Stock traders buy high volume of put options on Paramount Global (NASDAQ:PARA)
Paramount Global Inc (NASDAQ:PARA – Get Rating) was the target of unusually large options trades on Wednesday. Equity investors bought 64,685 put options on the company. This is an increase of approximately 46% from the average daily volume of 44,257 put options.
Analysts set new price targets
A number of stock analysts have published reports on PARA shares. Wolfe Research downgraded Paramount Global to a “sell” rating and set a target price of $24.00 for the company. in a report on Friday, June 24. Morgan Stanley cut its price target on Paramount Global from $22.00 to $20.00 and set an “underweight” rating on the stock in a Friday, Aug. 5 research report. Evercore ISI reduced its price target on Paramount Global from $36.00 to $28.00 in a Wednesday, July 27 report. Barrington Research downgraded Paramount Global from an “outperforming” rating to a “market performance” rating in a Friday, July 29 report. Finally, Citigroup lowered its price target on Paramount Global from $44.00 to $37.00 and set a “buy” rating on the stock in a Thursday, July 7 report. Seven equity research analysts gave the stock a sell rating, four gave the company a hold rating and two gave the company a buy rating. According to MarketBeat, Paramount Global currently has a consensus rating of “Hold” and a consensus target price of $25.20.
Paramount Global Trading down 2.7%
PARA shares were down $0.61 during trading hours on Wednesday, hitting $21.92. The company had a trading volume of 14,911,258 shares, compared to an average volume of 11,368,690. The company has a market capitalization of $14.23 billion, a P/E ratio of 4.14, a P /E/G of 1.36 and a beta of 1.53. The stock’s 50-day moving average price is $24.73 and its 200-day moving average price is $29.29. The company has a quick ratio of 1.33, a current ratio of 1.47 and a debt ratio of 0.68. Paramount Global has a 52-week low of $21.32 and a 52-week high of $41.18.
Paramount Global (NASDAQ:PARA – Get Rating) last announced its quarterly results on Thursday, August 4. The company reported earnings per share (EPS) of $0.64 for the quarter, beating consensus analyst estimates of $0.62 by $0.02. Paramount Global had a return on equity of 6.74% and a net margin of 11.60%. The company posted revenue of $7.78 billion for the quarter, versus a consensus estimate of $7.55 billion. In the same quarter of the previous year, the company achieved EPS of $0.97. Paramount Global’s revenues increased by 18.5% compared to the same quarter last year. On average, research analysts expect Paramount Global to post EPS of 2.13 for the current year.
Paramount Global Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, October 3. Shareholders of record on Thursday, September 15 will receive a dividend of $0.24 per share. The ex-dividend date is Wednesday, September 14. This represents a dividend of $0.96 on an annualized basis and a dividend yield of 4.38%. Paramount Global’s dividend payout ratio (DPR) is 18.57%.
Institutional entries and exits
Hedge funds and other institutional investors have recently changed their positions in the company. Legal & General Group Plc bought a new position in shares of Paramount Global in Q2 for a value of approximately $104,561,000. Beach Investment Counsel Inc. PA purchased a new stake in shares of Paramount Global in Q2 for a value of approximately $598,000. Captrust Financial Advisors bought a new position in Paramount Global during Q2, valued at approximately $767,000. Verition Fund Management LLC bought a new stake in Paramount Global in the second quarter worth $510,000. Finally, Birmingham Capital Management Co. Inc. AL bought a new stake in shares of Paramount Global in the second quarter worth $1,949,000. Hedge funds and other institutional investors own 73.45% of the company’s shares.
Paramount Global Company Profile
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Paramount Global operates as a worldwide media and entertainment company. The company distributes a schedule of news and public affairs programming, as well as sports and entertainment programming; acquires or develops and schedules programs on the CBS television network that include primetime comedy and drama, reality television, specials, children’s programming, daytime dramas, game shows, and television programming. end of the night ; produces or distributes talk shows, court shows, game shows, and news magazines; owns and operates 29 broadcast television stations; and operates CBS Sports Network, a 24-hour cable channel that offers sports and related content, as well as streaming and cable subscription services.
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