Paramount Global (NASDAQ:PARA) Rating Lowered to Hold at Needham & Company LLC

Needham & Company LLC downgraded shares of Paramount Global (NASDAQ:PARA) from a buy rating to a hold rating in a research report released on Tuesday morning, MarketBeat Ratings reports.

Several other analysts have also recently weighed in on PARA. Morgan Stanley dropped their price target on Paramount Global from $11.00 to $10.00 and set an underweight rating for the company in a report on Tuesday, February 27th. Deutsche Bank Aktiengesellschaft dropped their price objective on Paramount Global from $20.00 to $15.00 and set a buy rating for the company in a report on Wednesday, February 28th. Wolfe Research raised Paramount Global from an underperform rating to a peer perform rating in a report on Thursday, April 4th. Benchmark dropped their price objective on Paramount Global from $30.00 to $19.00 and set a buy rating for the company in a report on Thursday, February 29th. Finally, 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. Ten equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $13.58.

Paramount Global Price Performance

PARA opened at $12.89 on Tuesday. Paramount Global has a 12-month low of $10.12 and a 12-month high of $19.04. The business has a 50 day moving average of $11.52 and a 200-day moving average of $12.88. The company has a quick ratio of 1.17, a current ratio of 1.29 and a debt-to-equity ratio of 0.65.

Paramount Global (NASDAQ:PARA) last released its quarterly earnings data on Monday, April 29th. The company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.28. Paramount Global had a positive return on equity of 3.35% and a negative net margin of 0.15%. The company had revenue of $7.69 billion during the quarter, compared to analysts’ expectations of $7.73 billion. During the same period last year, the firm posted $0.09 earnings per share. The business’s revenue was up 5.8% on a year-over-year basis. As a group, research analysts predict that Paramount Global will post 1.32 earnings per share for the current year.

Paramount Global Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 17th will be paid a $0.05 dividend. The ex-dividend date is Monday, June 17th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.55%. Paramount Global’s payout ratio is presently -133.32%.

Institutional Investors Weigh In On Paramount Global

Hedge funds have recently modified their holdings of the stock. Kodai Capital Management LP bought a new stake in Paramount Global during the 4th quarter valued at $84,842,000. Norges Bank bought a new stake in Paramount Global during the 4th quarter valued at $41,497,000. Lingotto Investment Management LLP raised its holdings in Paramount Global by 375.8% during the 4th quarter. Lingotto Investment Management LLP now owns 3,263,978 shares of the company’s stock valued at $48,388,000 after acquiring an additional 2,577,978 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in 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 valued at $171,567,000 after acquiring an additional 1,767,173 shares during the period. Finally, Ariel Investments LLC raised its holdings in Paramount Global by 18.0% during the 3rd quarter. Ariel Investments LLC now owns 11,330,850 shares of the company’s stock valued at $146,168,000 after acquiring an additional 1,731,714 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.