Paramount Global (NASDAQ:PARA – Get Free Report) shares shot up 7.7% on Monday . The company traded as high as $14.20 and last traded at $14.20. 10,335,131 shares traded hands during mid-day trading, a decline of 19% from the average session volume of 12,700,571 shares. The stock had previously closed at $13.19.
Wall Street Analyst Weigh In
Several brokerages recently commented on PARA. JPMorgan Chase & Co. increased their price objective on shares of Paramount Global from $16.00 to $17.00 and gave the company an “underweight” rating in a research note on Tuesday, August 8th. Bank of America downgraded Paramount Global from a “buy” rating to an “underperform” rating and set a $9.00 target price for the company. in a research report on Monday, November 6th. Citigroup reduced their price target on Paramount Global from $22.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, August 15th. Barclays dropped their price objective on shares of Paramount Global from $13.00 to $11.00 and set an “underweight” rating for the company in a report on Monday, October 9th. Finally, Rosenblatt Securities reissued a “sell” rating and set a $12.00 target price on shares of Paramount Global in a report on Tuesday, August 8th. Ten equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $15.72.
Paramount Global Stock Performance
Paramount Global Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.41%. The ex-dividend date of this dividend is Thursday, December 14th. Paramount Global’s dividend payout ratio is currently -11.24%.
Hedge Funds Weigh In On Paramount Global
Institutional investors have recently bought and sold shares of the company. Capital Advisors Ltd. LLC lifted its holdings in Paramount Global by 130.0% during the first quarter. Capital Advisors Ltd. LLC now owns 1,212 shares of the company’s stock valued at $27,000 after purchasing an additional 685 shares during the last quarter. Pacific Center for Financial Services bought a new position in Paramount Global in the 1st quarter worth approximately $35,000. Horrell Capital Management Inc. grew its stake in Paramount Global by 61.3% in the 1st quarter. Horrell Capital Management Inc. now owns 1,613 shares of the company’s stock valued at $36,000 after buying an additional 613 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich bought a new stake in shares of Paramount Global during the 1st quarter valued at $36,000. Finally, Ellevest Inc. boosted its stake in Paramount Global by 65.3% in the 1st quarter. Ellevest Inc. now owns 1,701 shares of the company’s stock worth $38,000 after purchasing an additional 672 shares during the period. Hedge funds and other institutional investors own 72.39% of the company’s stock.
Paramount Global Company Profile
Paramount Global operates as a media and entertainment company worldwide. The company operates through TV Media, Direct-to-Consumer, and Filmed Entertainment segments. Its TV Media segment operates domestic and international broadcast networks, including CBS Television Network, Network 10, Channel 5, Telefe, and Chilevisión; and cable networks comprising Paramount Media Networks, Nickelodeon, BET Media Group, and CBS Sports.
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