Paramount Global (NASDAQ:PARA) Given New $22.00 Price Target at Citigroup

Paramount Global (NASDAQ:PARA – Get Rating) had its target price reduced by Citigroup from $32.00 to $22.00 in a research report released on Monday, The Fly reports.

Other analysts also recently issued research reports about the stock. Evercore ISI reduced their price target on shares of Paramount Global from $25.00 to $18.00 in a report on Friday, May 5th. Credit Suisse Group upped their target price on shares of Paramount Global from $20.00 to $23.00 and gave the company a neutral rating in a research note on Friday, February 17th. Needham & Company LLC reissued a buy rating and set a $28.00 target price on shares of Paramount Global in a report on Friday, April 14th. Barclays dropped their price objective on shares of Paramount Global from $15.00 to $13.00 in a report on Friday. Finally, Benchmark reissued a buy rating and set a $31.00 target price on shares of Paramount Global in a research note on Wednesday, February 15th. Eleven analysts have rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $21.23.

Paramount Global Stock Performance

NASDAQ:PARA opened at $15.81 on Monday. The firm’s fifty day moving average price is $20.68 and its 200 day moving average price is $20.17. Paramount Global has a 1-year low of $14.91 and a 1-year high of $34.50. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.12 and a quick ratio of 1.02. The firm has a market cap of $10.28 billion, a price-to-earnings ratio of -20.27, a price-to-earnings-growth ratio of 3.91 and a beta of 1.64.

Paramount Global (NASDAQ:PARA – Get Rating) last released its earnings results on Thursday, May 4th. The company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.03). The business had revenue of $7.27 billion during the quarter, compared to analyst estimates of $7.42 billion. Paramount Global had a negative net margin of 1.49% and a positive return on equity of 3.64%. Paramount Global’s revenue was down .9% compared to the same quarter last year. During the same period last year, the business posted $0.60 EPS. On average, sell-side analysts expect that Paramount Global will post 0.76 EPS for the current year.

Paramount Global Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 3rd. Investors of record on Thursday, June 15th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.27%. The ex-dividend date of this dividend is Wednesday, June 14th. Paramount Global’s payout ratio is presently -25.64%.

Hedge Funds Weigh In On Paramount Global

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Brinker Capital Investments LLC raised its position in Paramount Global by 1.6% during the fourth quarter. Brinker Capital Investments LLC now owns 29,322 shares of the company’s stock valued at $495,000 after acquiring an additional 448 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. raised its position in Paramount Global by 4.6% during the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 11,034 shares of the company’s stock valued at $186,000 after acquiring an additional 485 shares in the last quarter. Synovus Financial Corp raised its position in Paramount Global by 4.7% during the fourth quarter. Synovus Financial Corp now owns 12,978 shares of the company’s stock valued at $219,000 after acquiring an additional 588 shares in the last quarter. Independent Wealth Network Inc. raised its position in shares of Paramount Global by 6.0% in the first quarter. Independent Wealth Network Inc. now owns 10,845 shares of the company’s stock valued at $242,000 after purchasing an additional 612 shares during the period. Finally, Horrell Capital Management Inc. raised its position in shares of Paramount Global by 61.3% in the first quarter. Horrell Capital Management Inc. now owns 1,613 shares of the company’s stock valued at $36,000 after purchasing an additional 613 shares during the period. Institutional investors own 74.13% of the company’s stock.

Paramount Global Company Profile

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Paramount Global operates as a mass media company, which creates and distributes content across a variety of platforms to audiences around the world. It operates its business through the following segments: Entertainment, Cable Networks, Publishing, and Local Media. The Entertainment segment is composed of the CBS Television Network, CBS Television Studios, CBS Studios International, CBS Television Distribution, CBS Interactive, and CBS Films, as well as the company’s digital streaming services, CBS All Access and CBSN.