Paramount Global (NASDAQ:PARA) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of Paramount Global (NASDAQ:PARA) from a sell rating to a hold rating in a research report sent to investors on Wednesday morning.

Several other brokerages have also recently weighed in on PARA. The Goldman Sachs Group began coverage on 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 restated a hold rating on shares of Paramount Global in a report on Friday, August 9th. Wolfe Research cut shares of Paramount Global from a peer perform rating to an underperform rating and set a $10.00 price objective on the stock. in a research note on Tuesday, July 9th. Wells Fargo & Company upgraded shares of Paramount Global from an underweight rating to an equal weight rating and upped their target price for the company from $10.00 to $11.00 in a research report on Friday, August 9th. Finally, Guggenheim reduced their price target on Paramount Global from $19.00 to $14.00 and set a buy rating on the stock in a research report on Wednesday. Ten analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Hold and an average price target of $12.18.

Paramount Global Price Performance

PARA opened at $10.79 on Wednesday. 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 company’s 50 day simple moving average is $10.71 and its 200-day simple moving average is $11.31. Paramount Global has a one year low of $9.54 and a one year high of $17.50. The stock has a market capitalization of $7.19 billion, a P/E ratio of -71.93, a price-to-earnings-growth ratio of 0.58 and a beta of 1.75.

Paramount Global (NASDAQ:PARA) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.40. The firm had revenue of $6.81 billion for the quarter, compared to analyst estimates of $7.21 billion. Paramount Global had a positive return on equity of 4.88% and a negative net margin of 17.62%. Sell-side analysts anticipate that Paramount Global will post 1.57 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 16th will be given a $0.05 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.20 annualized dividend and a dividend yield of 1.85%. Paramount Global’s dividend payout ratio is presently -133.32%.

Institutional Trading of Paramount Global

Several hedge funds have recently bought and sold shares of PARA. Atlas Capital Advisors LLC acquired a new position in shares of Paramount Global in the second quarter valued at approximately $35,000. Ashton Thomas Private Wealth LLC bought a new stake in Paramount Global in the 2nd quarter valued at $43,000. Newbridge Financial Services Group Inc. acquired a new position in Paramount Global in the 4th quarter worth $44,000. SageView Advisory Group LLC bought a new position in Paramount Global during the 1st quarter worth about $56,000. Finally, GAMMA Investing LLC raised its stake in shares of Paramount Global by 22.8% in the 2nd quarter. GAMMA Investing LLC now owns 5,742 shares of the company’s stock valued at $60,000 after purchasing an additional 1,067 shares during the period. 73.00% of the stock is currently owned by institutional investors and hedge funds.

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.