Paramount Global (NASDAQ:PARA) Downgraded by Wells Fargo & Company to “Underweight”

Wells Fargo & Company downgraded shares of Paramount Global (NASDAQ:PARA) from an equal weight rating to an underweight rating in a report issued on Wednesday morning, Marketbeat reports. Wells Fargo & Company currently has $9.00 target price on the stock, down from their previous target price of $14.00.

Several other brokerages also recently weighed in on PARA. Wolfe Research raised shares of Paramount Global from an underperform rating to a peer perform rating in a report on Thursday, April 4th. Argus cut Paramount Global from a hold rating to a sell rating in a research report on Friday, May 3rd. Morgan Stanley reduced their price target on Paramount Global from $11.00 to $10.00 and set an underweight rating for the company in a report on Tuesday, February 27th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Paramount Global from $20.00 to $15.00 and set a buy rating on the stock in a report on Wednesday, February 28th. Finally, JPMorgan Chase & Co. decreased their target price on Paramount Global from $13.00 to $12.00 and set an underweight rating on the stock in a research report on Thursday, April 4th. Ten research analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $13.37.

Paramount Global Stock Down 1.7 %

PARA opened at $10.17 on Wednesday. The business has a 50 day moving average price of $11.96 and a two-hundred day moving average price of $12.82. Paramount Global has a 52 week low of $10.12 and a 52 week high of $17.50. The company has a market cap of $6.78 billion, a PE ratio of -67.80, a P/E/G ratio of 0.31 and a beta of 1.78. 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 released its quarterly earnings results on Monday, April 29th. The company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.34 by $0.28. Paramount Global had a positive return on equity of 3.35% and a negative net margin of 0.15%. The business had revenue of $7.69 billion during the quarter, compared to analysts’ expectations of $7.73 billion. During the same quarter in the prior year, the business earned $0.09 earnings per share. The company’s quarterly revenue was up 5.8% compared to the same quarter last year. As a group, research analysts anticipate that Paramount Global will post 1.32 EPS for the current year.

Paramount Global Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 17th will be issued 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 1.97%. Paramount Global’s payout ratio is currently -133.33%.

Institutional Trading of Paramount Global

Several institutional investors have recently made changes to their positions in the stock. Amalgamated Bank increased its position in Paramount Global by 9.1% during the 4th quarter. Amalgamated Bank now owns 145,473 shares of the company’s stock worth $2,152,000 after purchasing an additional 12,174 shares in the last quarter. International Assets Investment Management LLC grew its stake in Paramount Global by 541.7% during the fourth quarter. International Assets Investment Management LLC now owns 708,662 shares of the company’s stock worth $10,481,000 after buying an additional 598,235 shares during the period. Ariel Investments LLC increased its position in shares of Paramount Global by 18.0% in the third 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. Schonfeld Strategic Advisors LLC purchased a new position in shares of Paramount Global in the 3rd quarter valued at $1,240,000. Finally, Caprock Group LLC boosted its position in Paramount Global by 2.9% during the 4th quarter. Caprock Group LLC now owns 50,252 shares of the company’s stock worth $746,000 after purchasing an additional 1,401 shares during the period. 73.00% of the stock is owned by hedge funds and other 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.