Paramount Global (NASDAQ:PARA) Given New $14.00 Price Target at Wells Fargo & Company

Paramount Global (NASDAQ:PARA) had its price target lowered by Wells Fargo & Company from $15.00 to $14.00 in a research report sent to investors on Tuesday morning, Benzinga reports. The firm currently has an equal weight rating on the stock.

Several other equities analysts have also recently commented on PARA. Wolfe Research upgraded Paramount Global from an underperform rating to a peer perform rating in a research note on Thursday, April 4th. Redburn Atlantic lowered Paramount Global from a neutral rating to a sell rating and dropped their price target for the company from $17.00 to $11.00 in a research report on Thursday, January 11th. Benchmark reissued a buy rating and set a $19.00 price target on shares of Paramount Global in a research report on Tuesday. JPMorgan Chase & Co. dropped their price target on Paramount Global from $13.00 to $12.00 and set an underweight rating on the stock in a research report on Thursday, April 4th. Finally, Raymond James reissued a market perform rating on shares of Paramount Global in a research report on Tuesday, March 26th. Nine analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Paramount Global presently has a consensus rating of Hold and an average target price of $13.58.

Paramount Global Stock Performance

Paramount Global stock opened at $11.39 on Tuesday. The stock has a market cap of $7.43 billion, a P/E ratio of -11.17, a price-to-earnings-growth ratio of 0.42 and a beta of 1.77. The company has a current ratio of 1.32, a quick ratio of 1.17 and a debt-to-equity ratio of 0.63. The stock has a 50 day moving average of $11.48 and a 200-day moving average of $12.88. Paramount Global has a 52 week low of $10.12 and a 52 week high of $24.00.

Paramount Global (NASDAQ:PARA) last released its earnings results on Monday, April 29th. The company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.34 by $0.28. The company had revenue of $7.69 billion during the quarter, compared to analysts’ expectations of $7.73 billion. Paramount Global had a positive return on equity of 1.78% and a negative net margin of 2.05%. The business’s revenue was up 5.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.09 EPS. On average, analysts expect that Paramount Global will post 1.19 EPS for the current fiscal year.

Paramount Global Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 17th will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.76%. The ex-dividend date of this dividend is Monday, June 17th. Paramount Global’s dividend payout ratio (DPR) is -19.61%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Kodai Capital Management LP bought a new position in Paramount Global during the fourth quarter valued at about $84,842,000. Norges Bank bought a new position in Paramount Global during the fourth quarter valued at about $41,497,000. Lingotto Investment Management LLP boosted its stake in Paramount Global by 375.8% during the fourth quarter. Lingotto Investment Management LLP now owns 3,263,978 shares of the company’s stock valued at $48,388,000 after buying an additional 2,577,978 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Paramount Global by 15.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 13,299,798 shares of the company’s stock valued at $171,567,000 after buying an additional 1,767,173 shares in the last quarter. Finally, Ariel Investments LLC boosted its stake in Paramount Global by 18.0% during the third quarter. Ariel Investments LLC now owns 11,330,850 shares of the company’s stock valued at $146,168,000 after buying an additional 1,731,714 shares in the last quarter. 73.00% of the stock is owned by institutional investors and hedge funds.

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.