Paramount Global (NASDAQ:PARA) Downgraded to “Sell” at StockNews.com

StockNews.com downgraded shares of Paramount Global (NASDAQ:PARA) from a hold rating to a sell rating in a report released on Saturday morning.

PARA has been the subject of a number of other research reports. Rosenblatt Securities reaffirmed a neutral rating and set a $14.00 target price on shares of Paramount Global in a report on Tuesday, June 4th. Wells Fargo & Company raised shares of Paramount Global from an underweight rating to an equal weight rating and boosted their price objective for the company from $10.00 to $11.00 in a research note on Friday, August 9th. The Goldman Sachs Group initiated coverage on shares of Paramount Global in a report on Tuesday, June 25th. They set a sell rating and a $9.50 target price on the stock. Benchmark reissued a buy rating and issued a $19.00 price target on shares of Paramount Global in a report on Friday, August 9th. Finally, Needham & Company LLC reaffirmed a hold rating on shares of Paramount Global in a report on Friday, August 9th. Eleven research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $12.47.

Paramount Global Stock Performance

NASDAQ PARA opened at $10.57 on Friday. The firm has a market cap of $7.05 billion, a P/E ratio of -70.46, a price-to-earnings-growth ratio of 0.57 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. The company’s 50 day moving average is $10.93 and its 200-day moving average is $11.33. Paramount Global has a 12-month low of $9.54 and a 12-month high of $17.50.

Paramount Global (NASDAQ:PARA) last issued its earnings results on Thursday, August 8th. The company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.40. Paramount Global had a negative net margin of 17.62% and a positive return on equity of 4.88%. The business had revenue of $6.81 billion for the quarter, compared to analysts’ expectations of $7.21 billion. Sell-side analysts predict that Paramount Global will post 1.57 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. Stockholders 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 dividend yield of 1.89%. Paramount Global’s dividend payout ratio (DPR) is currently -133.32%.

Institutional Investors Weigh In On Paramount Global

A number of hedge funds and other institutional investors have recently modified their holdings of PARA. Victory Capital Management Inc. lifted its position in Paramount Global by 365.1% in the fourth quarter. Victory Capital Management Inc. now owns 101,410 shares of the company’s stock valued at $1,500,000 after purchasing an additional 79,605 shares during the last quarter. Natixis Advisors L.P. purchased a new stake in Paramount Global during the 4th quarter valued at $239,000. Ieq Capital LLC bought a new stake in Paramount Global in the 4th quarter worth $221,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Paramount Global by 11.8% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 531,954 shares of the company’s stock valued at $7,548,000 after acquiring an additional 56,237 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Paramount Global by 19.9% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 57,368 shares of the company’s stock worth $848,000 after purchasing an additional 9,512 shares during the period. Institutional investors 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.