Paramount Global (NASDAQ:PARAA) Shares Down 3.7% – Here’s Why

Paramount Global (NASDAQ:PARAA) shares dropped 3.7% during mid-day trading on Friday . The company traded as low as $22.43 and last traded at $22.43. Approximately 13,260 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 68,456 shares. The stock had previously closed at $23.30.

Paramount Global Stock Performance

The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.85. The firm has a fifty day moving average price of $22.01 and a 200 day moving average price of $21.54. The firm has a market cap of $15.12 billion, a PE ratio of -2.76 and a beta of 1.66.

Paramount Global Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be given a $0.05 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.20 dividend on an annualized basis and a yield of 0.88%. Paramount Global’s dividend payout ratio is currently -2.43%.

Hedge Funds Weigh In On Paramount Global

Hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. grew its stake in Paramount Global by 416.3% during the 1st quarter. Russell Investments Group Ltd. now owns 2,592 shares of the company’s stock worth $57,000 after purchasing an additional 2,090 shares in the last quarter. Quest Partners LLC acquired a new position in shares of Paramount Global during the third quarter worth about $106,000. Gladius Capital Management LP purchased a new stake in shares of Paramount Global during the third quarter worth approximately $233,000. Atom Investors LP acquired a new stake in Paramount Global in the third quarter valued at approximately $244,000. Finally, Welch Group LLC purchased a new position in Paramount Global in the second quarter worth approximately $298,000. Hedge funds and other institutional investors own 5.98% of the company’s stock.

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.