Paramount Global (NASDAQ:PARA) Given Average Rating of “Reduce” by Brokerages

Shares of Paramount Global (NASDAQ:PARA) have received a consensus recommendation of “Reduce” from the eighteen research firms that are currently covering the stock, Marketbeat.com reports. Eight investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $12.40.

PARA has been the subject of a number of recent research reports. Wells Fargo & Company raised shares of Paramount Global from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $10.00 to $11.00 in a research note on Friday, August 9th. Guggenheim cut their price target on Paramount Global from $19.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday, September 25th. JPMorgan Chase & Co. cut their price target on Paramount Global from $12.00 to $11.00 and set an “underweight” rating on the stock in a research report on Thursday, August 15th. StockNews.com raised shares of Paramount Global from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Finally, Macquarie reaffirmed an “underperform” rating and issued a $10.00 price target on shares of Paramount Global in a research note on Monday, November 11th.

Paramount Global Trading Up 1.2 %

Shares of PARA stock opened at $10.98 on Tuesday. Paramount Global has a 52-week low of $9.54 and a 52-week high of $17.50. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.10 and a current ratio of 1.27. The firm has a market capitalization of $7.32 billion, a PE ratio of -1.34, a PEG ratio of 1.31 and a beta of 1.74. The stock has a fifty day simple moving average of $10.70 and a two-hundred day simple moving average of $10.91.

Paramount Global (NASDAQ:PARA) last announced its quarterly earnings data on Friday, November 8th. The company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.25. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The business had revenue of $6.73 billion during the quarter, compared to the consensus estimate of $6.94 billion. During the same quarter last year, the firm earned $0.30 earnings per share. The firm’s quarterly revenue was down 5.6% compared to the same quarter last year. On average, analysts predict that Paramount Global will post 1.86 EPS for the current fiscal year.

Paramount Global Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 16th will be issued a $0.05 dividend. The ex-dividend date is Monday, December 16th. This represents a $0.20 annualized dividend and a yield of 1.82%. Paramount Global’s dividend payout ratio (DPR) is presently -2.43%.

Institutional Trading of Paramount Global

Several institutional investors have recently added to or reduced their stakes in PARA. Lingotto Investment Management LLP boosted its position in Paramount Global by 628.8% in the 2nd quarter. Lingotto Investment Management LLP now owns 29,937,007 shares of the company’s stock valued at $311,046,000 after buying an additional 25,829,185 shares during the period. State Street Corp lifted its position in Paramount Global by 18.4% in the third quarter. State Street Corp now owns 44,154,027 shares of the company’s stock valued at $470,695,000 after acquiring an additional 6,848,037 shares during the last quarter. Ariel Investments LLC lifted its position in Paramount Global by 16.5% in the second quarter. Ariel Investments LLC now owns 14,042,265 shares of the company’s stock valued at $145,899,000 after acquiring an additional 1,992,576 shares during the last quarter. Geode Capital Management LLC increased its stake in Paramount Global by 12.1% in the third quarter. Geode Capital Management LLC now owns 14,842,966 shares of the company’s stock valued at $157,168,000 after purchasing an additional 1,606,779 shares during the period. Finally, AQR Capital Management LLC increased its stake in Paramount Global by 602.8% in the second quarter. AQR Capital Management LLC now owns 1,783,489 shares of the company’s stock valued at $18,530,000 after purchasing an additional 1,529,719 shares during the period. 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.