Paramount Global (NASDAQ:PARA) Receives Buy Rating from Benchmark

Benchmark restated their buy rating on shares of Paramount Global (NASDAQ:PARA) in a report released on Friday morning, Benzinga reports. Benchmark currently has a $19.00 target price on the stock.

Several other equities analysts have also recently issued reports on PARA. Needham & Company LLC reiterated a hold rating on shares of Paramount Global in a research note on Friday. Seaport Res Ptn downgraded shares of Paramount Global from a buy rating to a neutral rating in a research report on Thursday, May 2nd. Wolfe Research cut Paramount Global from a peer perform rating to an underperform rating and set a $10.00 target price on the stock. in a research report on Tuesday, July 9th. 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, Wells Fargo & Company upgraded Paramount Global from an underweight rating to an equal weight rating and increased their price target for the stock from $10.00 to $11.00 in a research report on Friday. Ten research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $12.94.

Paramount Global Stock Performance

NASDAQ PARA traded up $0.09 during trading hours on Friday, reaching $10.30. The stock had a trading volume of 14,193,206 shares, compared to its average volume of 17,767,447. Paramount Global has a 52-week low of $9.54 and a 52-week high of $17.50. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.19 and a current ratio of 1.29. The stock has a market cap of $6.86 billion, a P/E ratio of -68.67, a price-to-earnings-growth ratio of 0.76 and a beta of 1.78. The stock has a fifty day moving average of $11.06 and a 200 day moving average of $11.75.

Paramount Global (NASDAQ:PARA) last released its quarterly earnings data on Thursday, August 8th. The company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.40. Paramount Global had a negative net margin of 0.15% and a positive return on equity of 3.35%. The firm had revenue of $6.81 billion for the quarter, compared to analyst estimates of $7.21 billion. Sell-side analysts predict that Paramount Global will post 1.34 earnings per share for the current year.

Paramount Global Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.20 dividend on an annualized basis and a yield of 1.94%. Paramount Global’s payout ratio is -133.33%.

Institutional Trading of Paramount Global

Several large investors have recently added to or reduced their stakes in PARA. ProShare Advisors LLC increased its position in Paramount Global by 146.5% during the first quarter. ProShare Advisors LLC now owns 151,864 shares of the company’s stock worth $1,787,000 after purchasing an additional 90,262 shares during the last quarter. State Board of Administration of Florida Retirement System raised its position in shares of Paramount Global by 5.4% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 679,519 shares of the company’s stock valued at $7,998,000 after buying an additional 34,541 shares during the period. Amalgamated Bank lifted its holdings in Paramount Global by 9.1% in the fourth quarter. Amalgamated Bank now owns 145,473 shares of the company’s stock valued at $2,152,000 after acquiring an additional 12,174 shares during the last quarter. CANADA LIFE ASSURANCE Co increased its stake in Paramount Global by 33.9% during the first quarter. CANADA LIFE ASSURANCE Co now owns 406,895 shares of the company’s stock worth $4,790,000 after acquiring an additional 103,103 shares during the last quarter. Finally, International Assets Investment Management LLC raised its position in Paramount Global by 541.7% in the fourth quarter. International Assets Investment Management LLC now owns 708,662 shares of the company’s stock valued at $10,481,000 after purchasing an additional 598,235 shares during the period. 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.