Paramount Global’s (PARA) “Hold” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their hold rating on shares of Paramount Global (NASDAQ:PARA) in a research report released on Monday,Benzinga reports.

Several other research firms have also recently weighed in on PARA. StockNews.com cut shares of Paramount Global from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd. Wells Fargo & Company upgraded Paramount Global from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $10.00 to $11.00 in a research report on Friday, August 9th. JPMorgan Chase & Co. decreased their price target on Paramount Global from $12.00 to $11.00 and set an “underweight” rating on the stock in a research note on Thursday, August 15th. Benchmark restated a “buy” rating and issued a $19.00 price objective on shares of Paramount Global in a report on Friday, August 9th. Finally, 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, September 25th. Eight analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $12.40.

Paramount Global Stock Up 1.7 %

Shares of Paramount Global stock opened at $11.35 on Monday. Paramount Global has a 1-year low of $9.54 and a 1-year high of $17.50. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.10 and a current ratio of 1.27. The stock’s 50 day simple moving average is $10.60 and its 200-day simple moving average is $11.09.

Paramount Global (NASDAQ:PARA) last issued its earnings results on Friday, November 8th. The company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.25. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. The company had revenue of $6.73 billion during the quarter, compared to analysts’ expectations of $6.94 billion. During the same period in the prior year, the business earned $0.30 EPS. The firm’s quarterly revenue was down 5.6% on a year-over-year basis. On average, equities analysts anticipate that Paramount Global will post 1.81 earnings per share for the current year.

Paramount Global Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.76%. The ex-dividend date is Monday, December 16th. Paramount Global’s payout ratio is currently -2.43%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of PARA. ProShare Advisors LLC grew its position in shares of Paramount Global by 146.5% during the first quarter. ProShare Advisors LLC now owns 151,864 shares of the company’s stock worth $1,787,000 after buying an additional 90,262 shares in the last quarter. State Board of Administration of Florida Retirement System grew its holdings in Paramount Global by 5.4% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 679,519 shares of the company’s stock worth $7,998,000 after acquiring an additional 34,541 shares in the last quarter. Financial Counselors Inc. increased its position in shares of Paramount Global by 6.9% in the 2nd quarter. Financial Counselors Inc. now owns 864,287 shares of the company’s stock valued at $8,980,000 after purchasing an additional 56,021 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its holdings in shares of Paramount Global by 33.9% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 406,895 shares of the company’s stock valued at $4,790,000 after purchasing an additional 103,103 shares in the last quarter. Finally, Hoertkorn Richard Charles lifted its position in shares of Paramount Global by 38.1% during the 3rd quarter. Hoertkorn Richard Charles now owns 221,696 shares of the company’s stock worth $2,354,000 after purchasing an additional 61,191 shares during the last quarter. 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.