Paramount Global (NASDAQ:PARA) Rating Lowered to Sell at StockNews.com

StockNews.com lowered shares of Paramount Global (NASDAQ:PARA) from a hold rating to a sell rating in a report published on Saturday.

PARA has been the subject of several other reports. Wolfe Research downgraded Paramount Global from a peer perform rating to an underperform rating and set a $10.00 price objective for the company. in a research note on Tuesday, July 9th. The Goldman Sachs Group assumed coverage on Paramount Global in a research note on Tuesday, June 25th. They issued a sell rating and a $9.50 price objective for the company. Benchmark reaffirmed a buy rating and issued a $19.00 target price on shares of Paramount Global in a report on Friday, August 9th. Wells Fargo & Company raised Paramount Global from an underweight rating to an equal weight rating and upped their target price for the company from $10.00 to $11.00 in a report on Friday, August 9th. Finally, JPMorgan Chase & Co. reduced their target price on Paramount Global from $12.00 to $11.00 and set an underweight rating for the company in a report on Thursday, August 15th. Eleven analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $12.47.

Paramount Global Stock Up 0.2 %

PARA stock opened at $10.44 on Friday. The stock’s 50 day simple moving average is $10.92 and its 200 day simple moving average is $11.33. Paramount Global has a fifty-two week low of $9.54 and a fifty-two week high of $17.50. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.15 and a current ratio of 1.30. The company has a market cap of $6.96 billion, a P/E ratio of -69.27, a price-to-earnings-growth ratio of 0.57 and a beta of 1.75.

Paramount Global (NASDAQ:PARA) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.40. The business had revenue of $6.81 billion for the quarter, compared to the consensus estimate of $7.21 billion. Paramount Global had a positive return on equity of 4.88% and a negative net margin of 17.62%. On average, research analysts expect that Paramount Global will post 1.57 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date of this dividend is Monday, September 16th. Paramount Global’s payout ratio is currently -133.33%.

Hedge Funds Weigh In On Paramount Global

A number of large investors have recently made changes to their positions in the stock. Newbridge Financial Services Group Inc. boosted its holdings in shares of Paramount Global by 200.0% in the second quarter. Newbridge Financial Services Group Inc. now owns 9,000 shares of the company’s stock worth $94,000 after acquiring an additional 6,000 shares during the period. Sanctuary Advisors LLC purchased a new stake in shares of Paramount Global in the second quarter worth $229,000. Granite Bay Wealth Management LLC purchased a new stake in shares of Paramount Global in the second quarter worth $501,000. Kimelman & Baird LLC purchased a new stake in shares of Paramount Global in the second quarter worth $68,000. Finally, B. Riley Wealth Advisors Inc. raised its position in shares of Paramount Global by 8.4% in the second quarter. B. Riley Wealth Advisors Inc. now owns 17,411 shares of the company’s stock worth $181,000 after buying an additional 1,356 shares in the last quarter. 73.00% of the stock is owned by 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.