Paramount Global (NASDAQ:PARA) Raised to Hold at StockNews.com

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

Other analysts have also issued research reports about the company. JPMorgan Chase & Co. lowered their target price on Paramount Global from $12.00 to $11.00 and set an “underweight” rating on the stock in a report on Thursday, August 15th. Benchmark reaffirmed a “buy” rating and set a $19.00 target price on shares of Paramount Global in a research report on Friday, August 9th. Needham & Company LLC restated a “hold” rating on shares of Paramount Global in a research report on Monday. Guggenheim cut their price objective on shares of Paramount Global from $19.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, September 25th. Finally, Macquarie restated an “underperform” rating and set a $10.00 price target on shares of Paramount Global in a research note on Monday. Eight equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $12.40.

Paramount Global Stock 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 business’s 50 day moving average is $10.60 and its two-hundred day moving average is $11.09.

Paramount Global (NASDAQ:PARA) last announced its 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. The firm had revenue of $6.73 billion for the quarter, compared to the consensus estimate of $6.94 billion. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The business’s quarterly revenue was down 5.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.30 EPS. Sell-side analysts predict that Paramount Global will post 1.81 earnings per share for the current year.

Paramount Global Dividend Announcement

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

Hedge Funds Weigh In On Paramount Global

Institutional investors have recently added to or reduced their stakes in the company. ProShare Advisors LLC raised its position in Paramount Global by 146.5% in the 1st quarter. ProShare Advisors LLC now owns 151,864 shares of the company’s stock valued at $1,787,000 after purchasing an additional 90,262 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its position in Paramount Global by 5.4% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 679,519 shares of the company’s stock worth $7,998,000 after buying an additional 34,541 shares in the last quarter. Financial Counselors Inc. grew its holdings in Paramount Global by 6.9% during the 2nd quarter. Financial Counselors Inc. now owns 864,287 shares of the company’s stock worth $8,980,000 after acquiring an additional 56,021 shares during the last quarter. CANADA LIFE ASSURANCE Co increased its position in Paramount Global by 33.9% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 406,895 shares of the company’s stock valued at $4,790,000 after acquiring an additional 103,103 shares in the last quarter. Finally, Hoertkorn Richard Charles raised its stake in shares of Paramount Global by 38.1% in the third quarter. Hoertkorn Richard Charles now owns 221,696 shares of the company’s stock worth $2,354,000 after acquiring an additional 61,191 shares during the last quarter. 73.00% of the stock is 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.