Paramount Global (NASDAQ:PARA – Get Free Report)’s stock price hit a new 52-week low during mid-day trading on Tuesday after Guggenheim lowered their price target on the stock from $21.00 to $19.00. Guggenheim currently has a buy rating on the stock. Paramount Global traded as low as $12.20 and last traded at $12.25, with a volume of 5388885 shares trading hands. The stock had previously closed at $12.59.
Other research analysts have also issued research reports about the company. UBS Group dropped their target price on Paramount Global from $15.00 to $14.00 in a research report on Wednesday, July 5th. Benchmark lifted their price target on shares of Paramount Global from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Tuesday, August 8th. Citigroup decreased their price target on shares of Paramount Global from $22.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, August 15th. Needham & Company LLC reaffirmed a “buy” rating and set a $28.00 price target on shares of Paramount Global in a research note on Tuesday, August 8th. Finally, Raymond James initiated coverage on shares of Paramount Global in a research note on Monday, September 18th. They set a “market perform” rating for the company. Eight investment analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Paramount Global has an average rating of “Hold” and an average price target of $19.00.
Hedge Funds Weigh In On Paramount Global
Institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. grew its holdings in shares of Paramount Global by 30.4% during the first quarter. BlackRock Inc. now owns 54,882,034 shares of the company’s stock valued at $1,224,418,000 after buying an additional 12,783,448 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in Paramount Global in the fourth quarter valued at $63,624,000. Armistice Capital LLC boosted its holdings in Paramount Global by 168.8% in the fourth quarter. Armistice Capital LLC now owns 4,300,000 shares of the company’s stock valued at $72,584,000 after purchasing an additional 2,700,000 shares during the last quarter. Contrarius Investment Management Ltd boosted its holdings in Paramount Global by 33.2% in the second quarter. Contrarius Investment Management Ltd now owns 10,351,771 shares of the company’s stock valued at $164,697,000 after purchasing an additional 2,579,501 shares during the last quarter. Finally, Ariel Investments LLC boosted its holdings in Paramount Global by 35.4% in the second quarter. Ariel Investments LLC now owns 9,599,136 shares of the company’s stock valued at $152,722,000 after purchasing an additional 2,512,163 shares during the last quarter. 72.39% of the stock is owned by hedge funds and other institutional investors.
Paramount Global Stock Performance
The company has a debt-to-equity ratio of 0.70, a current ratio of 1.17 and a quick ratio of 1.02. The company has a market capitalization of $7.96 billion, a PE ratio of -6.70, a price-to-earnings-growth ratio of 4.97 and a beta of 1.68. The firm’s fifty day simple moving average is $14.36 and its 200 day simple moving average is $16.75.
Paramount Global (NASDAQ:PARA – Get Free Report) last issued its quarterly earnings data on Monday, August 7th. The company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.11. The business had revenue of $7.62 billion during the quarter, compared to the consensus estimate of $7.44 billion. Paramount Global had a negative net margin of 3.89% and a positive return on equity of 2.15%. The company’s revenue was down 2.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.64 earnings per share. On average, research analysts predict that Paramount Global will post 0.46 EPS for the current year.
Paramount Global Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 15th were given a $0.05 dividend. The ex-dividend date was Thursday, September 14th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.64%. Paramount Global’s dividend payout ratio (DPR) is currently -10.64%.
About Paramount Global
Paramount Global operates as a media and entertainment company worldwide. The company operates through TV Media, Direct-to-Consumer, and Filmed Entertainment segments. Its TV Media segment operates domestic and international broadcast networks, including CBS Television Network, Network 10, Channel 5, Telefe, and Chilevisión; and cable networks comprising Paramount Media Networks, Nickelodeon, BET Media Group, and CBS Sports.