Paramount Global (NASDAQ:PARA) Given Average Recommendation of "Reduce" by Brokerages

Shares of Paramount Global (NASDAQ:PARA - Get Free Report) have been given a consensus rating of "Reduce" by the twenty-one brokerages that are currently covering the stock, MarketBeat reports. Nine research analysts have rated the stock with a sell recommendation, eight have issued a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $13.58.

Several analysts have recently weighed in on the stock. JPMorgan Chase & Co. lowered their target price on shares of Paramount Global from $13.00 to $12.00 and set an "underweight" rating on the stock in a report on Thursday, April 4th. Needham & Company LLC downgraded shares of Paramount Global from a "buy" rating to a "hold" rating in a report on Tuesday, April 30th. Wolfe Research raised shares of Paramount Global from an "underperform" rating to a "peer perform" rating in a report on Thursday, April 4th. Wells Fargo & Company reduced their price target on shares of Paramount Global from $15.00 to $14.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 30th. Finally, Rosenblatt Securities reissued a "neutral" rating and issued a $13.00 price objective on shares of Paramount Global in a research report on Tuesday, April 9th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PARA. Yousif Capital Management LLC boosted its stake in shares of Paramount Global by 11.9% in the third quarter. Yousif Capital Management LLC now owns 109,781 shares of the company's stock valued at $1,416,000 after purchasing an additional 11,700 shares during the period. Wakefield Asset Management LLLP purchased a new position in shares of Paramount Global in the third quarter valued at $433,000. New Mexico Educational Retirement Board boosted its stake in shares of Paramount Global by 7.8% in the third quarter. New Mexico Educational Retirement Board now owns 26,399 shares of the company's stock valued at $341,000 after purchasing an additional 1,900 shares during the period. Empirical Finance LLC boosted its stake in Paramount Global by 8.4% during the 3rd quarter. Empirical Finance LLC now owns 17,654 shares of the company's stock valued at $228,000 after acquiring an additional 1,370 shares during the last quarter. Finally, WFA of San Diego LLC boosted its stake in Paramount Global by 635.0% during the 3rd quarter. WFA of San Diego LLC now owns 2,646 shares of the company's stock valued at $34,000 after acquiring an additional 2,286 shares during the last quarter. 73.00% of the stock is currently owned by hedge funds and other institutional investors.

Paramount Global Price Performance

NASDAQ PARA traded down $0.62 during trading on Friday, reaching $12.02. The company's stock had a trading volume of 17,095,624 shares, compared to its average volume of 19,704,715. The company has a current ratio of 1.29, a quick ratio of 1.19 and a debt-to-equity ratio of 0.65. Paramount Global has a twelve month low of $10.12 and a twelve month high of $17.50. The business's fifty day moving average price is $11.92 and its 200-day moving average price is $12.97.

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

Paramount Global Announces Dividend

The company 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 of this dividend is Monday, June 17th. This represents a $0.20 annualized dividend and a dividend yield of 1.66%. Paramount Global's dividend payout ratio (DPR) is presently -133.32%.

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.