Now Is A Good Time To Buy Paramount Global (NASDAQ: PARA)

During the last session, Paramount Global (NASDAQ:PARA)’s traded shares were 61.2 million, with the beta value of the company hitting 1.78. At the end of the trading day, the stock’s price was $13.52, reflecting an intraday gain of 14.97% or $1.76. The 52-week high for the PARA share is $24.00, that puts it down -77.51 from that peak though still a striking 24.85% gain since the share price plummeted to a 52-week low of $10.16. The company’s market capitalization is $8.98B, and the average intraday trading volume over the past 10 days was 18.63 million shares, and the average trade volume was 16.94 million shares over the past three months.

Paramount Global (NASDAQ:PARA) trade information

Paramount Global (PARA) registered a 14.97% upside in the last session and has traded in the green over the past 5 sessions. The stock spiked 14.97% in intraday trading to $13.52, hitting a weekly high. The stock’s 5-day price performance is 18.91%, and it has moved by 31.26% in 30 days. Based on these gigs, the overall price performance for the year is -39.40%. The short interest in Paramount Global (NASDAQ:PARA) is 90.26 million shares and it means that shorts have 4.67 day(s) to cover.

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Paramount Global (PARA) estimates and forecasts

Statistics show that Paramount Global has outperformed its competitors in share price, compared to the industry in which it operates. Paramount Global (PARA) shares have gone up 7.39% during the last six months, with a year-to-date growth rate more than the industry average at 132.69% against 5.10. Yet analysts are ramping up their growth forecast for the fiscal year 2024. Revenue is predicted to grow 266.70% this quarter and then jump 20.00% in the quarter after that. In the rating firms’ projections, revenue will increase 3.90% compared to the previous financial year.

Revenue for the current quarter is expected to be $7.77 billion as predicted by 23 analyst(s). Meanwhile, a consensus of 21 analyst(s) estimates revenue growth to $7.41 billion by the end of Jun 2024. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $7.26 billion and $7.62 billion respectively. In this case, analysts expect current quarter sales to grow by 6.90% and then drop by -2.70% in the coming quarter.

While earnings are projected to return 107.32% in 2024, the next five years will return 29.37% per annum.

PARA Dividends

Paramount Global is due to release its next quarterly earnings between May 02 and May 06. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance. Investors should also take the other fundamental and operational aspects into account before investing in the stock. The forward dividend ratio for Paramount Global is 0.20, with the dividend yield indicating at 1.48 percent, continuing the trend of increasing dividends in recent years.

Paramount Global (NASDAQ:PARA)’s Major holders

Paramount Global insiders own 16.23% of total outstanding shares while institutional holders control 68.86%, with the float percentage being 82.20%. Berkshire Hathaway, Inc is the largest shareholder of the company, while 1,019 institutions own stock in it. As of Jun 29, 2023, the company held over 93.73 million shares (or 15.36% of all shares), a total value of $1.49 billion in shares.

The next largest institutional holding, with 58.85 million shares, is of Vanguard Group Inc’s that is approximately 9.64% of outstanding shares. At the market price on Jun 29, 2023, these shares were valued at $936.3 million.

Also, the Mutual Funds coming in first place with the largest holdings of Paramount Global (PARA) shares are Vanguard Total Stock Market Index Fund and Vanguard 500 Index Fund. Data provided on Jun 29, 2023 indicates that Vanguard Total Stock Market Index Fund owns about 15.53 million shares. This amounts to just over 2.54 percent of the company’s overall shares, with a $247.11 million market value. The same data shows that the other fund manager holds slightly less at 12.07 million, or about 1.98% of the stock, which is worth about $192.07 million.