Paramount Global (NASDAQ:PARA) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Paramount Global (NASDAQ:PARA) had its target price boosted by investment analysts at Morgan Stanley from $10.00 to $11.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an “underweight” rating on the stock. Morgan Stanley’s price target points to a potential upside of 2.52% from the stock’s current price.

Several other equities analysts have also commented on PARA. Macquarie reaffirmed an “underperform” rating and set a $10.00 price target on shares of Paramount Global in a research report on Monday, November 11th. StockNews.com upgraded Paramount Global from a “sell” rating to a “hold” rating in a report on Monday, November 11th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Paramount Global in a research report on Monday, November 11th. Six investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $12.58.

Paramount Global Trading Down 1.4 %

NASDAQ:PARA opened at $10.73 on Tuesday. Paramount Global has a 52-week low of $9.54 and a 52-week high of $14.54. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.85. The stock has a fifty day simple moving average of $10.75 and a 200-day simple moving average of $10.73. The company has a market capitalization of $7.16 billion, a PE ratio of -1.31, a price-to-earnings-growth ratio of 1.58 and a beta of 1.69.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings data on Friday, November 8th. The company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.25. The business had revenue of $6.73 billion for the quarter, compared to the consensus estimate of $6.94 billion. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. The business’s revenue was down 5.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.30 earnings per share. On average, equities research analysts expect that Paramount Global will post 1.78 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Paramount Global

Large investors have recently made changes to their positions in the business. Allianz Asset Management GmbH increased its stake in Paramount Global by 48.1% during the fourth quarter. Allianz Asset Management GmbH now owns 2,425,849 shares of the company’s stock valued at $25,374,000 after acquiring an additional 787,516 shares during the period. Handelsbanken Fonder AB increased its position in shares of Paramount Global by 7.8% during the fourth quarter. Handelsbanken Fonder AB now owns 142,700 shares of the company’s stock valued at $1,493,000 after purchasing an additional 10,300 shares during the period. Ieq Capital LLC acquired a new position in shares of Paramount Global in the fourth quarter valued at $111,000. Kestra Investment Management LLC bought a new position in Paramount Global in the fourth quarter worth $175,000. Finally, CIBC Asset Management Inc boosted its stake in Paramount Global by 2.5% during the fourth quarter. CIBC Asset Management Inc now owns 85,095 shares of the company’s stock worth $890,000 after buying an additional 2,052 shares in the last quarter. Institutional investors and hedge funds own 73.00% of the company’s stock.

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.