Guggenheim Trims Paramount Global (NASDAQ:PARA) Target Price to $14.00

Paramount Global (NASDAQ:PARA) had its price target reduced by Guggenheim from $19.00 to $14.00 in a report published on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also recently issued research reports about the company. Benchmark reaffirmed a buy rating and issued a $19.00 price target on shares of Paramount Global in a report on Friday, August 9th. StockNews.com lowered Paramount Global from a hold rating to a sell rating in a research note on Saturday, September 14th. Wolfe Research downgraded shares of Paramount Global from a peer perform rating to an underperform rating and set a $10.00 price target on the stock. in a research note on Tuesday, July 9th. JPMorgan Chase & Co. dropped their price objective on shares of Paramount Global from $12.00 to $11.00 and set an underweight rating for the company in a research note on Thursday, August 15th. Finally, The Goldman Sachs Group initiated coverage on shares of Paramount Global in a report on Tuesday, June 25th. They set a sell rating and a $9.50 price objective for the company. Ten investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $12.18.

Paramount Global Stock Up 1.2 %

PARA opened at $10.79 on Wednesday. Paramount Global has a 1-year low of $9.54 and a 1-year high of $17.50. The business has a 50 day moving average of $10.71 and a 200-day moving average of $11.31. The stock has a market capitalization of $7.19 billion, a price-to-earnings ratio of -71.93, a P/E/G ratio of 0.58 and a beta of 1.75. The company has a current ratio of 1.30, a quick ratio of 1.15 and a debt-to-equity ratio of 0.85.

Paramount Global (NASDAQ:PARA) last posted its quarterly earnings results 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 company had revenue of $6.81 billion for the quarter, compared to analyst estimates of $7.21 billion. Paramount Global had a negative net margin of 17.62% and a positive return on equity of 4.88%. As a group, sell-side analysts anticipate that Paramount Global will post 1.57 earnings per share for the current year.

Paramount Global Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.85%. The ex-dividend date of this dividend is Monday, December 16th. Paramount Global’s dividend payout ratio is presently -133.32%.

Institutional Trading of Paramount Global

Several hedge funds have recently modified their holdings of PARA. Atlas Capital Advisors LLC acquired a new position in Paramount Global during the 2nd quarter worth $35,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of Paramount Global during the second quarter valued at $43,000. Newbridge Financial Services Group Inc. acquired a new position in shares of Paramount Global during the fourth quarter valued at $44,000. SageView Advisory Group LLC bought a new position in Paramount Global in the first quarter valued at about $56,000. Finally, GAMMA Investing LLC increased its position in Paramount Global by 22.8% in the second quarter. GAMMA Investing LLC now owns 5,742 shares of the company’s stock worth $60,000 after purchasing an additional 1,067 shares during the period. 73.00% of the stock is owned by institutional investors.

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.