Here’s Why Matrix’s LCV is Holding Paramount Global (PARA)

Matrix Asset Advisors, an asset management company, released its first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter of 2023, the stock market rallied despite the fall in banking sector stocks. In the first quarter, Matrix’s Large Cap Value Portfolio posted a strong mid-high-single digit return which is in line with the S&P 500 Index and well ahead of the Russell 1000 Value Index. While the Dividend Income strategy, after a good year in 2022, lagged behind both indexes in the first quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Matrix Asset Advisors highlighted stocks like Paramount Global (NASDAQ:PARA) in the first quarter 2023 investor letter. Headquartered in New York, New York, Paramount Global (NASDAQ:PARA) is a media and entertainment company. On May 5, 2023, Paramount Global (NASDAQ:PARA) stock closed at $16.86 per share. One-month return of Paramount Global (NASDAQ:PARA) was -24.39%, and its shares lost 38.56% of their value over the last 52 weeks. Paramount Global (NASDAQ:PARA) has a market capitalization of $11.094 billion.

Matrix Asset Advisors made the following comment about Paramount Global (NASDAQ:PARA) in its Q1 2023 investor letter:

“We sold our position in Kimberly-Clark to fund better investment opportunities and our holding in Paramount Global (NASDAQ:PARA) over our concerns about the level of the dividend during a peak spending year for the company as it invests in its streaming business, which is showing strong growth. We believe that Paramount Global will be successful as an independent company or acquired by someone else for its valuable assets and media franchise. We continue to own the stock in our LCV portfolios for its meaningful appreciation potential but concluded that at this time it was not an appropriate holding for our Dividend strategy.”

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Paramount Global (NASDAQ:PARA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 38 hedge fund portfolios held Paramount Global (NASDAQ:PARA) at the end of the fourth quarter which was 40 in the previous quarter. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.