Wells Fargo & Company Trims Paramount Global (NASDAQ:PARA) Target Price to $14.00

Paramount Global (NASDAQ:PARA) had its price objective trimmed by Wells Fargo & Company from $15.00 to $14.00 in a research report sent to investors on Tuesday, Benzinga reports. The firm currently has an equal weight rating on the stock.

PARA has been the topic of a number of other reports. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Paramount Global from $20.00 to $15.00 and set a buy rating on the stock in a report on Wednesday, February 28th. Raymond James restated a market perform rating on shares of Paramount Global in a research note on Tuesday, March 26th. Benchmark reiterated a buy rating and set a $19.00 target price on shares of Paramount Global in a research note on Tuesday. JPMorgan Chase & Co. decreased their target price on Paramount Global from $13.00 to $12.00 and set an underweight rating on the stock in a report on Thursday, April 4th. Finally, Rosenblatt Securities reaffirmed a neutral rating and set a $13.00 price target on shares of Paramount Global in a report on Tuesday, April 9th. Ten analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Paramount Global has an average rating of Hold and an average target price of $13.58.

Paramount Global Stock Down 7.0 %

NASDAQ:PARA opened at $12.89 on Tuesday. Paramount Global has a twelve month low of $10.12 and a twelve month high of $19.04. The firm has a market capitalization of $8.41 billion, a price-to-earnings ratio of -85.93, a price-to-earnings-growth ratio of 0.42 and a beta of 1.74. The company has a quick ratio of 1.17, a current ratio of 1.29 and a debt-to-equity ratio of 0.65. The stock’s 50 day moving average price is $11.52 and its two-hundred day moving average price is $12.88.

Paramount Global (NASDAQ:PARA) last released its earnings results on Monday, April 29th. The company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.28. Paramount Global had a negative net margin of 0.15% and a positive return on equity of 3.35%. The business had revenue of $7.69 billion during the quarter, compared to analysts’ expectations of $7.73 billion. During the same period last year, the business earned $0.09 earnings per share. The firm’s revenue was up 5.8% on a year-over-year basis. Equities research analysts expect that Paramount Global will post 1.32 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 17th will be given a dividend of $0.05 per share. The ex-dividend date is Monday, June 17th. This represents a $0.20 annualized dividend and a yield of 1.55%. Paramount Global’s dividend payout ratio is -133.32%.

Hedge Funds Weigh In On Paramount Global

Several hedge funds have recently bought and sold shares of PARA. Tokio Marine Asset Management Co. Ltd. boosted its position in shares of Paramount Global by 5.5% during the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 14,855 shares of the company’s stock worth $220,000 after acquiring an additional 769 shares in the last quarter. Highlander Capital Management LLC lifted its stake in Paramount Global by 13.4% during the fourth quarter. Highlander Capital Management LLC now owns 7,210 shares of the company’s stock worth $107,000 after purchasing an additional 850 shares during the last quarter. Kestra Private Wealth Services LLC boosted its holdings in shares of Paramount Global by 3.1% in the 4th quarter. Kestra Private Wealth Services LLC now owns 29,171 shares of the company’s stock valued at $431,000 after purchasing an additional 879 shares in the last quarter. Arizona State Retirement System increased its stake in shares of Paramount Global by 0.7% in the 4th quarter. Arizona State Retirement System now owns 134,210 shares of the company’s stock valued at $1,985,000 after purchasing an additional 887 shares during the last quarter. Finally, Cape Investment Advisory Inc. raised its holdings in shares of Paramount Global by 5.2% during the 4th quarter. Cape Investment Advisory Inc. now owns 18,014 shares of the company’s stock worth $266,000 after buying an additional 889 shares in the last quarter. 73.00% of the stock is owned by institutional investors.

Paramount Global Company Profile

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.