StockNews.com Initiates Coverage on Paramount Global (NASDAQ:PARA)

StockNews.com started coverage on shares of Paramount Global (NASDAQ:PARA) in a report issued on Tuesday morning. The brokerage issued a hold rating on the stock.

Several other research analysts also recently commented on the company. Benchmark reaffirmed a “buy” rating and issued a $19.00 price target on shares of Paramount Global in a research report on Thursday, February 27th. Guggenheim reaffirmed a “buy” rating and set a $14.00 target price on shares of Paramount Global in a research report on Thursday, February 27th. Needham & Company LLC reissued a “hold” rating on shares of Paramount Global in a report on Thursday, February 27th. Deutsche Bank Aktiengesellschaft downgraded shares of Paramount Global from a “buy” rating to a “hold” rating and set a $12.00 price objective on the stock. in a report on Wednesday, April 2nd. Finally, Morgan Stanley increased their target price on shares of Paramount Global from $10.00 to $11.00 and gave the company an “underweight” rating in a research note on Tuesday, February 4th. Seven research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $11.92.

Paramount Global Stock Performance

NASDAQ:PARA opened at $10.94 on Tuesday. The firm has a market capitalization of $7.30 billion, a PE ratio of -1.33, a PEG ratio of 1.68 and a beta of 1.31. Paramount Global has a 1 year low of $9.54 and a 1 year high of $14.54. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.85. The firm’s fifty day simple moving average is $11.37 and its 200 day simple moving average is $10.95.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings results on Wednesday, February 26th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.29). Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The business had revenue of $7.98 billion during the quarter, compared to analyst estimates of $8.07 billion. On average, sell-side analysts anticipate that Paramount Global will post 1.77 EPS for the current year.

Paramount Global Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Monday, March 17th were paid a $0.05 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.20 annualized dividend and a dividend yield of 1.83%. Paramount Global’s dividend payout ratio is currently -2.15%.

Hedge Funds Weigh In On Paramount Global

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Ossiam raised its stake in Paramount Global by 57.2% during the fourth quarter. Ossiam now owns 2,810 shares of the company’s stock worth $29,000 after acquiring an additional 1,022 shares in the last quarter. Mitchell & Pahl Private Wealth LLC increased its position in shares of Paramount Global by 2.3% during the 1st quarter. Mitchell & Pahl Private Wealth LLC now owns 51,913 shares of the company’s stock worth $621,000 after purchasing an additional 1,143 shares in the last quarter. Allworth Financial LP lifted its holdings in Paramount Global by 140.1% during the 4th quarter. Allworth Financial LP now owns 2,391 shares of the company’s stock valued at $25,000 after purchasing an additional 1,395 shares during the last quarter. Treasurer of the State of North Carolina lifted its holdings in Paramount Global by 0.6% during the 4th quarter. Treasurer of the State of North Carolina now owns 260,198 shares of the company’s stock valued at $2,722,000 after purchasing an additional 1,640 shares during the last quarter. Finally, Norinchukin Bank The boosted its position in Paramount Global by 6.8% in the fourth quarter. Norinchukin Bank The now owns 25,793 shares of the company’s stock valued at $270,000 after buying an additional 1,640 shares in the last quarter. Institutional investors own 73.00% of the company’s stock.

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.