Paramount Global (NASDAQ:PARA) Receives $12.43 Consensus Price Target from Brokerages

Shares of Paramount Global (NASDAQ:PARA) have earned a consensus recommendation of “Reduce” from the seventeen brokerages that are presently covering the company, MarketBeat.com reports. Seven research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $12.43.

Several research firms have weighed in on PARA. StockNews.com upgraded Paramount Global from a “sell” rating to a “hold” rating in a report on Monday, November 11th. Guggenheim reduced their price objective on shares of Paramount Global from $19.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday, September 25th. Macquarie reaffirmed an “underperform” rating and issued a $10.00 target price on shares of Paramount Global in a research report on Monday, November 11th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a research report on Monday, November 11th.

Institutional Investors Weigh In On Paramount Global

A number of institutional investors have recently modified their holdings of the stock. Raymond James & Associates increased its position in shares of Paramount Global by 11.6% during the second quarter. Raymond James & Associates now owns 387,643 shares of the company’s stock valued at $4,028,000 after acquiring an additional 40,362 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Paramount Global by 6.4% in the second quarter. Bank of New York Mellon Corp now owns 3,724,532 shares of the company’s stock worth $38,698,000 after purchasing an additional 225,191 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Paramount Global by 7.4% during the second quarter. Allspring Global Investments Holdings LLC now owns 26,514 shares of the company’s stock valued at $275,000 after purchasing an additional 1,832 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in shares of Paramount Global by 162.1% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 341,488 shares of the company’s stock valued at $3,548,000 after buying an additional 211,210 shares during the last quarter. Finally, Arkadios Wealth Advisors increased its holdings in Paramount Global by 37.2% in the 2nd quarter. Arkadios Wealth Advisors now owns 19,394 shares of the company’s stock worth $202,000 after buying an additional 5,256 shares in the last quarter. 73.00% of the stock is owned by hedge funds and other institutional investors.

Paramount Global Stock Performance

Paramount Global stock opened at $10.34 on Friday. The firm has a fifty day simple moving average of $10.84 and a two-hundred day simple moving average of $10.75. Paramount Global has a twelve month low of $9.54 and a twelve month high of $15.70. The company has a market capitalization of $6.90 billion, a PE ratio of -1.26, a P/E/G ratio of 1.35 and a beta of 1.71. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.85.

Paramount Global (NASDAQ:PARA) last released its earnings results on Friday, November 8th. The company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.25. The company had revenue of $6.73 billion during the quarter, compared to analyst estimates of $6.94 billion. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. Paramount Global’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.30 EPS. Research analysts expect that Paramount Global will post 1.86 EPS for the current year.

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.