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

Shares of Paramount Global (NASDAQ:PARA) have received a consensus rating of “Reduce” from the twenty research firms that are currently covering the company, Marketbeat.com reports. Eight equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $13.79.

A number of research analysts recently issued reports on PARA shares. Wolfe Research raised Paramount Global from an “underperform” rating to a “peer perform” rating in a report on Thursday, April 4th. Raymond James reissued a “market perform” rating on shares of Paramount Global in a report on Tuesday, March 26th. Morgan Stanley dropped their price objective on Paramount Global from $11.00 to $10.00 and set an “underweight” rating for the company in a report on Tuesday, February 27th. Moffett Nathanson raised Paramount Global from a “sell” rating to a “neutral” rating and set a $13.00 price objective for the company in a report on Tuesday, January 9th. Finally, Redburn Atlantic cut Paramount Global from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $17.00 to $11.00 in a report on Thursday, January 11th.

Paramount Global Stock Performance

Paramount Global stock opened at $11.91 on Monday. The stock has a 50-day simple moving average of $11.48 and a 200 day simple moving average of $12.87. The company has a quick ratio of 1.17, a current ratio of 1.32 and a debt-to-equity ratio of 0.63. Paramount Global has a 12-month low of $10.12 and a 12-month high of $24.00. The stock has a market capitalization of $7.77 billion, a price-to-earnings ratio of -11.68, a P/E/G ratio of 0.45 and a beta of 1.77.

Paramount Global (NASDAQ:PARA) last released its quarterly earnings results on Wednesday, February 28th. The company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.09. Paramount Global had a positive return on equity of 1.78% and a negative net margin of 2.05%. The business had revenue of $7.64 billion during the quarter, compared to analysts’ expectations of $7.80 billion. During the same period in the previous year, the business posted $0.08 earnings per share. The firm’s revenue for the quarter was down 6.1% compared to the same quarter last year. On average, research analysts anticipate that Paramount Global will post 1.2 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The firm 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 $0.05 dividend. The ex-dividend date of this dividend is Monday, June 17th. This represents a $0.20 annualized dividend and a dividend yield of 1.68%. Paramount Global’s dividend payout ratio is presently -19.61%.

Hedge Funds Weigh In On Paramount Global

Several institutional investors and hedge funds have recently modified their holdings of the business. Mitchell & Pahl Private Wealth LLC grew its position in shares of Paramount Global by 48.3% in the 1st quarter. Mitchell & Pahl Private Wealth LLC now owns 43,135 shares of the company’s stock valued at $508,000 after purchasing an additional 14,039 shares during the period. Cambridge Investment Research Advisors Inc. grew its position in shares of Paramount Global by 2.0% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 130,278 shares of the company’s stock valued at $1,533,000 after purchasing an additional 2,529 shares during the period. Hedges Asset Management LLC grew its position in shares of Paramount Global by 4.7% in the 1st quarter. Hedges Asset Management LLC now owns 35,700 shares of the company’s stock valued at $420,000 after purchasing an additional 1,600 shares during the period. Demars Financial Group LLC acquired a new position in shares of Paramount Global in the 1st quarter valued at approximately $662,000. Finally, SOL Capital Management CO lifted its stake in Paramount Global by 74.2% in the 1st quarter. SOL Capital Management CO now owns 144,994 shares of the company’s stock valued at $1,707,000 after acquiring an additional 61,780 shares in the last quarter. 73.00% of the stock is currently owned by institutional investors and hedge funds.

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.