Paramount Global (NASDAQ:PARA) Trading Down 3.9% on Analyst Downgrade

Paramount Global (NASDAQ:PARA)’s share price dropped 3.9% on Monday after Wells Fargo & Company lowered their price target on the stock from $12.00 to $10.00. Wells Fargo & Company currently has an underweight rating on the stock. Paramount Global traded as low as $12.62 and last traded at $12.51. Approximately 3,932,256 shares were traded during trading, a decline of 56% from the average daily volume of 8,947,703 shares. The stock had previously closed at $13.01.

Other equities analysts also recently issued research reports about the company. Morgan Stanley raised their price target on Paramount Global from $10.00 to $12.00 and gave the stock an “underweight” rating in a research report on Friday. Seaport Res Ptn downgraded Paramount Global from a “hold” rating to a “strong sell” rating in a research report on Monday, July 28th. UBS Group dropped their price target on Paramount Global from $11.00 to $10.00 and set a “sell” rating for the company in a research report on Tuesday, April 15th. Benchmark lowered their price objective on Paramount Global from $19.00 to $16.00 and set a “buy” rating for the company in a research report on Tuesday, May 6th. Finally, Guggenheim reiterated a “buy” rating and issued a $14.00 target price on shares of Paramount Global in a research note on Thursday, June 26th. Seven analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Paramount Global has a consensus rating of “Hold” and an average target price of $11.70.

Hedge Funds Weigh In On Paramount Global

Several institutional investors have recently added to or reduced their stakes in the business. Bell Investment Advisors Inc grew its position in Paramount Global by 100.3% during the first quarter. Bell Investment Advisors Inc now owns 2,243 shares of the company’s stock valued at $27,000 after acquiring an additional 1,123 shares during the period. Mattson Financial Services LLC purchased a new stake in shares of Paramount Global in the fourth quarter worth about $28,000. Ossiam boosted its position in shares of Paramount Global by 57.2% in the fourth quarter. Ossiam now owns 2,810 shares of the company’s stock worth $29,000 after buying an additional 1,022 shares during the period. Resona Asset Management Co. Ltd. purchased a new position in Paramount Global in the fourth quarter valued at about $36,000. Finally, Abound Wealth Management purchased a new position in Paramount Global in the second quarter valued at about $48,000. 73.00% of the stock is currently owned by institutional investors and hedge funds.

Paramount Global Price Performance

The stock has a market cap of $8.30 billion, a PE ratio of -410.20, a P/E/G ratio of 3.99 and a beta of 1.17. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.39 and a quick ratio of 1.21. The business has a fifty day moving average of $12.53 and a 200 day moving average of $11.76.

Paramount Global (NASDAQ:PARA) last announced its quarterly earnings data on Thursday, July 31st. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.09. Paramount Global had a positive return on equity of 4.51% and a negative net margin of 0.05%. The firm had revenue of $6.85 billion for the quarter, compared to analysts’ expectations of $6.88 billion. During the same quarter in the prior year, the firm posted $0.54 earnings per share. Paramount Global’s revenue for the quarter was up .5% compared to the same quarter last year. Sell-side analysts anticipate that Paramount Global will post 1.77 earnings per share for the current year.

Paramount Global Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th were paid a dividend of $0.05 per share. The ex-dividend date was Monday, June 16th. This represents a $0.20 annualized dividend and a yield of 1.6%. Paramount Global’s dividend payout ratio is presently -666.67%.

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.