Paramount Global (NASDAQ:PARA) Upgraded by Wells Fargo & Company to “Equal Weight”

by · The Cerbat Gem

Wells Fargo & Company upgraded shares of Paramount Global (NASDAQ:PARA – Free Report) from an underweight rating to an equal weight rating in a research report report published on Wednesday morning, MarketBeat reports. Wells Fargo & Company currently has $18.00 price objective on the stock, up from their prior price objective of $15.00.

PARA has been the topic of several other reports. Morgan Stanley lowered their price target on Paramount Global from $15.00 to $9.00 and set an underweight rating on the stock in a report on Wednesday, November 1st. Benchmark reaffirmed a buy rating and issued a $30.00 target price on shares of Paramount Global in a report on Monday, December 18th. Barclays decreased their target price on Paramount Global from $13.00 to $11.00 and set an underweight rating on the stock in a report on Monday, October 9th. The Goldman Sachs Group decreased their target price on Paramount Global from $15.00 to $11.00 and set a sell rating on the stock in a report on Friday, October 20th. Finally, StockNews.com cut Paramount Global from a hold rating to a sell rating in a report on Friday, November 17th. Eleven investment analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $15.74.

Get Our Latest Report on Paramount Global

Paramount Global Price Performance

NASDAQ PARA opened at $15.00 on Wednesday. The business’s fifty day moving average price is $13.55 and its 200-day moving average price is $14.34. The stock has a market capitalization of $9.77 billion, a price-to-earnings ratio of -8.43, a PEG ratio of 3.95 and a beta of 1.85. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.26 and a quick ratio of 1.09. Paramount Global has a 1-year low of $10.51 and a 1-year high of $25.93.

Paramount Global (NASDAQ:PARA – Get Free Report) last released its quarterly earnings results on Thursday, November 2nd. The company reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.22. The firm had revenue of $7.13 billion for the quarter, compared to analysts’ expectations of $7.12 billion. Paramount Global had a positive return on equity of 1.89% and a negative net margin of 3.65%. On average, equities analysts predict that Paramount Global will post 0.52 earnings per share for the current year.

Paramount Global Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 15th will be given a $0.05 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $0.20 annualized dividend and a yield of 1.33%. Paramount Global’s dividend payout ratio is currently -11.24%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its stake in Paramount Global by 30.4% in the first quarter. BlackRock Inc. now owns 54,882,034 shares of the company’s stock worth $1,224,418,000 after purchasing an additional 12,783,448 shares during the last quarter. Contrarius Investment Management Ltd lifted its stake in Paramount Global by 33.2% in the second quarter. Contrarius Investment Management Ltd now owns 10,351,771 shares of the company’s stock worth $164,697,000 after purchasing an additional 2,579,501 shares during the last quarter. Ariel Investments LLC lifted its stake in Paramount Global by 35.4% in the second quarter. Ariel Investments LLC now owns 9,599,136 shares of the company’s stock worth $152,722,000 after purchasing an additional 2,512,163 shares during the last quarter. State Street Corp lifted its stake in Paramount Global by 7.3% in the first quarter. State Street Corp now owns 35,333,056 shares of the company’s stock worth $796,459,000 after purchasing an additional 2,402,874 shares during the last quarter. Finally, Two Sigma Investments LP bought a new stake in Paramount Global in the first quarter worth about $41,174,000. Hedge funds and other institutional investors own 72.39% of the company’s stock.

About Paramount Global

(Get Free Report)

Paramount Global operates as a media and entertainment company worldwide. The company operates through TV Media, Direct-to-Consumer, and Filmed Entertainment segments. Its TV Media segment operates domestic and international broadcast networks, including CBS Television Network, Network 10, Channel 5, Telefe, and Chilevisión; and cable networks comprising Paramount Media Networks, Nickelodeon, BET Media Group, and CBS Sports.

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