Paramount Skydance (NASDAQ:PSKY) Stock Price Down 7.5% – Here’s What Happened

Shares of Paramount Skydance Corporation (NASDAQ:PSKY) dropped 7.5% during mid-day trading on Monday . The stock traded as low as $11.10 and last traded at $11.0950. Approximately 6,653,217 shares traded hands during mid-day trading, a decline of 40% from the average daily volume of 11,008,875 shares. The stock had previously closed at $11.99.

Wall Street Analyst Weigh In

A number of analysts have weighed in on PSKY shares. Zacks Research raised Paramount Skydance from a “strong sell” rating to a “hold” rating in a research report on Friday, February 6th. Guggenheim upped their price target on Paramount Skydance from $11.00 to $14.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 3rd. Wells Fargo & Company assumed coverage on shares of Paramount Skydance in a research report on Monday. They issued an “underweight” rating and a $10.00 price objective on the stock. TD Cowen dropped their price objective on shares of Paramount Skydance from $15.00 to $13.00 and set a “hold” rating on the stock in a research note on Thursday, February 26th. Finally, Evercore upped their price objective on shares of Paramount Skydance from $12.00 to $14.00 and gave the stock an “in-line” rating in a research report on Tuesday, November 11th. One investment analyst has rated the stock with a Buy rating, five have issued a Hold rating and nine have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Strong Sell” and a consensus target price of $13.15.

Paramount Skydance Price Performance

The stock has a market cap of $12.00 billion, a price-to-earnings ratio of 17.89 and a beta of 1.14. The company’s 50 day moving average is $11.66 and its 200 day moving average is $14.51. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.26 and a quick ratio of 1.12.

Paramount Skydance (NASDAQ:PSKY) last issued its earnings results on Wednesday, February 25th. The company reported $999.00 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $999.02. Paramount Skydance had a negative net margin of 2.15% and a positive return on equity of 3.82%. The company had revenue of $8.15 billion for the quarter, compared to analyst estimates of $8.17 billion.

Paramount Skydance Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Monday, March 16th will be issued a $0.05 dividend. The ex-dividend date is Monday, March 16th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.8%. Paramount Skydance’s dividend payout ratio is currently 31.75%.

Hedge Funds Weigh In On Paramount Skydance

Several hedge funds and other institutional investors have recently bought and sold shares of PSKY. Vanguard Group Inc. boosted its position in Paramount Skydance by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 36,006,077 shares of the company’s stock worth $482,481,000 after purchasing an additional 132,613 shares in the last quarter. State Street Corp purchased a new position in shares of Paramount Skydance in the third quarter valued at $524,371,000. Invesco Ltd. raised its stake in shares of Paramount Skydance by 1.0% during the 4th quarter. Invesco Ltd. now owns 15,406,791 shares of the company’s stock worth $206,451,000 after buying an additional 155,679 shares during the last quarter. Contrarius Group Holdings Ltd raised its stake in shares of Paramount Skydance by 52.9% during the 4th quarter. Contrarius Group Holdings Ltd now owns 15,088,097 shares of the company’s stock worth $202,180,000 after buying an additional 5,221,622 shares during the last quarter. Finally, Barclays PLC purchased a new stake in shares of Paramount Skydance in the 3rd quarter worth about $258,196,000. 73.00% of the stock is owned by institutional investors and hedge funds.

About Paramount Skydance

Paramount Skydance Media Group (Nasdaq: PSKY) is a media and entertainment company created through the proposed combination of Paramount Global’s filmed entertainment and streaming operations with Skydance Media, a privately held content studio. The combined business will encompass the development, production and distribution of feature films, television programming and digital content, drawing on a library of legacy Paramount Pictures franchises alongside Skydance’s blockbuster tentpoles and animation slate.