Rosenblatt Securities Reiterates Neutral Rating for Paramount Global (NASDAQ:PARA)

Paramount Global (NASDAQ:PARA)‘s stock had its “neutral” rating reissued by equities research analysts at Rosenblatt Securities in a research note issued on Tuesday, Benzinga reports. They presently have a $13.00 price target on the stock. Rosenblatt Securities’ price objective suggests a potential upside of 23.81% from the company’s current price.

A number of other research firms have also weighed in on PARA. Morgan Stanley reduced their price objective on shares of Paramount Global from $11.00 to $10.00 and set an “underweight” rating for the company in a research note on Tuesday, February 27th. Wells Fargo & Company upgraded shares of Paramount Global from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $15.00 to $18.00 in a research note on Wednesday, December 20th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Paramount Global from $20.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, February 28th. Wolfe Research upgraded shares of Paramount Global from an “underperform” rating to a “peer perform” rating in a research note on Thursday, April 4th. Finally, Redburn Atlantic lowered shares of Paramount Global from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $17.00 to $11.00 in a research note on Thursday, January 11th. Eight research analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Paramount Global currently has an average rating of “Hold” and a consensus price target of $13.79.

Paramount Global Stock Down 4.3 %

Shares of Paramount Global stock opened at $10.50 on Tuesday. Paramount Global has a 1 year low of $10.12 and a 1 year high of $24.00. The company has a 50-day moving average of $11.88 and a 200 day moving average of $12.93. The firm has a market cap of $6.85 billion, a price-to-earnings ratio of -10.29, a PEG ratio of 0.41 and a beta of 1.77. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.32 and a quick ratio of 1.17.

Paramount Global (NASDAQ:PARA) last released its quarterly earnings data on Wednesday, February 28th. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.09. The business had revenue of $7.64 billion during the quarter, compared to analyst estimates of $7.80 billion. Paramount Global had a negative net margin of 2.05% and a positive return on equity of 1.78%. Paramount Global’s revenue was down 6.1% compared to the same quarter last year. During the same period last year, the business earned $0.08 EPS. As a group, sell-side analysts anticipate that Paramount Global will post 1.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Paramount Global

Several large investors have recently added to or reduced their stakes in the company. Tokio Marine Asset Management Co. Ltd. lifted its holdings in Paramount Global by 5.5% during the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 14,855 shares of the company’s stock valued at $220,000 after purchasing an additional 769 shares in the last quarter. Highlander Capital Management LLC lifted its holdings in Paramount Global by 13.4% during the fourth quarter. Highlander Capital Management LLC now owns 7,210 shares of the company’s stock valued at $107,000 after purchasing an additional 850 shares in the last quarter. Vident Advisory LLC lifted its holdings in Paramount Global by 5.9% during the fourth quarter. Vident Advisory LLC now owns 15,461 shares of the company’s stock valued at $229,000 after purchasing an additional 867 shares in the last quarter. Kestra Private Wealth Services LLC lifted its holdings in shares of Paramount Global by 3.1% in the fourth quarter. Kestra Private Wealth Services LLC now owns 29,171 shares of the company’s stock worth $431,000 after buying an additional 879 shares in the last quarter. Finally, Arizona State Retirement System lifted its holdings in shares of Paramount Global by 0.7% in the fourth quarter. Arizona State Retirement System now owns 134,210 shares of the company’s stock worth $1,985,000 after buying an additional 887 shares in the last quarter. Hedge funds and other institutional investors 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.