Paramount Global (NASDAQ:PARA – Get Free Report) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a report released on Thursday.
Other research analysts have also issued reports about the stock. Wolfe Research lowered shares of Paramount Global from a “peer perform” rating to an “underperform” rating and set a $10.00 target price on the stock. in a research report on Tuesday, July 9th. Evercore ISI dropped their price objective on Paramount Global from $13.00 to $11.50 and set an “in-line” rating for the company in a research note on Tuesday, July 9th. JPMorgan Chase & Co. decreased their target price on Paramount Global from $12.00 to $11.00 and set an “underweight” rating on the stock in a research report on Thursday, August 15th. The Goldman Sachs Group began coverage on Paramount Global in a research report on Tuesday, June 25th. They issued a “sell” rating and a $9.50 price target for the company. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a research report on Friday, August 9th. Eleven investment analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $12.18.
View Our Latest Stock Analysis on PARA
Paramount Global Stock Performance
Paramount Global (NASDAQ:PARA – Get Free Report) last released its quarterly earnings data on Thursday, August 8th. The company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.40. The firm had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $7.21 billion. Paramount Global had a positive return on equity of 4.88% and a negative net margin of 17.62%. On average, equities analysts forecast that Paramount Global will post 1.57 EPS for the current year.
Hedge Funds Weigh In On Paramount Global
A number of hedge funds have recently made changes to their positions in PARA. New Hampshire Trust raised its position in shares of Paramount Global by 6.2% in the 1st quarter. New Hampshire Trust now owns 15,767 shares of the company’s stock worth $186,000 after buying an additional 914 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in shares of Paramount Global by 3.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 24,682 shares of the company’s stock valued at $291,000 after purchasing an additional 934 shares in the last quarter. Great Valley Advisor Group Inc. lifted its stake in shares of Paramount Global by 5.3% in the 2nd quarter. Great Valley Advisor Group Inc. now owns 19,940 shares of the company’s stock valued at $207,000 after purchasing an additional 1,002 shares in the last quarter. Prestige Wealth Management Group LLC grew its holdings in shares of Paramount Global by 13.2% during the 2nd quarter. Prestige Wealth Management Group LLC now owns 8,648 shares of the company’s stock worth $90,000 after purchasing an additional 1,011 shares during the period. Finally, Personal CFO Solutions LLC increased its position in Paramount Global by 2.4% during the 4th quarter. Personal CFO Solutions LLC now owns 43,468 shares of the company’s stock worth $643,000 after purchasing an additional 1,030 shares in the last quarter. Institutional investors and hedge funds own 73.00% of the company’s stock.
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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