Paramount Global Sees Unusually High Options Volume (NASDAQ:PARA)

Paramount Global (NASDAQ:PARA) was the target of some unusual options trading on Thursday. Investors acquired 29,149 put options on the company. This is an increase of 72% compared to the average volume of 16,942 put options.

Hedge Funds Weigh In On Paramount Global

A number of institutional investors have recently added to or reduced their stakes in the stock. Ossiam grew its stake in Paramount Global by 57.2% during the 4th quarter. Ossiam now owns 2,810 shares of the company’s stock worth $29,000 after purchasing an additional 1,022 shares in the last quarter. Allworth Financial LP grew its stake in Paramount Global by 140.1% during the 4th quarter. Allworth Financial LP now owns 2,391 shares of the company’s stock worth $25,000 after purchasing an additional 1,395 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in Paramount Global by 1.6% during the 3rd quarter. PNC Financial Services Group Inc. now owns 92,019 shares of the company’s stock worth $977,000 after purchasing an additional 1,481 shares in the last quarter. Huntington National Bank lifted its holdings in Paramount Global by 129.0% during the 3rd quarter. Huntington National Bank now owns 2,771 shares of the company’s stock worth $29,000 after buying an additional 1,561 shares during the last quarter. Finally, Treasurer of the State of North Carolina lifted its holdings in Paramount Global by 0.6% during the 4th quarter. Treasurer of the State of North Carolina now owns 260,198 shares of the company’s stock worth $2,722,000 after buying an additional 1,640 shares during the last quarter. Hedge funds and other institutional investors own 73.00% of the company’s stock.

Paramount Global Stock Performance

NASDAQ PARA opened at $11.86 on Friday. The company has a market cap of $7.91 billion, a PE ratio of -1.44, a price-to-earnings-growth ratio of 1.68 and a beta of 1.60. The stock’s 50 day simple moving average is $11.16 and its 200-day simple moving average is $10.84. Paramount Global has a 1-year low of $9.54 and a 1-year high of $14.54. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.27 and a quick ratio of 1.10.

Paramount Global (NASDAQ:PARA) last announced its quarterly earnings data on Wednesday, February 26th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.29). Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. The company had revenue of $7.98 billion for the quarter, compared to analysts’ expectations of $8.07 billion. As a group, equities research analysts anticipate that Paramount Global will post 1.77 EPS for the current fiscal year.

Paramount Global Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 17th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.20 dividend on an annualized basis and a yield of 1.69%. Paramount Global’s payout ratio is -2.15%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PARA. Needham & Company LLC reissued a “hold” rating on shares of Paramount Global in a report on Thursday, February 27th. Guggenheim reissued a “buy” rating and issued a $14.00 price objective on shares of Paramount Global in a report on Thursday, February 27th. Benchmark reissued a “buy” rating and issued a $19.00 price objective on shares of Paramount Global in a report on Thursday, February 27th. Finally, Morgan Stanley raised their target price on Paramount Global from $10.00 to $11.00 and gave the stock an “underweight” rating in a report on Tuesday, February 4th. Six investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $12.10.

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.