5 Best Stocks to Buy Now According to Billionaire Marc Lasry’s Avenue Capital

4. Paramount Global (NASDAQ:PARA)

Avenue Capital’s Stake Value: $11,921,000

Percentage of Avenue Capital’s 13F Portfolio: 5.9%

Number of Hedge Fund Holders: 40

Paramount Global (NASDAQ:PARA) is a global media and entertainment company. It distributes a schedule of news and public affairs broadcasts, alongside sports and entertainment programming. The company was formerly known as ViacomCBS Inc. and changed its name to Paramount Global (NASDAQ:PARA) this February.

Jason Bazinet, an analyst at Citigroup, holds a Buy rating on shares of Paramount Global (NASDAQ:PARA) as of this July, alongside a price target of $37. This rating and price target imply upside potential harbored by the stock, making Paramount Global (NASDAQ:PARA) one of the top stock picks for billionaire Marc Lasry’s Avenue Capital.

This July, Guggenheim analyst Michael Morris boosted second-quarter expectations for Paramount Global’s (NASDAQ:PARA) operating income to $903 million. The raise came in light of the company’s Filmed Entertainment segment which brought in $570.7 million in domestic grosses through the success of the American film Top Gun: Maverick. Morris holds a Buy rating on Paramount Global (NASDAQ:PARA) shares as of July 2022.

There were 40 hedge funds holding stakes in Paramount Global (NASDAQ:PARA) in the first quarter, with a total stake value of $3.4 billion. In the previous quarter, 64 hedge funds were long the stock, with a total stake value of about $1 billion.