Paramount Global (NASDAQ:PARA) Downgraded by Seaport Res Ptn

Seaport Res Ptn cut shares of Paramount Global (NASDAQ:PARA) from a buy rating to a neutral rating in a research report released on Thursday morning, Zacks.com reports. Seaport Res Ptn also issued estimates for Paramount Global’s Q2 2024 earnings at $0.18 EPS, Q3 2024 earnings at $0.25 EPS and FY2024 earnings at $1.25 EPS.

Several other equities analysts have also issued reports on PARA. Needham & Company LLC lowered Paramount Global from a buy rating to a hold rating in a research report on Tuesday, April 30th. StockNews.com lowered shares of Paramount Global from a hold rating to a sell rating in a report on Tuesday, April 30th. Moffett Nathanson raised shares of Paramount Global from a sell rating to a neutral rating and set a $13.00 price target on the stock in a research report on Tuesday, January 9th. Redburn Atlantic cut shares of Paramount Global from a neutral rating to a sell rating and lowered their price objective for the company from $17.00 to $11.00 in a research report on Thursday, January 11th. Finally, JPMorgan Chase & Co. reduced their target price on Paramount Global from $13.00 to $12.00 and set an underweight rating on the stock in a report on Thursday, April 4th. Ten investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Paramount Global has an average rating of Hold and an average price target of $13.58.

Paramount Global Stock Down 7.0 %

Shares of NASDAQ:PARA opened at $12.89 on Thursday. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.29 and a quick ratio of 1.17. The stock has a market cap of $8.41 billion, a price-to-earnings ratio of -85.93, a P/E/G ratio of 0.39 and a beta of 1.74. The company has a 50 day moving average of $11.55 and a 200-day moving average of $12.89. Paramount Global has a one year low of $10.12 and a one year high of $19.04.

Paramount Global (NASDAQ:PARA) last released its earnings results on Monday, April 29th. The company reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.28. The firm had revenue of $7.69 billion during the quarter, compared to analyst estimates of $7.73 billion. Paramount Global had a negative net margin of 0.15% and a positive return on equity of 3.35%. The business’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.09 EPS. On average, sell-side analysts forecast that Paramount Global will post 1.32 earnings per share for the current year.

Paramount Global Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 17th will be given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.55%. The ex-dividend date of this dividend is Monday, June 17th. Paramount Global’s dividend payout ratio (DPR) is currently -133.32%.

Institutional Investors Weigh In On Paramount Global

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wittenberg Investment Management Inc. increased its position in shares of Paramount Global by 29.4% in the first quarter. Wittenberg Investment Management Inc. now owns 378,711 shares of the company’s stock valued at $4,457,000 after acquiring an additional 86,000 shares during the last quarter. Carson Advisory Inc. increased its position in shares of Paramount Global by 3.7% during the 1st quarter. Carson Advisory Inc. now owns 51,457 shares of the company’s stock worth $606,000 after purchasing an additional 1,827 shares during the last quarter. GSA Capital Partners LLP raised its stake in shares of Paramount Global by 48.6% during the 1st quarter. GSA Capital Partners LLP now owns 153,803 shares of the company’s stock worth $1,810,000 after purchasing an additional 50,329 shares in the last quarter. Financial Counselors Inc. raised its stake in shares of Paramount Global by 22.0% during the 1st quarter. Financial Counselors Inc. now owns 808,266 shares of the company’s stock worth $9,513,000 after purchasing an additional 145,773 shares in the last quarter. Finally, Daiwa Securities Group Inc. boosted its holdings in shares of Paramount Global by 14.5% in the 1st quarter. Daiwa Securities Group Inc. now owns 48,621 shares of the company’s stock valued at $572,000 after buying an additional 6,151 shares during the last quarter. 73.00% of the stock is owned by institutional investors.

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.