Warren Buffett is Buying the Dip on These 3 Stocks

In this article, we discuss the 3 stocks that Warren Buffett is buying on the dip. If you want to see more stocks in this selection, click Warren Buffett is Buying the Dip on These 5 Stocks. 

3. Paramount Global (NASDAQ:PARA)

Number of Hedge Fund Holders: 42

YTD Percentage Decline in Share Price as of August 18: 20.04%

Paramount Global (NASDAQ:PARA) was incorporated in 1986 and is headquartered in New York, operating as a subsidiary of National Amusements, Inc. Paramount Global (NASDAQ:PARA) is a media and entertainment company, broadcasting news and public affairs, sports, and entertainment programs. Warren Buffett purchased almost 69 million Paramount Global (NASDAQ:PARA) shares in Q1 2022, worth $2.60 billion. In Q2, Buffett increased his stake by 14% to 78.4 million shares. The stock has plummeted about 20% year to date as of August 18. 

On August 5, Morgan Stanley analyst Benjamin Swinburne lowered the price target on Paramount Global (NASDAQ:PARA) to $20 from $22 after the company’s “broadly in-line” Q2 results, with Paramount Plus net ads coming in ahead of estimates but being offset by weaker ad revenues. However, the macro ad slowdown and higher investment in streaming pushed the analyst to slash his second half outlook and maintain an Underweight rating on Paramount Global (NASDAQ:PARA) shares.

According to the June quarter hedge fund data compiled by Insider Monkey, Paramount Global (NASDAQ:PARA) was part of 42 public stock portfolios, up from 40 funds in the prior quarter. John W. Rogers’ Ariel Investments is a notable stakeholder of the company, with 6.13 million shares worth $151.4 million.