Paramount Global (NASDAQ:PARA) Downgraded by Argus to “Sell”

Argus lowered shares of Paramount Global (NASDAQ:PARA) from a hold rating to a sell rating in a research note issued to investors on Friday morning, MarketBeat reports.

Several other research firms have also issued reports on PARA. Deutsche Bank Aktiengesellschaft cut their target price on Paramount Global from $20.00 to $15.00 and set a buy rating on the stock in a research note on Wednesday, February 28th. Wolfe Research upgraded shares of Paramount Global from an underperform rating to a peer perform rating in a research note on Thursday, April 4th. Wells Fargo & Company lowered their target price on shares of Paramount Global from $15.00 to $14.00 and set an equal weight rating for the company in a research note on Tuesday, April 30th. Morgan Stanley reduced their price target on Paramount Global from $11.00 to $10.00 and set an underweight rating on the stock in a research report on Tuesday, February 27th. Finally, JPMorgan Chase & Co. lowered their price objective on Paramount Global from $13.00 to $12.00 and set an underweight rating for the company in a research report on Thursday, April 4th. Ten analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $13.58.

Paramount Global Trading Up 3.1 %

Shares of PARA opened at $13.29 on Friday. The company has a 50 day moving average price of $11.60 and a 200-day moving average price of $12.90. 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 has a fifty-two week low of $10.12 and a fifty-two week high of $17.50.

Paramount Global (NASDAQ:PARA) last posted its earnings results on Monday, April 29th. The company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $7.69 billion during the quarter, compared to analyst estimates of $7.73 billion. During the same quarter in the prior year, the business earned $0.09 earnings per share. Paramount Global’s revenue was up 5.8% on a year-over-year basis. As a group, research analysts forecast that Paramount Global will post 1.32 EPS for the current year.

Paramount Global Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 17th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, June 17th. This represents a $0.20 dividend on an annualized basis and a yield of 1.50%. Paramount Global’s dividend payout ratio is presently -133.32%.

Institutional Investors Weigh In On Paramount Global

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PARA. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its stake in shares of Paramount Global by 9.0% in the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 137,439 shares of the company’s stock worth $1,773,000 after buying an additional 11,300 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in shares of Paramount Global by 11.3% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 144,324 shares of the company’s stock worth $1,862,000 after purchasing an additional 14,642 shares during the period. Xponance Inc. increased its holdings in shares of Paramount Global by 8.3% during the 3rd quarter. Xponance Inc. now owns 87,885 shares of the company’s stock valued at $1,134,000 after purchasing an additional 6,751 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Paramount Global by 4.8% in 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 purchasing an additional 18,931 shares during the period. Finally, Stratos Wealth Advisors LLC purchased a new stake in Paramount Global during the third quarter worth $176,000. 73.00% of the stock is owned by institutional investors and hedge funds.

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.