Paramount Global (NASDAQ:PARA) Now Covered by StockNews.com

StockNews.com assumed coverage on shares of Paramount Global (NASDAQ:PARA) in a research note released on Monday. The brokerage issued a hold rating on the stock.

Several other brokerages have also recently weighed in on PARA. Deutsche Bank Aktiengesellschaft downgraded Paramount Global from a “buy” rating to a “hold” rating and set a $12.00 price objective on the stock. in a research report on Wednesday, April 2nd. Guggenheim restated a “buy” rating and issued a $14.00 price target on shares of Paramount Global in a report on Thursday, February 27th. Morgan Stanley boosted their price objective on shares of Paramount Global from $10.00 to $11.00 and gave the stock an “underweight” rating in a research note on Tuesday, February 4th. Needham & Company LLC restated a “hold” rating on shares of Paramount Global in a research note on Thursday, February 27th. Finally, Benchmark reaffirmed a “buy” rating and issued a $19.00 price target on shares of Paramount Global in a report on Thursday, February 27th. Six equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $12.09.

Paramount Global Stock Performance

PARA stock opened at $10.86 on Monday. The firm has a market cap of $7.24 billion, a price-to-earnings ratio of -1.32, a PEG ratio of 1.68 and a beta of 1.31. Paramount Global has a twelve month low of $9.54 and a twelve month high of $14.54. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.85. The business’s fifty day simple moving average is $11.37 and its two-hundred day simple moving average is $10.94.

Paramount Global (NASDAQ:PARA) last issued its earnings results on Wednesday, February 26th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.29). The firm had revenue of $7.98 billion during the quarter, compared to analysts’ expectations of $8.07 billion. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. Analysts predict that Paramount Global will post 1.77 earnings per share for the current year.

Paramount Global Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Monday, March 17th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.20 dividend on an annualized basis and a yield of 1.84%. Paramount Global’s dividend payout ratio is presently -2.15%.

Institutional Investors Weigh In On Paramount Global

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. lifted its holdings in Paramount Global by 4.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,743,123 shares of the company’s stock valued at $80,993,000 after acquiring an additional 348,298 shares during the period. Franklin Resources Inc. increased its holdings in shares of Paramount Global by 824.1% during the 3rd quarter. Franklin Resources Inc. now owns 195,690 shares of the company’s stock valued at $2,029,000 after purchasing an additional 174,514 shares in the last quarter. Wilsey Asset Management Inc. lifted its stake in shares of Paramount Global by 16.2% in the 4th quarter. Wilsey Asset Management Inc. now owns 1,902,332 shares of the company’s stock valued at $19,898,000 after purchasing an additional 265,408 shares during the period. Bank of New York Mellon Corp boosted its holdings in Paramount Global by 24.7% during the fourth quarter. Bank of New York Mellon Corp now owns 4,586,288 shares of the company’s stock worth $47,973,000 after buying an additional 908,515 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in Paramount Global by 22.3% during the third quarter. Principal Financial Group Inc. now owns 683,401 shares of the company’s stock valued at $7,258,000 after buying an additional 124,740 shares during the period. 73.00% of the stock is owned by institutional investors and hedge funds.

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.