Seaport Res Ptn Downgrades Paramount Global (NASDAQ:PARA) to Neutral

Paramount Global (NASDAQ:PARA) was downgraded by analysts at Seaport Res Ptn from a “buy” rating to a “neutral” rating in a report released on Thursday, 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.

PARA has been the subject of a number of other research reports. Raymond James reiterated a “market perform” rating on shares of Paramount Global in a report on Tuesday, March 26th. Benchmark reissued a “buy” rating and issued a $19.00 target price on shares of Paramount Global in a research report on Tuesday. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Paramount Global from $20.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, February 28th. Argus cut shares of Paramount Global from a “hold” rating to a “sell” rating in a report on Friday. Finally, JPMorgan Chase & Co. lowered their price target on shares of Paramount Global from $13.00 to $12.00 and set an “underweight” rating on the stock in a research note on Thursday, April 4th. Ten investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $13.58.

Paramount Global Trading Down 7.0 %

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 business’s 50-day simple moving average is $11.55 and its 200-day simple moving average is $12.89. Paramount Global has a fifty-two week low of $10.12 and a fifty-two week high of $19.04. The stock has a market capitalization of $8.41 billion, a PE ratio of -85.93, a price-to-earnings-growth ratio of 0.42 and a beta of 1.74.

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

Institutional Trading of Paramount Global

Hedge funds and other institutional investors have recently bought and sold shares of the business. Tokio Marine Asset Management Co. Ltd. lifted its position 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 worth $220,000 after purchasing an additional 769 shares during the period. Highlander Capital Management LLC raised its position in shares of Paramount Global by 13.4% in the 4th quarter. Highlander Capital Management LLC now owns 7,210 shares of the company’s stock valued at $107,000 after buying an additional 850 shares in the last quarter. Kestra Private Wealth Services LLC lifted its holdings in shares of Paramount Global by 3.1% during the 4th quarter. Kestra Private Wealth Services LLC now owns 29,171 shares of the company’s stock worth $431,000 after acquiring an additional 879 shares during the period. Arizona State Retirement System boosted its position in shares of Paramount Global by 0.7% during the 4th quarter. Arizona State Retirement System now owns 134,210 shares of the company’s stock worth $1,985,000 after acquiring an additional 887 shares in the last quarter. Finally, Cape Investment Advisory Inc. increased its stake in Paramount Global by 5.2% in the fourth quarter. Cape Investment Advisory Inc. now owns 18,014 shares of the company’s stock valued at $266,000 after acquiring an additional 889 shares during 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.