Matrix Asset Advisors Said Paramount Global (PARA) is “Very Undervalued”

Matrix Asset Advisors, an asset management company, released its second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, most areas of the market were down. Value and dividend strategies were protective compared to the worst-performing growth sector. The Large Cap Value Portfolio of the fund outperformed its benchmark, the S&P 500, in the second quarter but trailed the Russell 1000 Value Index. Its Matrix Dividend Income portfolio meaningfully outperformed the S&P 500 and the Russell 1000 Value Index benchmarks in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Matrix Asset Advisors Investors discussed stocks like Paramount Global (NASDAQ:PARA) in the second quarter investor letter. Headquartered in New York, New York, Paramount Global (NASDAQ:PARA) is a media and entertainment company. On September 16, 2022, Paramount Global (NASDAQ:PARA) stock closed at $22.73 per share. One-month return of Paramount Global (NASDAQ:PARA) was -7.45% and its shares lost 41.51% of their value over the last 52 weeks. Paramount Global (NASDAQ:PARA) has a market capitalization of $14.841 billion.

Here is what Matrix Asset Advisors specifically said about Paramount Global (NASDAQ:PARA) in its Q2 2022 investor letter:

“Paramount Global (NASDAQ:PARA) is a leading entertainment company providing traditional TV, movies, and streaming services. We think the company is exceptionally well managed and very undervalued, either as a standalone company or as an acquisition for another company interested in expanding its media business. Even with heavy investment spending to grow its streaming business, the company is very profitable and pays a 96-cent annual dividend, a current yield of 3.9% on June 30. Shortly after we added the shares to the portfolio, Berkshire Hathaway announced it had acquired more than a 10% stake in the company.”

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Paramount Global (NASDAQ:PARA) is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 42 hedge fund portfolios held Paramount Global (NASDAQ:PARA) at the end of the second quarter which was 40 in the previous quarter. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

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