StockNews.com Lowers Paramount Global (NASDAQ:PARA) to Sell

by · The Cerbat Gem

StockNews.com cut shares of Paramount Global (NASDAQ:PARA – Free Report) from a hold rating to a sell rating in a research note released on Thursday morning.

Several other analysts have also issued reports on the stock. Wells Fargo & Company upgraded shares of Paramount Global from an underweight rating to an equal weight rating and raised their price target for the stock from $10.00 to $11.00 in a research report on Friday, August 9th. JPMorgan Chase & Co. reduced their price objective on shares of Paramount Global from $12.00 to $11.00 and set an underweight rating for the company in a report on Thursday, August 15th. The Goldman Sachs Group began coverage on shares of Paramount Global in a report on Tuesday, June 25th. They set a sell rating and a $9.50 price objective for the company. Needham & Company LLC reaffirmed a hold rating on shares of Paramount Global in a report on Friday, August 9th. Finally, Benchmark reaffirmed a buy rating and set a $19.00 price objective on shares of Paramount Global in a report on Friday, August 9th. Ten analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Hold and an average target price of $12.25.

Check Out Our Latest Stock Report on PARA

Paramount Global Stock Performance

NASDAQ PARA opened at $10.52 on Thursday. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.30 and a quick ratio of 1.15. The firm has a market capitalization of $7.01 billion, a price-to-earnings ratio of -70.13, a P/E/G ratio of 0.58 and a beta of 1.75. The company’s fifty day moving average is $10.61 and its two-hundred day moving average is $11.28. Paramount Global has a 52-week low of $9.54 and a 52-week high of $17.50.

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

Paramount Global Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date is Monday, December 16th. Paramount Global’s dividend payout ratio is presently -133.32%.

Hedge Funds Weigh In On Paramount Global

Institutional investors have recently modified their holdings of the stock. Newbridge Financial Services Group Inc. bought a new position in shares of Paramount Global in the fourth quarter worth about $44,000. Atlas Capital Advisors LLC bought a new position in shares of Paramount Global in the second quarter worth about $35,000. Ashton Thomas Private Wealth LLC bought a new position in shares of Paramount Global in the second quarter worth about $43,000. SageView Advisory Group LLC bought a new position in shares of Paramount Global in the first quarter worth about $56,000. Finally, GAMMA Investing LLC raised its stake in shares of Paramount Global by 22.8% in the second quarter. GAMMA Investing LLC now owns 5,742 shares of the company’s stock worth $60,000 after acquiring an additional 1,067 shares during the last quarter. 73.00% of the stock is owned by institutional investors.

About Paramount Global

(Get Free Report)

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.

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