Argus Downgrades Paramount Global (NASDAQ:PARA) to Sell

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

PARA has been the subject of a number of other research reports. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Paramount Global from $20.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, February 28th. Wolfe Research upgraded Paramount Global from an “underperform” rating to a “peer perform” rating in a research report on Thursday, April 4th. Moffett Nathanson upgraded Paramount Global from a “sell” rating to a “neutral” rating and set a $13.00 price objective on the stock in a research report on Tuesday, January 9th. Needham & Company LLC cut Paramount Global from a “buy” rating to a “hold” rating in a research report on Tuesday, April 30th. Finally, Morgan Stanley decreased their target price on shares of Paramount Global from $11.00 to $10.00 and set an “underweight” rating on the stock in a research report on Tuesday, February 27th. Ten investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Paramount Global currently has a consensus rating of “Hold” and a consensus target price of $13.58.

Paramount Global Stock Performance

NASDAQ:PARA traded down $0.97 during mid-day trading on Friday, hitting $12.89. 67,049,331 shares of the company’s stock traded hands, 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. The firm has a 50 day moving average of $11.55 and a two-hundred day moving average of $12.89. The firm has a market capitalization of $8.41 billion, a price-to-earnings ratio of -85.93, a price-to-earnings-growth ratio of 0.39 and a beta of 1.74. Paramount Global has a 12 month low of $10.12 and a 12 month high of $19.04.

Paramount Global (NASDAQ:PARA) last announced its quarterly earnings data on Monday, April 29th. The company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.28. The business 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%. Paramount Global’s quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter last year, the company posted $0.09 earnings per share. On average, equities analysts forecast that Paramount Global will post 1.32 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Paramount Global

Hedge funds have recently added to or reduced their stakes in the company. Tokio Marine Asset Management Co. Ltd. lifted its stake in shares of Paramount Global by 5.5% in the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 14,855 shares of the company’s stock valued at $220,000 after purchasing an additional 769 shares during the period. Highlander Capital Management LLC boosted its holdings in Paramount Global by 13.4% during the fourth quarter. Highlander Capital Management LLC now owns 7,210 shares of the company’s stock worth $107,000 after buying an additional 850 shares during the last quarter. Kestra Private Wealth Services LLC grew its position in shares of Paramount Global by 3.1% during the 4th quarter. Kestra Private Wealth Services LLC now owns 29,171 shares of the company’s stock worth $431,000 after buying an additional 879 shares during the period. Arizona State Retirement System increased its stake in shares of Paramount Global by 0.7% in the 4th quarter. Arizona State Retirement System now owns 134,210 shares of the company’s stock valued at $1,985,000 after acquiring an additional 887 shares during the last quarter. Finally, Cape Investment Advisory Inc. increased its stake in Paramount Global by 5.2% in the fourth quarter. Cape Investment Advisory Inc. now owns 18,014 shares of the company’s stock valued at $266,000 after purchasing an additional 889 shares in the last quarter. Institutional investors 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.