Paramount Global (NASDAQ:PARA) Raised to Equal Weight at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Paramount Global (NASDAQ:PARA) from an underweight rating to an equal weight rating in a research report released on Friday morning, MarketBeat Ratings reports. They currently have $11.00 price objective on the stock, up from their prior price objective of $10.00.

A number of other research analysts have also weighed in on PARA. Seaport Res Ptn lowered Paramount Global from a buy rating to a neutral rating in a report on Thursday, May 2nd. StockNews.com upgraded Paramount Global from a sell rating to a hold rating in a report on Wednesday, May 8th. Benchmark reaffirmed a buy rating and issued a $19.00 target price on shares of Paramount Global in a research report on Tuesday, July 9th. Evercore ISI reduced their price target on Paramount Global from $13.00 to $11.50 and set an in-line rating for the company in a report on Tuesday, July 9th. Finally, The Goldman Sachs Group assumed coverage on Paramount Global in a research report on Tuesday, June 25th. They issued a sell rating and a $9.50 target price for the company. Eleven equities research analysts have rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Hold and an average price target of $12.94.

Paramount Global Stock Performance

NASDAQ PARA opened at $10.32 on Friday. The company has a market capitalization of $6.88 billion, a PE ratio of -68.80, a P/E/G ratio of 0.75 and a beta of 1.78. Paramount Global has a 1 year low of $9.54 and a 1 year high of $17.50. The company has a fifty day moving average of $11.02 and a two-hundred day moving average of $11.71. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.30 and a quick ratio of 1.15.

Paramount Global Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date is Monday, September 16th. Paramount Global’s dividend payout ratio (DPR) is presently -133.32%.

Hedge Funds Weigh In On Paramount Global

A number of hedge funds have recently made changes to their positions in PARA. Archer Investment Corp bought a new position in shares of Paramount Global in the fourth quarter valued at about $30,000. Atlas Capital Advisors LLC bought a new stake in Paramount Global in the 2nd quarter valued at $35,000. Friedenthal Financial acquired a new stake in Paramount Global in the 4th quarter valued at approximately $39,000. Ashton Thomas Private Wealth LLC acquired a new stake in Paramount Global in the 2nd quarter valued at $43,000. Finally, Newbridge Financial Services Group Inc. acquired a new position in Paramount Global during the fourth quarter valued at approximately $44,000. 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.