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

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

Several other analysts have also issued reports on the stock. Wells Fargo & Company reduced their price target on shares of Paramount Global from $15.00 to $14.00 and set an equal weight rating on the stock in a research report on Tuesday, April 30th. Needham & Company LLC downgraded Paramount Global from a buy rating to a hold rating in a report on Tuesday, April 30th. Argus cut Paramount Global from a hold rating to a sell rating in a report on Friday, May 3rd. JPMorgan Chase & Co. dropped their price objective on Paramount Global from $13.00 to $12.00 and set an underweight rating for the company in a research report on Thursday, April 4th. Finally, Rosenblatt Securities reiterated a neutral rating and issued a $13.00 target price on shares of Paramount Global in a research report on Tuesday, April 9th. Nine research analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $13.58.

Paramount Global Stock Performance

NASDAQ PARA opened at $12.71 on Wednesday. The firm has a 50-day moving average price of $11.67 and a two-hundred day moving average price of $12.91. Paramount Global has a 12-month low of $10.12 and a 12-month high of $17.50. The company has a market capitalization of $8.47 billion, a P/E ratio of -85.47, a P/E/G ratio of 0.39 and a beta of 1.74. The company has a quick ratio of 1.19, a current ratio of 1.29 and a debt-to-equity ratio of 0.65.

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

Paramount Global Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 17th will be given a $0.05 dividend. The ex-dividend date is Monday, June 17th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.57%. Paramount Global’s dividend payout ratio (DPR) is presently -133.33%.

Institutional Trading of Paramount Global

Several institutional investors have recently added to or reduced their stakes in PARA. Kodai Capital Management LP acquired a new stake in shares of Paramount Global during the fourth quarter worth $84,842,000. Norges Bank bought a new stake in Paramount Global during the fourth quarter valued at $41,497,000. Lingotto Investment Management LLP grew its holdings in Paramount Global by 375.8% during the 4th quarter. Lingotto Investment Management LLP now owns 3,263,978 shares of the company’s stock worth $48,388,000 after acquiring an additional 2,577,978 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Paramount Global by 15.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 13,299,798 shares of the company’s stock worth $171,567,000 after acquiring an additional 1,767,173 shares during the period. Finally, Ariel Investments LLC raised its position in shares of Paramount Global by 18.0% in the 3rd quarter. Ariel Investments LLC now owns 11,330,850 shares of the company’s stock worth $146,168,000 after acquiring an additional 1,731,714 shares in the last quarter. 73.00% of the stock is currently owned by institutional investors.

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.