Paramount Global (PARA) to Issue Quarterly Dividend of $0.05 on October 1st

Paramount Global (NASDAQ:PARA) announced a quarterly dividend on Thursday, August 1st, Zacks reports. Stockholders of record on Monday, September 16th will be paid a dividend of 0.05 per share on Tuesday, October 1st. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date of this dividend is Monday, September 16th.

Paramount Global has decreased its dividend by an average of 25.9% annually over the last three years. Paramount Global has a dividend payout ratio of 12.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Paramount Global to earn $1.76 per share next year, which means the company should continue to be able to cover its $0.20 annual dividend with an expected future payout ratio of 11.4%.

Paramount Global Stock Up 3.0 %

Shares of Paramount Global stock opened at $10.57 on Friday. The company has a quick ratio of 1.15, a current ratio of 1.30 and a debt-to-equity ratio of 0.85. Paramount Global has a twelve month low of $9.54 and a twelve month high of $17.50. The company has a market cap of $7.05 billion, a price-to-earnings ratio of -70.46, a price-to-earnings-growth ratio of 0.55 and a beta of 1.75. The company’s 50 day moving average is $10.93 and its 200 day moving average is $11.33.

Paramount Global (NASDAQ:PARA) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.40. Paramount Global had a positive return on equity of 4.88% and a negative net margin of 17.62%. The firm had revenue of $6.81 billion for the quarter, compared to analysts’ expectations of $7.21 billion. Research analysts anticipate that Paramount Global will post 1.57 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Benchmark restated a “buy” rating and set a $19.00 price target on shares of Paramount Global in a research note on Friday, August 9th. Wells Fargo & Company upgraded shares of Paramount Global from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $10.00 to $11.00 in a research report on Friday, August 9th. StockNews.com downgraded shares of Paramount Global from a “hold” rating to a “sell” rating in a research report on Saturday. The Goldman Sachs Group assumed coverage on shares of Paramount Global in a research report on Tuesday, June 25th. They set a “sell” rating and a $9.50 price objective for the company. Finally, Wolfe Research cut Paramount Global from a “peer perform” rating to an “underperform” rating and set a $10.00 target price on the stock. in a report on Tuesday, July 9th. Eleven equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Paramount Global currently has an average rating of “Hold” and an average target price of $12.47.

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.