5 Best Broadcasting Stocks To Buy

In this article, we discuss 5 best broadcasting stocks to buy. If you want to see more stocks in this selection, check out 14 Best Broadcasting Stocks To Buy. 

5. Paramount Global (NASDAQ:PARA)

Number of Hedge Fund Holders: 38

Paramount Global (NASDAQ:PARA) is a global media and entertainment company that operates through three segments – TV Media, Direct-to-Consumer, and Filmed Entertainment. The TV Media segment manages various domestic and international broadcast networks, including CBS Television Network, Network 10, Channel 5, Telefe, and Chilevisión. Additionally, it oversees cable networks such as Paramount Media Networks, Nickelodeon, BET Media Group, and CBS Sports. It is one of the best broadcasting stocks to consider. 

On April 14, Wells Fargo analyst Steven Cahall revised down the firm’s estimate for Paramount Global (NASDAQ:PARA)’s advertising revenue in the first quarter by 1% to $2.6 billion, representing an 8% decrease compared to the previous year. The analyst noted that the firm’s estimate is now 3% lower than the consensus forecast for overall advertising, including 2% lower at TV Media and 5% lower at Direct-to-Consumer (DTC). The analyst also highlighted reports suggesting that Paramount Global (NASDAQ:PARA) is considering selling majority stakes in Noggin and BET Group, along with the ongoing sale of Simon & Schuster, as an indication of financial strain on the company’s balance sheet. As a result, Wells Fargo maintained an Underweight rating on Paramount shares, with a price target of $11.

According to Insider Monkey’s fourth quarter database, 38 hedge funds were bullish on Paramount Global (NASDAQ:PARA), compared to 40 funds in the prior quarter. Warren Buffett’s Berkshire Hathaway is the largest stakeholder of the company, with 93.6 million shares worth $1.5 billion.