Guggenheim Cuts Paramount Global (NASDAQ:PARA) Price Target to $14.00

Paramount Global (NASDAQ:PARA) had its target price cut by Guggenheim from $19.00 to $14.00 in a research report sent to investors on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also recently issued reports on PARA. JPMorgan Chase & Co. decreased their target price on Paramount Global from $12.00 to $11.00 and set an underweight rating for the company in a report on Thursday, August 15th. StockNews.com lowered shares of Paramount Global from a hold rating to a sell rating in a research report on Saturday, September 14th. Needham & Company LLC restated a hold rating on shares of Paramount Global in a report on Friday, August 9th. Wolfe Research downgraded Paramount Global from a peer perform rating to an underperform rating and set a $10.00 price target for the company. in a report on Tuesday, July 9th. Finally, The Goldman Sachs Group started coverage on Paramount Global in a research note on Tuesday, June 25th. They set a sell rating and a $9.50 price objective on the stock. Ten research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $12.18.

Paramount Global Stock Performance

NASDAQ:PARA opened at $10.79 on Wednesday. The company has a market cap of $7.19 billion, a P/E ratio of -71.93, a P/E/G ratio of 0.58 and a beta of 1.75. The firm’s 50 day moving average is $10.71 and its two-hundred day moving average is $11.31. Paramount Global has a fifty-two week low of $9.54 and a fifty-two week high of $17.50. The company has a quick ratio of 1.15, a current ratio of 1.30 and a debt-to-equity ratio of 0.85.

Paramount Global (NASDAQ:PARA) last issued its earnings results on Thursday, August 8th. The company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.40. Paramount Global had a positive return on equity of 4.88% and a negative net margin of 17.62%. The business had revenue of $6.81 billion for the quarter, compared to analyst estimates of $7.21 billion. Analysts expect that Paramount Global will post 1.57 EPS for the current year.

Paramount Global Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 16th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.20 annualized dividend and a yield of 1.85%. Paramount Global’s dividend payout ratio is presently -133.32%.

Institutional Investors Weigh In On Paramount Global

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Lingotto Investment Management LLP lifted its position in shares of Paramount Global by 628.8% during the second quarter. Lingotto Investment Management LLP now owns 29,937,007 shares of the company’s stock worth $311,046,000 after purchasing an additional 25,829,185 shares during the last quarter. Kodai Capital Management LP bought a new position in Paramount Global during the 4th quarter worth approximately $84,842,000. Vanguard Group Inc. grew its position in shares of Paramount Global by 6.5% in the 1st quarter. Vanguard Group Inc. now owns 62,090,467 shares of the company’s stock worth $730,805,000 after acquiring an additional 3,803,928 shares in the last quarter. Capitolis Liquid Global Markets LLC bought a new stake in shares of Paramount Global in the 1st quarter valued at approximately $33,191,000. Finally, Norges Bank acquired a new stake in shares of Paramount Global during the 4th quarter valued at approximately $41,497,000. 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.