Paramount Global in a research note issued on Thursday, October 3rd. Seaport Res Ptn analyst D. Joyce now forecasts that the company will post earnings per share of $1.96 for the year, up from their previous forecast of $1.91. The consensus estimate for Paramount Global’s current full-year earnings is $1.56 per share. Seaport Res Ptn also issued estimates for Paramount Global’s Q4 2024 earnings at $0.40 EPS and FY2028 earnings at $2.96 EPS.

A number of other equities analysts have also recently issued reports on the company. Needham & Company LLC restated a “hold” rating on shares of Paramount Global in a report on Friday, August 9th. Guggenheim decreased their price objective on shares of Paramount Global from $19.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, September 25th. Wells Fargo & Company raised shares of Paramount Global from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $10.00 to $11.00 in a research report on Friday, August 9th. Wolfe Research downgraded shares of Paramount Global from a “peer perform” rating to an “underperform” rating and set a $10.00 price target for the company. in a research note on Tuesday, July 9th. Finally, JPMorgan Chase & Co. dropped their price objective on Paramount Global from $12.00 to $11.00 and set an “underweight” rating on the stock in a research note on Thursday, August 15th. Ten analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $12.25.

Paramount Global Stock Down 0.2 %

Shares of NASDAQ:PARA opened at $10.50 on Monday. 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 simple moving average of $10.58 and a two-hundred day simple moving average of $11.26. Paramount Global has a 1 year low of $9.54 and a 1 year high of $17.50. The firm has a market capitalization of $7.00 billion, a PE ratio of -70.00, a price-to-earnings-growth ratio of 0.58 and a beta of 1.75.

Paramount Global (NASDAQ:PARA) last released its earnings results on Thursday, August 8th. The company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.40. The firm had revenue of $6.81 billion during the quarter, compared to analyst estimates of $7.21 billion. Paramount Global had a negative net margin of 17.62% and a positive return on equity of 4.88%.

Hedge Funds Weigh In On Paramount Global

Several hedge funds have recently modified their holdings of PARA. Czech National Bank increased its stake in Paramount Global by 28.6% during the 3rd quarter. Czech National Bank now owns 121,149 shares of the company’s stock valued at $1,287,000 after purchasing an additional 26,944 shares in the last quarter. Handelsbanken Fonder AB increased its position in shares of Paramount Global by 27.3% in the 3rd quarter. Handelsbanken Fonder AB now owns 132,400 shares of the company’s stock valued at $1,406,000 after acquiring an additional 28,400 shares during the period. Alpha Omega Wealth Management LLC raised its stake in Paramount Global by 0.4% in the 3rd quarter. Alpha Omega Wealth Management LLC now owns 477,131 shares of the company’s stock worth $5,067,000 after acquiring an additional 2,071 shares during the last quarter. Stonehearth Capital Management LLC lifted its position in Paramount Global by 9.3% during the 3rd quarter. Stonehearth Capital Management LLC now owns 16,182 shares of the company’s stock worth $172,000 after acquiring an additional 1,374 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Paramount Global during the 2nd quarter valued at about $3,000,000. Institutional investors and hedge funds own 73.00% of the company’s stock.

Paramount Global Dividend Announcement

The firm also recently disclosed 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 1.90%. Paramount Global’s payout ratio is -133.32%.

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.