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

Paramount Global (NASDAQ:PARA) has earned a consensus recommendation of “Reduce” from the fourteen ratings firms that are presently covering the company, MarketBeat Ratings reports. Six research analysts have rated the stock with a sell recommendation, six have given a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $12.10.

PARA has been the subject of a number of recent research reports. Morgan Stanley boosted their price target 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. Guggenheim reissued 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 reaffirmed a “hold” rating on shares of Paramount Global in a research report on Thursday, February 27th. Finally, Benchmark reiterated a “buy” rating and set a $19.00 price target on shares of Paramount Global in a research note on Thursday, February 27th.

Paramount Global Price Performance

PARA stock opened at $11.58 on Thursday. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.27 and a quick ratio of 1.10. The company’s 50-day moving average is $11.01 and its 200-day moving average is $10.79. The stock has a market capitalization of $7.72 billion, a PE ratio of -1.41, a price-to-earnings-growth ratio of 1.68 and a beta of 1.60. Paramount Global has a 1 year low of $9.54 and a 1 year high of $14.54.

Paramount Global (NASDAQ:PARA) last announced 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 positive return on equity of 5.81% and a negative net margin of 18.89%. The firm had revenue of $7.98 billion during the quarter, compared to the consensus estimate of $8.07 billion. Equities research analysts expect that Paramount Global will post 1.77 EPS for the current fiscal year.

Paramount Global Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 17th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.73%. The ex-dividend date is Monday, March 17th. Paramount Global’s dividend payout ratio is presently -2.15%.

Hedge Funds Weigh In On Paramount Global

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Contrarius Group Holdings Ltd bought a new stake in Paramount Global in the fourth quarter worth about $146,230,000. State Street Corp raised its holdings in shares of Paramount Global by 18.4% in the 3rd quarter. State Street Corp now owns 44,154,027 shares of the company’s stock worth $470,695,000 after purchasing an additional 6,848,037 shares during the period. Norges Bank purchased a new position in Paramount Global in the fourth quarter valued at approximately $45,202,000. Slate Path Capital LP lifted its stake in Paramount Global by 42.3% in the fourth quarter. Slate Path Capital LP now owns 12,586,000 shares of the company’s stock valued at $131,650,000 after purchasing an additional 3,741,000 shares during the last quarter. Finally, Two Sigma Investments LP purchased a new stake in Paramount Global in the fourth quarter worth $21,229,000. 73.00% of the stock is owned by hedge funds and other 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.