Brokerages Set Paramount Global (NASDAQ:PARA) Price Target at $13.58

Paramount Global (NASDAQ:PARA) has received an average rating of “Reduce” from the twenty-one research firms that are currently covering the stock, Marketbeat.com reports. Nine investment analysts have rated the stock with a sell recommendation, eight have given a hold recommendation and four have given a buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $13.58.

PARA has been the topic of a number of recent analyst reports. Wells Fargo & Company cut 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 report on Tuesday, April 30th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Paramount Global from $20.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, February 28th. Argus downgraded shares of Paramount Global from a “hold” rating to a “sell” rating in a research report on Friday, May 3rd. Needham & Company LLC downgraded shares of Paramount Global from a “buy” rating to a “hold” rating in a research report on Tuesday, April 30th. Finally, Benchmark restated a “buy” rating and set a $19.00 price objective on shares of Paramount Global in a research report on Tuesday, April 30th.

Paramount Global Trading Down 3.4 %

NASDAQ:PARA opened at $11.79 on Friday. The company’s 50 day moving average price is $11.99 and its 200-day moving average price is $12.99. Paramount Global has a 52 week low of $10.12 and a 52 week high of $17.50. The company has a quick ratio of 1.19, a current ratio of 1.29 and a debt-to-equity ratio of 0.65. The stock has a market cap of $7.86 billion, a price-to-earnings ratio of -78.59, a PEG ratio of 0.37 and a beta of 1.74.

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

Paramount Global Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 17th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, June 17th. This represents a $0.20 annualized dividend and a dividend yield of 1.70%. Paramount Global’s payout ratio is -133.32%.

Institutional Trading of Paramount Global

Several institutional investors and hedge funds have recently modified their holdings of PARA. Virtu Financial LLC purchased a new position in Paramount Global during the first quarter valued at $310,000. Comerica Bank grew its stake in Paramount Global by 3.4% during the first quarter. Comerica Bank now owns 80,073 shares of the company’s stock valued at $942,000 after acquiring an additional 2,640 shares in the last quarter. Tidal Investments LLC grew its stake in Paramount Global by 206.2% during the first quarter. Tidal Investments LLC now owns 69,675 shares of the company’s stock valued at $819,000 after acquiring an additional 46,922 shares in the last quarter. Jane Street Group LLC grew its stake in Paramount Global by 323.5% during the first quarter. Jane Street Group LLC now owns 2,754,222 shares of the company’s stock valued at $32,417,000 after acquiring an additional 2,103,938 shares in the last quarter. Finally, Murchinson Ltd. purchased a new position in Paramount Global during the first quarter valued at $1,177,000. 73.00% of the stock is currently owned by 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.