Benchmark Reaffirms “Buy” Rating for Paramount Global (NASDAQ:PARA)

Benchmark restated their buy rating on shares of Paramount Global (NASDAQ:PARA) in a report published on Tuesday, Benzinga reports. Benchmark currently has a $19.00 price target on the stock.

A number of other equities analysts also recently issued reports on PARA. Needham & Company LLC downgraded Paramount Global from a buy rating to a hold rating in a report on Tuesday, April 30th. Wells Fargo & Company downgraded Paramount Global from an equal weight rating to an underweight rating and decreased their price objective for the stock from $14.00 to $9.00 in a report on Wednesday, June 12th. JPMorgan Chase & Co. decreased their price objective on Paramount Global from $13.00 to $12.00 and set an underweight rating for the company in a report on Thursday, April 4th. Rosenblatt Securities reiterated a neutral rating and issued a $14.00 price objective on shares of Paramount Global in a report on Tuesday, June 4th. Finally, StockNews.com upgraded Paramount Global from a sell rating to a hold rating in a report on Wednesday, May 8th. Eleven research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $12.83.

Paramount Global Trading Up 0.3 %

Shares of PARA stock opened at $11.73 on Tuesday. The stock has a fifty day moving average of $11.56 and a 200 day moving average of $12.19. Paramount Global has a 52 week low of $9.54 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.

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 business had revenue of $7.69 billion during the quarter, compared to the consensus estimate of $7.73 billion. Paramount Global had a positive return on equity of 3.35% and a negative net margin of 0.15%. The firm’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.09 earnings per share. As a group, research analysts predict that Paramount Global will post 1.32 earnings per share for the current fiscal year.

Institutional Trading of Paramount Global

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in Paramount Global by 6.5% during the 1st quarter. Vanguard Group Inc. now owns 62,090,467 shares of the company’s stock valued at $730,805,000 after buying an additional 3,803,928 shares during the period. Ariel Investments LLC raised its holdings in Paramount Global by 9.3% during the 1st quarter. Ariel Investments LLC now owns 12,049,689 shares of the company’s stock valued at $141,825,000 after buying an additional 1,028,314 shares during the period. Kodai Capital Management LP raised its holdings in Paramount Global by 9.2% during the 1st quarter. Kodai Capital Management LP now owns 6,264,374 shares of the company’s stock valued at $73,732,000 after buying an additional 527,897 shares during the period. Lingotto Investment Management LLP raised its holdings in Paramount Global by 375.8% during the 4th quarter. Lingotto Investment Management LLP now owns 3,263,978 shares of the company’s stock valued at $48,388,000 after buying an additional 2,577,978 shares during the period. Finally, Capitolis Liquid Global Markets LLC purchased a new stake in Paramount Global during the 1st quarter valued at $33,191,000. 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.