Paramount Global (NASDAQ:PARA) Price Target Cut to $14.00 by Analysts at Wells Fargo & Company

Paramount Global (NASDAQ:PARA) had its price objective cut by Wells Fargo & Company from $15.00 to $14.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential upside of 18.14% from the stock’s current price.

A number of other analysts have also recently issued reports on the company. Deutsche Bank Aktiengesellschaft cut their price objective on Paramount Global from $20.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, February 28th. Redburn Atlantic downgraded Paramount Global from a “neutral” rating to a “sell” rating and cut their price target for the company from $17.00 to $11.00 in a report on Thursday, January 11th. Raymond James reaffirmed a “market perform” rating on shares of Paramount Global in a research report on Tuesday, March 26th. Wolfe Research raised shares of Paramount Global from an “underperform” rating to a “peer perform” rating in a research report on Thursday, April 4th. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and set a $13.00 target price on shares of Paramount Global in a report on Tuesday, April 9th. Eight analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $13.58.

Paramount Global Stock Down 3.3 %

PARA traded down $0.40 during trading on Tuesday, reaching $11.85. 6,033,534 shares of the stock were exchanged, compared to its average volume of 18,987,557. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.17 and a current ratio of 1.32. The stock’s 50 day moving average price is $11.48 and its two-hundred day moving average price is $12.88. Paramount Global has a twelve month low of $10.12 and a twelve month high of $24.00. The stock has a market cap of $7.73 billion, a P/E ratio of -11.58, a price-to-earnings-growth ratio of 0.42 and a beta of 1.77.

Paramount Global (NASDAQ:PARA) last released its quarterly earnings data on Monday, April 29th. The company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.28. Paramount Global had a negative net margin of 2.05% and a positive return on equity of 1.78%. The company had revenue of $7.69 billion for the quarter, compared to analyst estimates of $7.73 billion. During the same period in the previous year, the business earned $0.09 EPS. Paramount Global’s revenue for the quarter was up 5.8% compared to the same quarter last year. Equities analysts expect that Paramount Global will post 1.19 EPS for the current year.

Hedge Funds Weigh In On Paramount Global

Several hedge funds have recently bought and sold shares of PARA. Vanguard Group Inc. boosted its position in shares of Paramount Global by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 58,286,539 shares of the company’s stock worth $862,058,000 after acquiring an additional 626,256 shares in the last quarter. Invesco Ltd. increased its stake in shares of Paramount Global by 9.4% in the 3rd quarter. Invesco Ltd. now owns 14,832,568 shares of the company’s stock valued at $191,340,000 after purchasing an additional 1,272,851 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Paramount Global by 15.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 13,299,798 shares of the company’s stock worth $171,567,000 after buying an additional 1,767,173 shares during the last quarter. Ariel Investments LLC boosted its stake in Paramount Global by 18.0% in the third quarter. Ariel Investments LLC now owns 11,330,850 shares of the company’s stock valued at $146,168,000 after buying an additional 1,731,714 shares in the last quarter. Finally, Kodai Capital Management LP bought a new position in Paramount Global in the fourth quarter valued at about $84,842,000. 73.00% of the stock is owned by institutional investors.

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.