Paramount Global (NASDAQ:PARA) Upgraded to Hold by StockNews.com

StockNews.com upgraded shares of Paramount Global (NASDAQ:PARA) from a sell rating to a hold rating in a research note released on Wednesday morning.

Several other research analysts have also recently issued reports on PARA. Rosenblatt Securities reissued a neutral rating and set a $14.00 target price on shares of Paramount Global in a report on Tuesday, June 4th. JPMorgan Chase & Co. reduced their price objective on Paramount Global from $12.00 to $11.00 and set an underweight rating for the company in a research note on Thursday, August 15th. The Goldman Sachs Group initiated coverage on Paramount Global in a research note on Tuesday, June 25th. They issued a sell rating and a $9.50 target price on the stock. Benchmark reiterated a buy rating and set a $19.00 price target on shares of Paramount Global in a research report on Friday, August 9th. Finally, Wells Fargo & Company raised Paramount Global from an underweight rating to an equal weight rating and boosted their price target for the company from $10.00 to $11.00 in a report on Friday, August 9th. Ten investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of Hold and a consensus price target of $12.18.

Paramount Global Price Performance

Shares of PARA stock opened at $10.55 on Wednesday. Paramount Global has a fifty-two week low of $9.54 and a fifty-two week high of $17.50. The firm has a market capitalization of $7.03 billion, a PE ratio of -70.33, a P/E/G ratio of 0.57 and a beta of 1.75. 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 stock’s 50-day simple moving average is $10.74 and its 200-day simple moving average is $11.32.

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

Paramount Global Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be paid a dividend of $0.05 per share. The ex-dividend date is Monday, September 16th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.90%. Paramount Global’s dividend payout ratio is currently -133.33%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PARA. ProShare Advisors LLC lifted its position in shares of Paramount Global by 146.5% in the first quarter. ProShare Advisors LLC now owns 151,864 shares of the company’s stock valued at $1,787,000 after acquiring an additional 90,262 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its holdings in Paramount Global by 5.4% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 679,519 shares of the company’s stock valued at $7,998,000 after purchasing an additional 34,541 shares in the last quarter. Financial Counselors Inc. boosted its stake in Paramount Global by 6.9% during the 2nd quarter. Financial Counselors Inc. now owns 864,287 shares of the company’s stock worth $8,980,000 after purchasing an additional 56,021 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its holdings in shares of Paramount Global by 33.9% during the first quarter. CANADA LIFE ASSURANCE Co now owns 406,895 shares of the company’s stock worth $4,790,000 after buying an additional 103,103 shares in the last quarter. Finally, Kodai Capital Management LP acquired a new stake in shares of Paramount Global in the fourth quarter valued at about $84,842,000. 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.