Paramount Global (NASDAQ:PARA) Upgraded to “Hold” by 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 Friday.

PARA has been the subject of a number of other research reports. Wolfe Research cut Paramount Global from a peer perform rating to an underperform rating and set a $10.00 target price for the company. in a report on Tuesday, July 9th. Evercore ISI decreased their price objective on shares of Paramount Global from $13.00 to $11.50 and set an in-line rating for the company in a research note on Tuesday, July 9th. Wells Fargo & Company raised shares of Paramount Global from an underweight rating to an equal weight rating and raised their target price for the company from $10.00 to $11.00 in a research note on Friday, August 9th. Rosenblatt Securities reaffirmed a neutral rating and set a $14.00 price target on shares of Paramount Global in a research report on Tuesday, June 4th. Finally, Benchmark reissued a buy rating and issued a $19.00 price objective on shares of Paramount Global in a research report on Friday, August 9th. Ten equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Paramount Global currently has an average rating of Hold and an average price target of $12.47.

Paramount Global Stock Up 2.2 %

Shares of PARA opened at $10.31 on Friday. Paramount Global has a fifty-two week low of $9.54 and a fifty-two week high of $17.50. The company’s fifty day moving average is $11.02 and its two-hundred day moving average is $11.36. The firm has a market cap of $6.87 billion, a PE ratio of -68.73, a price-to-earnings-growth ratio of 0.56 and a beta of 1.75. The company has a quick ratio of 1.15, a current ratio of 1.30 and a debt-to-equity ratio of 0.85.

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

Paramount Global Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th will be paid 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 dividend payout ratio (DPR) is -133.32%.

Institutional Investors Weigh In On Paramount Global

A number of institutional investors have recently modified their holdings of the stock. Sanctuary Advisors LLC bought a new stake in shares of Paramount Global in the 2nd quarter valued at approximately $229,000. Granite Bay Wealth Management LLC acquired a new position in Paramount Global in the second quarter worth $501,000. Kimelman & Baird LLC bought a new stake in Paramount Global during the second quarter valued at $68,000. B. Riley Wealth Advisors Inc. raised its holdings in shares of Paramount Global by 8.4% during the second quarter. B. Riley Wealth Advisors Inc. now owns 17,411 shares of the company’s stock worth $181,000 after purchasing an additional 1,356 shares during the period. Finally, Creative Planning lifted its position in shares of Paramount Global by 75.7% in 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. Institutional investors and hedge funds own 73.00% of the company’s stock.

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.