Paramount Global (NASDAQ:PARA) Upgraded by StockNews.com to “Hold” Rating

StockNews.com upgraded shares of Paramount Global (NASDAQ:PARA) from a sell rating to a hold rating in a report issued on Monday.

A number of other research analysts also recently weighed in on the company. Macquarie reissued an “underperform” rating and issued a $10.00 price target on shares of Paramount Global in a research note on Monday. Benchmark reissued a “buy” rating and issued a $19.00 target price on shares of Paramount Global in a research note on Friday, August 9th. Guggenheim decreased their target price on Paramount Global from $19.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, September 25th. JPMorgan Chase & Co. cut their price target on shares of Paramount Global from $12.00 to $11.00 and set an “underweight” rating on the stock in a research report on Thursday, August 15th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Paramount Global in a research note on Monday. Eight research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $12.40.

Paramount Global Price Performance

Shares of PARA stock opened at $11.35 on Monday. Paramount Global has a 12 month low of $9.54 and a 12 month high of $17.50. 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 stock has a 50-day moving average price of $10.60 and a 200 day moving average price of $11.09.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings results on Friday, November 8th. The company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.24 by $0.25. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The company had revenue of $6.73 billion during the quarter, compared to analysts’ expectations of $6.94 billion. During the same quarter in the previous year, the company earned $0.30 EPS. Paramount Global’s revenue was down 5.6% on a year-over-year basis. As a group, analysts predict that Paramount Global will post 1.81 EPS for the current year.

Paramount Global Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 16th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date of this dividend is Monday, December 16th. Paramount Global’s payout ratio is presently -2.43%.

Institutional Trading of Paramount Global

Several hedge funds and other institutional investors have recently modified their holdings of PARA. Vanguard Group Inc. raised its holdings in shares of Paramount Global by 6.5% in the first quarter. Vanguard Group Inc. now owns 62,090,467 shares of the company’s stock valued at $730,805,000 after purchasing an additional 3,803,928 shares during the last quarter. Lingotto Investment Management LLP increased its stake in Paramount Global by 628.8% in the 2nd quarter. Lingotto Investment Management LLP now owns 29,937,007 shares of the company’s stock valued at $311,046,000 after buying an additional 25,829,185 shares during the last quarter. Ariel Investments LLC lifted its position in Paramount Global by 16.5% during the 2nd quarter. Ariel Investments LLC now owns 14,042,265 shares of the company’s stock worth $145,899,000 after buying an additional 1,992,576 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Paramount Global by 16.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,394,825 shares of the company’s stock worth $78,533,000 after buying an additional 1,030,592 shares during the last quarter. Finally, Kodai Capital Management LP boosted its stake in shares of Paramount Global by 9.2% during the 1st quarter. Kodai Capital Management LP now owns 6,264,374 shares of the company’s stock worth $73,732,000 after buying an additional 527,897 shares during the last quarter. Institutional investors and hedge funds own 73.00% 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.