Seaport Res Ptn Has Strong Forecast for PARA FY2024 Earnings

Paramount Global (NASDAQ:PARA) – Seaport Res Ptn lifted their FY2024 earnings per share (EPS) estimates for shares of Paramount Global in a note issued to investors on Sunday, November 10th. Seaport Res Ptn analyst D. Joyce now anticipates that the company will post earnings of $2.25 per share for the year, up from their previous forecast of $1.96. The consensus estimate for Paramount Global’s current full-year earnings is $1.61 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.

A number of other brokerages also recently weighed in on PARA. StockNews.com raised shares of Paramount Global from a “sell” rating to a “hold” rating in a research note on Monday. Needham & Company LLC restated a “hold” rating on shares of Paramount Global in a research report on Monday. Benchmark reiterated a “buy” rating and issued a $19.00 price objective on shares of Paramount Global in a research report on Friday, August 9th. Wells Fargo & Company upgraded 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. Finally, Macquarie reiterated an “underperform” rating and issued a $10.00 price target on shares of Paramount Global in a report on Monday. Eight equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Paramount Global presently has a consensus rating of “Hold” and a consensus price target of $12.40.

Paramount Global Stock Performance

Shares of NASDAQ PARA opened at $11.45 on Wednesday. Paramount Global has a 12-month low of $9.54 and a 12-month high of $17.50. The firm’s 50-day simple moving average is $10.57 and its 200 day simple moving average is $11.09. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.85.

Paramount Global (NASDAQ:PARA) last posted its quarterly earnings data on Friday, November 8th. The company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $6.94 billion. During the same quarter in the previous year, the firm earned $0.30 earnings per share. The business’s revenue was down 5.6% on a year-over-year basis.

Institutional Investors Weigh In On Paramount Global

Several hedge funds have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC raised its stake in Paramount Global by 3.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 24,682 shares of the company’s stock worth $291,000 after buying an additional 934 shares during the period. Texas Permanent School Fund Corp lifted its holdings in shares of Paramount Global by 4.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 99,705 shares of the company’s stock valued at $1,174,000 after purchasing an additional 4,152 shares in the last quarter. Empowered Funds LLC grew its position in shares of Paramount Global by 45.1% in the 1st quarter. Empowered Funds LLC now owns 15,270 shares of the company’s stock valued at $180,000 after purchasing an additional 4,748 shares during the period. SG Americas Securities LLC increased its stake in Paramount Global by 109.9% during the 1st quarter. SG Americas Securities LLC now owns 100,473 shares of the company’s stock worth $1,183,000 after purchasing an additional 52,614 shares in the last quarter. Finally, Oppenheimer & Co. Inc. raised its holdings in Paramount Global by 14.1% during the 1st quarter. Oppenheimer & Co. Inc. now owns 72,388 shares of the company’s stock worth $852,000 after buying an additional 8,952 shares during the period. 73.00% of the stock is currently owned by institutional investors and hedge funds.

Paramount Global Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.75%. The ex-dividend date of this dividend is Monday, December 16th. Paramount Global’s payout ratio is presently -2.43%.

About Paramount Global

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.