Paramount Global (NASDAQ:PARA – Get Free Report) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a research note issued on Friday.
A number of other brokerages also recently weighed in on PARA. Wolfe Research downgraded Paramount Global from a “peer perform” rating to an “underperform” rating and set a $10.00 target price on the stock. in a report on Tuesday, July 9th. Benchmark reaffirmed a “buy” rating and issued a $19.00 price target on shares of Paramount Global in a report on Friday, August 9th. The Goldman Sachs Group started coverage on Paramount Global in a research note on Tuesday, June 25th. They issued a “sell” rating and a $9.50 price target on the stock. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $14.00 price target on shares of Paramount Global in a report on Tuesday, June 4th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Paramount Global from $12.00 to $11.00 and set an “underweight” rating on the stock in a research note on Thursday, August 15th. Ten equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Paramount Global has a consensus rating of “Hold” and an average target price of $12.47.
Check Out Our Latest Stock Report on PARA
Paramount Global Stock Down 2.8 %
Paramount Global (NASDAQ:PARA – Get Free Report) last issued its earnings results on Thursday, August 8th. The company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.40. The company had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $7.21 billion. Paramount Global had a positive return on equity of 4.88% and a negative net margin of 17.62%. Research analysts expect that Paramount Global will post 1.57 earnings per share for the current year.
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of the company. Sanctuary Advisors LLC acquired a new stake in shares of Paramount Global in the second quarter worth approximately $229,000. Granite Bay Wealth Management LLC purchased a new position in Paramount Global in the second quarter worth approximately $501,000. Kimelman & Baird LLC acquired a new position in shares of Paramount Global during the second quarter worth $68,000. B. Riley Wealth Advisors Inc. increased its stake in Paramount Global by 8.4% in the second quarter. B. Riley Wealth Advisors Inc. now owns 17,411 shares of the company’s stock valued at $181,000 after purchasing an additional 1,356 shares during the last quarter. Finally, Creative Planning grew its stake in Paramount Global by 75.7% during the 2nd quarter. Creative Planning now owns 172,937 shares of the company’s stock worth $1,797,000 after buying an additional 74,535 shares during the last quarter. 73.00% of the stock is currently 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.
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