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 released on Wednesday morning.

A number of other research analysts have also recently commented on PARA. Deutsche Bank Aktiengesellschaft reduced their price target 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. Raymond James reiterated a market perform rating on shares of Paramount Global in a research report on Tuesday, March 26th. Wolfe Research upgraded shares of Paramount Global from an underperform rating to a peer perform rating in a research report on Thursday, April 4th. Needham & Company LLC cut Paramount Global from a buy rating to a hold rating in a research note on Tuesday, April 30th. Finally, Moffett Nathanson raised Paramount Global from a sell rating to a neutral rating and set a $13.00 target price for the company in a research note on Tuesday, January 9th. Nine analysts have rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $13.58.

Paramount Global Stock Down 0.9 %

PARA opened at $12.71 on Wednesday. The business’s fifty day simple moving average is $11.67 and its 200 day simple moving average is $12.91. 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 $8.47 billion, a PE ratio of -85.47, a P/E/G ratio of 0.39 and a beta of 1.74.

Paramount Global (NASDAQ:PARA) last posted its quarterly earnings data on Monday, April 29th. The company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 revenue for the quarter was up 5.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.09 EPS. As a group, research analysts expect that Paramount Global will post 1.32 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 17th will be issued a dividend of $0.05 per share. The ex-dividend date is Monday, June 17th. This represents a $0.20 annualized dividend and a yield of 1.57%. Paramount Global’s payout ratio is -133.33%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PARA. Cambridge Investment Research Advisors Inc. grew its stake in Paramount Global by 11.3% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 144,324 shares of the company’s stock valued at $1,862,000 after purchasing an additional 14,642 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in shares of Paramount Global by 4.8% during the 3rd 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 during the last quarter. IFM Investors Pty Ltd grew its stake in shares of Paramount Global by 3.9% in the 3rd quarter. IFM Investors Pty Ltd now owns 105,476 shares of the company’s stock valued at $1,361,000 after buying an additional 3,914 shares during the period. ING Groep NV purchased a new stake in shares of Paramount Global during the 3rd quarter valued at approximately $188,000. Finally, Harel Insurance Investments & Financial Services Ltd. lifted its stake in shares of Paramount Global by 85.7% in the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 6,500 shares of the company’s stock valued at $83,000 after purchasing an additional 3,000 shares during the last quarter. Hedge funds and other 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.