Paramount Global, a leading company in the entertainment industry, saw its stock open at $15.91 on Monday, July 3, 2023. With a market capitalization of $10.37 billion, Paramount Global has been under scrutiny by equities analysts due to its recent financial performance.
The company’s stock has experienced volatility over the past year, ranging from a 12-month low of $13.80 to a high of $27.49. This fluctuation may have contributed to the divide among analysts’ opinions on PARA stock. While some experts have recommended buying shares, others have urged caution or even suggested selling.
Deutsche Bank Aktiengesellschaft reduced their price target for Paramount Global from $28.00 to $25.00 and issued a “buy” rating for the company in May 2023. On the other hand, StockNews.com gave a “sell” rating when they began coverage of Paramount Global earlier in May 2023. Bank of America was more optimistic, upgrading their rating from “neutral” to “buy” and raising the price target from $24.00 to $32.00 in March 2023.
Further adding to the confusion surrounding PARAM stock is Barclays’ decision to lower their target price from $15.00 to $13.00 in May 2023. However, Wolfe Research delivered an unexpected twist by upgrading Paramount Global’s rating from “underperform” to “peer perform” at the end of May.
As it stands, nine analysts advise selling PARA stock, four recommend holding it, and six advocate buying it – reflecting an overall pessimistic sentiment towards the company’s outlook. The average target price determined by Bloomberg.com sits at $20.70.
In news that caught investors’ attention and may influence future forecasts for Paramount Global, Director Shari Redstone recently acquired 165,000 shares of PARA stock on May 16th. The transaction was completed at an average price of $15.06 per share, resulting in a total value of $2,484,900.00. Redstone now holds 577,064 shares valued at $8,690,583.84.
The acquisition by the director raised eyebrows and instilled confidence among some investors, as insiders owning sizable stakes in a company often signal positive expectations for its performance. This purchase was disclosed to the Securities & Exchange Commission, highlighting transparency and adherence to regulatory requirements.
Paramount Global last reported its quarterly earnings on May 4th, 2023. Despite reporting an EPS of $0.09 for the quarter, which fell below analysts’ consensus estimate of $0.12 by ($0.03), Paramount Global exhibited a positive return on equity of 3.64%. However, it faced challenges with a negative net margin of 1.49%. Additionally, the company’s revenue for the quarter stood at $7.27 billion compared to analysts’ expectations of $7.42 billion – representing a modest decline of 0.9% year-over-year.
With PARAM stock’s current performance and fluctuating opinions from equities analysts, investors are eagerly awaiting upcoming updates and financial releases from Paramount Global to gain more clarity on the company’s direction and prospects in the ever-evolving entertainment industry landscape.
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Paramount Global’s Q3 2023 Earnings Forecast Revised Upward, Garnering Investor Confidence
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”PARA” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]Paramount Global Forecasts Positive Earnings Growth for Q3 2023
Date: July 3, 2023
Introduction
Equity researchers at KeyCorp have raised their Q3 2023 earnings per share (EPS) estimates for Paramount Global (NASDAQ: PARA), a renowned global company. The revised estimates suggest improved profitability, with the anticipated earnings per share now projected to reach $0.23 for the quarter. This represents an increase from the previous estimate of $0.20 per share. The consensus estimate for Paramount Global’s full-year earnings stands at $0.63 per share.
Investor Actions and Market Impact
Several major investors have recently made notable adjustments to their holdings in Paramount Global, signaling their confidence in the company’s prospects. General Partner Inc., for instance, acquired a new position in the company’s shares during the fourth quarter of last year, amounting to approximately $27,000 in value.
Furthermore, Capital Advisors Ltd. LLC demonstrated its strong belief in Paramount Global by increasing its stake by an impressive 130% during the first quarter of this year. The firm now owns 1,212 shares valued at $27,000 after acquiring an additional 685 shares.
Armstrong Advisory Group Inc., another notable investor, displayed faith in Paramount Global’s future growth potential by purchasing a new position worth about $28,000 during the fourth quarter of last year.
Additionally, Annapolis Financial Services LLC significantly bolstered its stake in Paramount Global by 404.9% during the same period. By acquiring an extra 1,316 shares through aggressive investment strategies, they currently own a total of 1,641 shares valued at $28,000.
Lastly, Grey Fox Wealth Advisors LLC entered the fray by initiating a new position amounting to approximately $29,000 during the fourth quarter of last year.
Overall Performance and Institutional Investment
As it stands today, institutional investors and hedge funds own an impressive 77.42% of Paramount Global’s stock. This extensive interest from large financial institutions indicates a high level of confidence in the company’s market potential, growth prospects, and financial stability.
Paramount Global is renowned for its global presence and strong performance across various sectors. Its business operations span multiple industries, including entertainment, media, and technology. The company has established itself as a leader in delivering high-quality content to millions of consumers worldwide.
Future Outlook
With the recent positive forecast revision for Q3 2023 earnings by KeyCorp analysts, there is growing anticipation that Paramount Global will continue to thrive in the coming months. The bolstered EPS estimates reflect an optimistic outlook for sustained growth and profitability.
Clearly, both individual and institutional investors recognize Paramount Global’s potential, as demonstrated by their significant investments within the past year. This accumulation of stakes serves as a testament to the confidence placed in the company’s future performance.
As we move further into 2023 and beyond, all eyes will be on Paramount Global as it strives to deliver compelling content and innovative solutions to its global audience while continuing to provide value to its shareholders.
Disclaimer: The information provided here is solely for informational purposes and should not be regarded as financial advice or a recommendation to invest in Paramount Global or any other securities. Investors should conduct thorough research and seek professional guidance before making any investment decisions based on this article.
