Wells Fargo & Company Cuts Paramount Global (NASDAQ:PARA) Price Target to $10.00

Key Points

• Wells Fargo & Company has lowered its price target for Paramount Global from $12.00 to $10.00, indicating a potential downside of 23.14% from the current price.
• Paramount Global currently holds an "underweight" rating from Wells Fargo, alongside other analysts, resulting in a mixed analyst consensus with a majority rating of "hold" and an average target price of $11.70.
• The company reported earnings of $0.46 per share, surpassing estimates, yet revenue came in lower than expected at $6.85 billion for the recent quarter.

Paramount Global (NASDAQ:PARA - Get Free Report) had its target price lowered by equities research analysts at Wells Fargo & Company from $12.00 to $10.00 in a report issued on Friday,Benzinga reports. The firm currently has an "underweight" rating on the stock. Wells Fargo & Company's price target would suggest a potential downside of 23.14% from the company's current price.

A number of other equities analysts also recently weighed in on the company. Wall Street Zen initiated coverage on Paramount Global in a report on Saturday, May 17th. They issued a "hold" rating on the stock. Needham & Company LLC reissued a "hold" rating on shares of Paramount Global in a research note on Tuesday, July 22nd. JPMorgan Chase & Co. lowered their price target on Paramount Global from $11.00 to $10.00 and set an "underweight" rating for the company in a research note on Wednesday, May 21st. Benchmark lowered their price target on Paramount Global from $19.00 to $16.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Finally, UBS Group dropped their target price on shares of Paramount Global from $11.00 to $10.00 and set a "sell" rating on the stock in a research report on Tuesday, April 15th. Seven investment analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $11.70.

Paramount Global Stock Performance

PARA traded up $0.44 on Friday, reaching $13.01. The stock had a trading volume of 1,389,231 shares, compared to its average volume of 8,924,987. The company has a market cap of $8.77 billion, a P/E ratio of -1.58, a price-to-earnings-growth ratio of 4.08 and a beta of 1.19. Paramount Global has a 12-month low of $9.95 and a 12-month high of $13.59. The business's 50-day moving average price is $12.50 and its two-hundred day moving average price is $11.71. The company has a current ratio of 1.29, a quick ratio of 1.18 and a debt-to-equity ratio of 0.84.

Paramount Global (NASDAQ:PARA - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.09. Paramount Global had a negative net margin of 19.09% and a positive return on equity of 4.80%. The business had revenue of $6.85 billion during the quarter, compared to analysts' expectations of $6.88 billion. During the same period in the previous year, the company earned $0.54 EPS. The company's revenue for the quarter was up .5% on a year-over-year basis. Sell-side analysts forecast that Paramount Global will post 1.77 earnings per share for the current year.

Institutional Trading of Paramount Global

Several large investors have recently modified their holdings of PARA. Hoertkorn Richard Charles grew its holdings in Paramount Global by 10.2% during the 1st quarter. Hoertkorn Richard Charles now owns 252,485 shares of the company's stock worth $3,020,000 after acquiring an additional 23,419 shares during the period. Teacher Retirement System of Texas acquired a new stake in shares of Paramount Global during the 1st quarter worth approximately $1,040,000. American Century Companies Inc. boosted its stake in Paramount Global by 29.2% during the fourth quarter. American Century Companies Inc. now owns 174,995 shares of the company's stock worth $1,830,000 after acquiring an additional 39,572 shares in the last quarter. Invesco Ltd. boosted its position in shares of Paramount Global by 5.7% during the fourth quarter. Invesco Ltd. now owns 20,593,954 shares of the company's stock valued at $215,413,000 after buying an additional 1,119,314 shares during the last quarter. Finally, Yakira Capital Management Inc. purchased a new position in shares of Paramount Global during the fourth quarter valued at approximately $1,315,000. 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.

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