Seaport Res Ptn Has Strong Estimate for PARA FY2024 Earnings

Paramount Global (NASDAQ:PARA) – Stock analysts at Seaport Res Ptn lifted their FY2024 earnings estimates for shares of Paramount Global in a research report issued to clients and investors on Sunday, November 10th. Seaport Res Ptn analyst D. Joyce now expects that the company will post earnings per share of $2.25 for the year, up from their prior estimate of $1.96. The consensus estimate for Paramount Global’s current full-year earnings is $1.78 per share. Seaport Res Ptn also issued estimates for Paramount Global’s Q4 2024 earnings at $0.60 EPS, Q1 2025 earnings at $1.10 EPS, Q2 2025 earnings at $0.82 EPS, Q3 2025 earnings at $0.93 EPS, Q4 2025 earnings at $0.63 EPS, FY2025 earnings at $3.48 EPS and FY2026 earnings at $4.10 EPS.

Paramount Global (NASDAQ:PARA) last announced its earnings results on Friday, November 8th. The company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.25. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. The company had revenue of $6.73 billion during the quarter, compared to the consensus estimate of $6.94 billion. During the same period last year, the firm earned $0.30 earnings per share. The company’s revenue was down 5.6% on a year-over-year basis.

PARA has been the subject of several other reports. Guggenheim reduced their target price on Paramount Global from $19.00 to $14.00 and set a “buy” rating for the company in a research note on Wednesday, September 25th. Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a research note on Monday. Wells Fargo & Company raised shares of Paramount Global from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $10.00 to $11.00 in a research report on Friday, August 9th. JPMorgan Chase & Co. cut their target price on shares of Paramount Global from $12.00 to $11.00 and set an “underweight” rating on the stock in a research note on Thursday, August 15th. Finally, StockNews.com upgraded Paramount Global from a “sell” rating to a “hold” rating in a research note on Monday. Eight analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $12.40.

Paramount Global Price Performance

Shares of NASDAQ PARA opened at $11.35 on Wednesday. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.85. Paramount Global has a fifty-two week low of $9.54 and a fifty-two week high of $17.50. The business has a 50 day moving average price of $10.60 and a two-hundred day moving average price of $11.09. The firm has a market cap of $7.57 billion, a PE ratio of -1.38, a price-to-earnings-growth ratio of 1.44 and a beta of 1.74.

Institutional Trading of Paramount Global

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Paramount Global by 6.5% in the first quarter. Vanguard Group Inc. now owns 62,090,467 shares of the company’s stock valued at $730,805,000 after purchasing an additional 3,803,928 shares during the period. Lingotto Investment Management LLP grew its holdings in Paramount Global by 628.8% in the 2nd quarter. Lingotto Investment Management LLP now owns 29,937,007 shares of the company’s stock worth $311,046,000 after buying an additional 25,829,185 shares in the last quarter. Ariel Investments LLC increased its position in Paramount Global by 16.5% in the 2nd quarter. Ariel Investments LLC now owns 14,042,265 shares of the company’s stock valued at $145,899,000 after acquiring an additional 1,992,576 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Paramount Global by 16.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,394,825 shares of the company’s stock valued at $78,533,000 after acquiring an additional 1,030,592 shares in the last quarter. Finally, Kodai Capital Management LP boosted its position in Paramount Global by 9.2% during the 1st quarter. Kodai Capital Management LP now owns 6,264,374 shares of the company’s stock worth $73,732,000 after acquiring an additional 527,897 shares during the period. 73.00% of the stock is currently owned by institutional investors.

Paramount Global Announces Dividend

The company 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 dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.20 annualized dividend and a dividend yield of 1.76%. Paramount Global’s dividend payout ratio is currently -2.43%.

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.