JPMorgan Chase & Co. Has Lowered Expectations for Paramount Global (NASDAQ:PARA) Stock Price

Paramount Global (NASDAQ:PARA) had its price objective cut by investment analysts at JPMorgan Chase & Co. from $11.00 to $10.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential downside of 15.68% from the stock’s current price.

A number of other equities analysts have also recently commented on the stock. Benchmark dropped their price objective on shares of Paramount Global from $19.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday, May 6th. Wall Street Zen began coverage on shares of Paramount Global in a research note on Saturday, May 17th. They issued a “hold” rating for the company. Deutsche Bank Aktiengesellschaft cut shares of Paramount Global from a “buy” rating to a “hold” rating and set a $12.00 price objective for the company. 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 for the company in a research note on Tuesday, April 15th. Finally, Guggenheim reissued a “buy” rating and issued a $14.00 price objective on shares of Paramount Global in a research note on Thursday, February 27th. Six research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Paramount Global has a consensus rating of “Hold” and an average target price of $11.50.

Paramount Global Stock Performance

Shares of NASDAQ PARA opened at $11.86 on Wednesday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.10 and a current ratio of 1.27. The company has a market cap of $7.95 billion, a P/E ratio of -1.44, a P/E/G ratio of 1.68 and a beta of 1.25. The firm’s fifty day moving average is $11.46 and its two-hundred day moving average is $11.14. Paramount Global has a 52-week low of $9.54 and a 52-week high of $13.05.

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

Hedge Funds Weigh In On Paramount Global

A number of large investors have recently made changes to their positions in the company. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in shares of Paramount Global by 8.0% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 12,259 shares of the company’s stock worth $147,000 after purchasing an additional 907 shares during the period. Ossiam lifted its holdings in Paramount Global by 57.2% during the 4th quarter. Ossiam now owns 2,810 shares of the company’s stock valued at $29,000 after buying an additional 1,022 shares in the last quarter. Bell Investment Advisors Inc lifted its holdings in Paramount Global by 100.3% during the 1st quarter. Bell Investment Advisors Inc now owns 2,243 shares of the company’s stock valued at $27,000 after buying an additional 1,123 shares in the last quarter. Mitchell & Pahl Private Wealth LLC lifted its holdings in Paramount Global by 2.3% during the 1st quarter. Mitchell & Pahl Private Wealth LLC now owns 51,913 shares of the company’s stock valued at $621,000 after buying an additional 1,143 shares in the last quarter. Finally, SOL Capital Management CO lifted its holdings in Paramount Global by 0.7% during the 1st quarter. SOL Capital Management CO now owns 181,874 shares of the company’s stock valued at $2,175,000 after buying an additional 1,270 shares in the last quarter. 73.00% of the stock is owned by hedge funds and other institutional investors.

About Paramount Global

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.