Wells Fargo & Company Lowers 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 price objective dropped by research analysts at Wells Fargo & Company from $12.00 to $10.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an "underweight" rating on the stock. Wells Fargo & Company's price objective suggests a potential downside of 14.89% from the stock's previous close.

A number of other research analysts have also commented on PARA. Loop Capital increased their price objective on Paramount Global from $10.00 to $11.00 and gave the company a "sell" rating in a research report on Friday, July 25th. Guggenheim reissued a "buy" rating and set a $14.00 price objective on shares of Paramount Global in a report on Thursday, June 26th. Benchmark dropped their target price on shares of Paramount Global from $19.00 to $16.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. Needham & Company LLC reissued a "hold" rating on shares of Paramount Global in a research note on Tuesday, July 22nd. Finally, Wall Street Zen began coverage on Paramount Global in a report on Saturday, May 17th. They set a "hold" rating on the stock. Seven investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $11.70.

Paramount Global Price Performance

Shares of PARA stock traded down $0.56 during trading hours on Friday, hitting $11.75. 10,122,000 shares of the company's stock were exchanged, compared to its average volume of 8,977,637. The stock's 50-day moving average is $12.53 and its 200-day moving average is $11.76. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.39 and a quick ratio of 1.21. Paramount Global has a 52 week low of $9.95 and a 52 week high of $13.59. The stock has a market cap of $7.92 billion, a price-to-earnings ratio of -391.54, a price-to-earnings-growth ratio of 3.99 and a beta of 1.17.

Paramount Global (NASDAQ:PARA - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $0.46 earnings per share for the quarter, topping analysts' consensus estimates of $0.37 by $0.09. Paramount Global had a negative net margin of 0.05% and a positive return on equity of 4.51%. The company had revenue of $6.85 billion during the quarter, compared to the consensus estimate of $6.88 billion. During the same period in the previous year, the firm posted $0.54 earnings per share. The company's revenue was up .5% on a year-over-year basis. As a group, research analysts forecast that Paramount Global will post 1.77 EPS for the current year.

Hedge Funds Weigh In On Paramount Global

Hedge funds and other institutional investors have recently made changes to their positions in the company. Bell Investment Advisors Inc grew its position in shares of Paramount Global by 100.3% in the 1st quarter. Bell Investment Advisors Inc now owns 2,243 shares of the company's stock valued at $27,000 after acquiring an additional 1,123 shares during the period. Mattson Financial Services LLC bought a new position in Paramount Global during the fourth quarter worth $28,000. Ossiam increased its holdings in shares of Paramount Global by 57.2% in the fourth quarter. Ossiam now owns 2,810 shares of the company's stock valued at $29,000 after purchasing an additional 1,022 shares during the last quarter. Atlas Capital Advisors Inc. bought a new position in shares of Paramount Global in the fourth quarter valued at about $35,000. Finally, Resona Asset Management Co. Ltd. bought a new position in shares of Paramount Global in the fourth quarter valued at about $36,000. 73.00% of the stock is owned by institutional investors.

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.