StockNews.com Upgrades Paramount Global (NASDAQ:PARA) to Hold

Paramount Global (NASDAQ:PARA) was upgraded by stock analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

Several other analysts have also weighed in on PARA. Guggenheim decreased their target price on shares of Paramount Global from $19.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday. The Goldman Sachs Group began coverage on Paramount Global in a research note on Tuesday, June 25th. They issued a “sell” rating and a $9.50 price objective on the stock. Evercore ISI cut their target price on Paramount Global from $13.00 to $11.50 and set an “in-line” rating for the company in a research report on Tuesday, July 9th. Wells Fargo & Company upgraded Paramount Global from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $10.00 to $11.00 in a research report on Friday, August 9th. Finally, Rosenblatt Securities reiterated a “neutral” rating and set a $14.00 price objective on shares of Paramount Global in a research note on Tuesday, June 4th. Ten investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $12.18.

Paramount Global Stock Performance

NASDAQ:PARA opened at $10.66 on Wednesday. The firm’s 50-day moving average is $10.72 and its 200-day moving average is $11.31. The company has a market cap of $7.11 billion, a price-to-earnings ratio of -71.06, a PEG ratio of 0.58 and a beta of 1.75. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.15 and a current ratio of 1.30. Paramount Global has a 52-week low of $9.54 and a 52-week high of $17.50.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.40. The firm had revenue of $6.81 billion for the quarter, compared to analyst estimates of $7.21 billion. Paramount Global had a positive return on equity of 4.88% and a negative net margin of 17.62%. Equities research analysts anticipate that Paramount Global will post 1.57 earnings per share for the current year.

Hedge Funds Weigh In On Paramount Global

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PARA. Vanguard Group Inc. raised its position in shares of Paramount Global by 6.5% in the 1st quarter. Vanguard Group Inc. now owns 62,090,467 shares of the company’s stock valued at $730,805,000 after acquiring an additional 3,803,928 shares during the period. Lingotto Investment Management LLP raised its holdings in Paramount Global by 628.8% in the second quarter. Lingotto Investment Management LLP now owns 29,937,007 shares of the company’s stock worth $311,046,000 after purchasing an additional 25,829,185 shares during the period. Ariel Investments LLC raised its holdings in Paramount Global by 16.5% in the second quarter. Ariel Investments LLC now owns 14,042,265 shares of the company’s stock worth $145,899,000 after purchasing an additional 1,992,576 shares during the period. Kodai Capital Management LP boosted its position in shares of Paramount Global by 9.2% during the first quarter. Kodai Capital Management LP now owns 6,264,374 shares of the company’s stock worth $73,732,000 after purchasing an additional 527,897 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Paramount Global by 6.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,724,532 shares of the company’s stock valued at $38,698,000 after buying an additional 225,191 shares during the period. Institutional investors own 73.00% of the company’s stock.

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.