JPMorgan Chase & Co. Downgrades Paramount Global (NASDAQ:PARA) to Underweight

JPMorgan Chase & Co. lowered shares of Paramount Global (NASDAQ:PARA – Get Rating) from a neutral rating to an underweight rating in a research note released on Friday, The Fly reports. They currently have $25.00 price objective on the stock.

A number of other analysts have also recently weighed in on the company. Evercore ISI reduced their price target on Paramount Global from $36.00 to $28.00 in a research report on Wednesday, July 27th. Barclays reduced their price target on Paramount Global from $24.00 to $20.00 and set an underweight rating for the company in a research report on Thursday, July 14th. Bank of America cut their price objective on Paramount Global from $32.00 to $28.00 and set a neutral rating for the company in a research report on Wednesday, July 6th. Wolfe Research cut Paramount Global to a sell rating and set a $24.00 price objective for the company. in a research report on Friday, June 24th. Finally, UBS Group cut their price objective on Paramount Global to $22.00 in a research report on Tuesday, July 26th. Seven research analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Paramount Global has an average rating of Hold and a consensus target price of $24.54.

Paramount Global Trading Down 4.1 %

Shares of PARA stock opened at $24.26 on Friday. Paramount Global has a 1-year low of $23.15 and a 1-year high of $42.17. The company has a quick ratio of 1.48, a current ratio of 1.47 and a debt-to-equity ratio of 0.68. The stock has a market capitalization of $15.75 billion, a P/E ratio of 4.69, a price-to-earnings-growth ratio of 1.24 and a beta of 1.55. The company’s fifty day simple moving average is $26.21.

Paramount Global (NASDAQ:PARA – Get Rating) last released its quarterly earnings data on Thursday, August 4th. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.02. The firm had revenue of $7.78 billion during the quarter, compared to analysts’ expectations of $7.55 billion. Paramount Global had a return on equity of 6.74% and a net margin of 11.60%. The business’s revenue for the quarter was up 18.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.97 earnings per share. On average, sell-side analysts predict that Paramount Global will post 2.51 EPS for the current year.

Paramount Global Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th will be issued a dividend of $0.24 per share. The ex-dividend date is Wednesday, September 14th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.96%. Paramount Global’s dividend payout ratio (DPR) is presently 18.57%.

About Paramount Global

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Paramount Global operates as a media and entertainment company worldwide. The company distributes a schedule of news and public affairs broadcasts, and sports and entertainment programming; acquires or develops, and schedules programming on the CBS Television Network that includes primetime comedies and dramas, reality, specials, kids' programs, daytime dramas, game shows, and late night programs; produces or distributes talk shows, court shows, game shows, and newsmagazines; owns and operates 29 broadcast television stations; and operates CBS Sports Network, a 24-hour cable channel that provides sports and related content, as well as streaming and cable subscription services.