StockNews.com Initiates Coverage on Paramount Global (NASDAQ:PARA)

StockNews.com started coverage on shares of Paramount Global (NASDAQ:PARA) in a report released on Saturday. The firm issued a hold rating on the stock.

Other equities analysts have also issued research reports about the stock. Benchmark cut their price objective on shares of Paramount Global from $19.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday, May 6th. Morgan Stanley lowered their price objective on shares of Paramount Global from $11.00 to $10.00 and set an “underweight” rating for the company in a research report on Tuesday, May 6th. UBS Group lowered their price objective on shares of Paramount Global from $11.00 to $10.00 and set a “sell” rating for the company in a research report on Tuesday, April 15th. Deutsche Bank Aktiengesellschaft cut shares of Paramount Global from a “buy” rating to a “hold” rating and set a $12.00 target price for the company. in a research report on Wednesday, April 2nd. Finally, Needham & Company LLC restated a “hold” rating on shares of Paramount Global in a research report on Thursday, February 27th. Six investment analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $11.58.

Paramount Global Price Performance

Shares of PARA opened at $11.78 on Friday. The company has a market capitalization of $7.90 billion, a price-to-earnings ratio of -1.43, a price-to-earnings-growth ratio of 1.68 and a beta of 1.25. Paramount Global has a fifty-two week low of $9.54 and a fifty-two week high of $13.05. The firm has a 50-day simple moving average of $11.45 and a 200-day simple moving average of $11.13. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.10 and a current ratio of 1.27.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.02. The business had revenue of $7.19 billion during the quarter, compared to analysts’ expectations of $7.14 billion. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The company’s revenue was down 6.4% on a year-over-year basis. During the same period last year, the company posted $0.62 EPS. On average, equities research analysts anticipate that Paramount Global will post 1.77 earnings per share for the current year.

Paramount Global Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Monday, March 17th were paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.70%. The ex-dividend date was Monday, March 17th. Paramount Global’s dividend payout ratio is presently -2.43%.

Institutional Trading of Paramount Global

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Paramount Global by 9.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,966,070 shares of the company’s stock worth $23,514,000 after purchasing an additional 169,537 shares during the last quarter. Woodline Partners LP boosted its holdings in Paramount Global by 31.6% during the first quarter. Woodline Partners LP now owns 1,395,942 shares of the company’s stock valued at $16,695,000 after acquiring an additional 335,132 shares during the period. MBB Public Markets I LLC bought a new stake in Paramount Global during the first quarter valued at about $323,000. United Services Automobile Association bought a new stake in Paramount Global during the first quarter valued at about $142,000. Finally, Great Lakes Advisors LLC bought a new stake in Paramount Global in the 1st quarter valued at $15,626,000. 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.