Paramount Global (NASDAQ:PARA) Cut to “Sell” at Argus

Paramount Global (NASDAQ:PARA) was downgraded by research analysts at Argus from a “hold” rating to a “sell” rating in a note issued to investors on Friday, MarketBeat Ratings reports.

Several other analysts have also recently issued reports on PARA. Wolfe Research upgraded Paramount Global from an “underperform” rating to a “peer perform” rating in a research report on Thursday, April 4th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $13.00 price objective on shares of Paramount Global in a report on Tuesday, April 9th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Paramount Global from $20.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, February 28th. Wells Fargo & Company cut their target price on shares of Paramount Global from $15.00 to $14.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 30th. Finally, StockNews.com cut shares of Paramount Global from a “hold” rating to a “sell” rating in a research note on Tuesday, April 30th. Ten investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Paramount Global currently has an average rating of “Hold” and an average price target of $13.58.

Paramount Global Stock Performance

Paramount Global stock traded down $0.97 during midday trading on Friday, hitting $12.89. The stock had a trading volume of 67,049,331 shares, compared to its average volume of 24,884,946. The company has a current ratio of 1.29, a quick ratio of 1.17 and a debt-to-equity ratio of 0.65. Paramount Global has a 52-week low of $10.12 and a 52-week high of $19.04. The company has a market capitalization of $8.41 billion, a PE ratio of -85.93, a P/E/G ratio of 0.39 and a beta of 1.74. The firm’s fifty day moving average is $11.55 and its two-hundred day moving average is $12.89.

Paramount Global (NASDAQ:PARA) last announced its quarterly earnings data on Monday, April 29th. The company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.34 by $0.28. The firm had revenue of $7.69 billion for the quarter, compared to the consensus estimate of $7.73 billion. Paramount Global had a negative net margin of 0.15% and a positive return on equity of 3.35%. The company’s revenue was up 5.8% on a year-over-year basis. During the same period last year, the firm earned $0.09 EPS. On average, research analysts forecast that Paramount Global will post 1.32 EPS for the current year.

Institutional Investors Weigh In On Paramount Global

Several hedge funds have recently made changes to their positions in the company. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in shares of Paramount Global by 9.0% in the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 137,439 shares of the company’s stock worth $1,773,000 after acquiring an additional 11,300 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in shares of Paramount Global by 11.3% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 144,324 shares of the company’s stock valued at $1,862,000 after buying an additional 14,642 shares during the last quarter. Xponance Inc. boosted its holdings in shares of Paramount Global by 8.3% in the 3rd quarter. Xponance Inc. now owns 87,885 shares of the company’s stock valued at $1,134,000 after buying an additional 6,751 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in Paramount Global by 4.8% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 411,864 shares of the company’s stock valued at $5,313,000 after acquiring an additional 18,931 shares in the last quarter. Finally, Stratos Wealth Advisors LLC acquired a new position in shares of Paramount Global during the third quarter worth $176,000. 73.00% of the stock is currently owned by hedge funds and other institutional investors.

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.