Paramount Global (NASDAQ:PARA – Get Free Report) was downgraded by stock analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued on Tuesday.
Other equities analysts have also issued reports about the company. Wells Fargo & Company lowered their target price on Paramount Global from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Tuesday. Deutsche Bank Aktiengesellschaft lowered their target price on Paramount Global from $20.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, February 28th. Raymond James reaffirmed a “market perform” rating on shares of Paramount Global in a report on Tuesday, March 26th. Morgan Stanley lowered their target price on Paramount Global from $11.00 to $10.00 and set an “underweight” rating for the company in a report on Tuesday, February 27th. 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. Nine investment analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $13.58.
View Our Latest Stock Report on Paramount Global
Paramount Global Stock Down 7.0 %
Paramount Global (NASDAQ:PARA – Get Free Report) last announced its quarterly earnings data on Monday, April 29th. The company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.28. Paramount Global had a positive return on equity of 1.78% and a negative net margin of 2.05%. The firm had revenue of $7.69 billion for the quarter, compared to analysts’ expectations of $7.73 billion. During the same quarter in the prior year, the firm posted $0.09 earnings per share. Paramount Global’s revenue for the quarter was up 5.8% compared to the same quarter last year. As a group, analysts expect that Paramount Global will post 1.19 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Paramount Global
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Paramount Global by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 58,286,539 shares of the company’s stock valued at $862,058,000 after acquiring an additional 626,256 shares during the last quarter. Invesco Ltd. lifted its position in shares of Paramount Global by 9.4% during the 3rd quarter. Invesco Ltd. now owns 14,832,568 shares of the company’s stock valued at $191,340,000 after acquiring an additional 1,272,851 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Paramount Global by 15.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 13,299,798 shares of the company’s stock valued at $171,567,000 after purchasing an additional 1,767,173 shares in the last quarter. Ariel Investments LLC lifted its holdings in shares of Paramount Global by 18.0% in the third quarter. Ariel Investments LLC now owns 11,330,850 shares of the company’s stock valued at $146,168,000 after purchasing an additional 1,731,714 shares in the last quarter. Finally, Kodai Capital Management LP purchased a new stake in shares of Paramount Global in the fourth quarter valued at $84,842,000. Institutional investors and hedge funds own 73.00% of the company’s stock.
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.
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