Wolfe Research Downgrades Paramount Global (NASDAQ:PARA) to Underperform

Wolfe Research downgraded shares of Paramount Global (NASDAQ:PARA) from a peer perform rating to an underperform rating in a research report sent to investors on Tuesday morning, Marketbeat Ratings reports. They currently have $10.00 price target on the stock.

PARA has been the subject of a number of other reports. Seaport Res Ptn downgraded shares of Paramount Global from a buy rating to a neutral rating in a research note on Thursday, May 2nd. Argus cut shares of Paramount Global from a hold rating to a sell rating in a report on Friday, May 3rd. 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 cut shares of Paramount Global from a buy rating to a hold rating in a report on Tuesday, April 30th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Paramount Global from $13.00 to $12.00 and set an underweight rating for the company in a report on Thursday, April 4th. Eleven investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Paramount Global presently has a consensus rating of Hold and a consensus price target of $12.83.

Paramount Global Price Performance

Shares of NASDAQ PARA opened at $11.73 on Tuesday. The company has a quick ratio of 1.19, a current ratio of 1.29 and a debt-to-equity ratio of 0.65. The company has a 50-day moving average of $11.56 and a two-hundred day moving average of $12.19. Paramount Global has a 1-year low of $9.54 and a 1-year high of $17.50.

Paramount Global (NASDAQ:PARA) last posted its quarterly earnings results on Monday, April 29th. The company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.28. The business had revenue of $7.69 billion during the quarter, compared to the consensus estimate of $7.73 billion. Paramount Global had a negative net margin of 0.15% and a positive return on equity of 3.35%. Paramount Global’s revenue for the quarter was up 5.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.09 earnings per share. On average, equities research analysts expect that Paramount Global will post 1.32 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Paramount Global by 6.5% during the first quarter. Vanguard Group Inc. now owns 62,090,467 shares of the company’s stock worth $730,805,000 after purchasing an additional 3,803,928 shares during the last quarter. Ariel Investments LLC boosted its holdings in Paramount Global by 9.3% during the first quarter. Ariel Investments LLC now owns 12,049,689 shares of the company’s stock worth $141,825,000 after purchasing an additional 1,028,314 shares during the last quarter. Kodai Capital Management LP boosted its holdings in Paramount Global by 9.2% during the first quarter. Kodai Capital Management LP now owns 6,264,374 shares of the company’s stock worth $73,732,000 after purchasing an additional 527,897 shares during the last quarter. Lingotto Investment Management LLP boosted its holdings in Paramount Global by 375.8% during the fourth quarter. Lingotto Investment Management LLP now owns 3,263,978 shares of the company’s stock worth $48,388,000 after purchasing an additional 2,577,978 shares during the last quarter. Finally, Capitolis Liquid Global Markets LLC acquired a new position in Paramount Global during the first quarter worth $33,191,000. Institutional investors and hedge funds own 73.00% of the company’s stock.

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.