StockNews.com Initiates Coverage on Paramount Global (NASDAQ:PARA)

StockNews.com began coverage on shares of Paramount Global (NASDAQ:PARA) in a research note issued on Saturday. The brokerage set a “hold” rating on the stock.

Other equities research analysts have also issued research reports about the stock. Guggenheim restated a “buy” rating and set a $14.00 price target on shares of Paramount Global in a report on Thursday, February 27th. Benchmark dropped their price objective on shares of Paramount Global from $19.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday, May 6th. Deutsche Bank Aktiengesellschaft lowered shares of Paramount Global from a “buy” rating to a “hold” rating and set a $12.00 price objective on the stock. in a research note on Wednesday, April 2nd. UBS Group dropped their price objective on shares of Paramount Global from $11.00 to $10.00 and set a “sell” rating on the stock in a research note on Tuesday, April 15th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a research note on Thursday, February 27th. Six investment analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Paramount Global presently has an average rating of “Hold” and an average target price of $11.58.

Paramount Global Trading Down 1.7%

Shares of NASDAQ:PARA opened at $11.70 on Friday. The company has a 50 day moving average of $11.44 and a 200-day moving average of $11.12. The firm has a market cap of $7.85 billion, a P/E ratio of -1.42, a P/E/G ratio of 1.68 and a beta of 1.25. Paramount Global has a twelve month low of $9.54 and a twelve month high of $13.05. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.85.

Paramount Global (NASDAQ:PARA) last released its earnings results on Thursday, May 8th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.27 by $0.02. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The business had revenue of $7.19 billion during the quarter, compared to analyst estimates of $7.14 billion. During the same period in the prior year, the business earned $0.62 earnings per share. The business’s quarterly revenue was down 6.4% on a year-over-year basis. As a group, analysts anticipate that Paramount Global will post 1.77 earnings per share for the current fiscal year.

Institutional Trading of Paramount Global

Several large investors have recently modified their holdings of the company. Woodline Partners LP boosted its holdings in shares of Paramount Global by 31.6% during the 1st quarter. Woodline Partners LP now owns 1,395,942 shares of the company’s stock worth $16,695,000 after buying an additional 335,132 shares during the period. MBB Public Markets I LLC bought a new stake in Paramount Global in the 1st quarter valued at $323,000. United Services Automobile Association bought a new stake in Paramount Global in the 1st quarter valued at $142,000. Great Lakes Advisors LLC bought a new stake in Paramount Global in the 1st quarter valued at $15,626,000. Finally, Bell Investment Advisors Inc boosted its holdings in Paramount Global by 100.3% in the 1st quarter. Bell Investment Advisors Inc now owns 2,243 shares of the company’s stock valued at $27,000 after purchasing an additional 1,123 shares during the period. 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.