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3. Paramount Global (NASDAQ:PARA)
Number of Hedge Fund Holders: 40
Percentage Increase in Share Price (YTD): 0.67%
Paramount Global (NASDAQ:PARA) is a media and entertainment firm. Latest 13F data shows that Berkshire opened a new position in the stock in the first quarter of 2022, comprising over 68 million shares worth $2.6 billion, representing 0.71% of the portfolio. On May 3, the firm posted earnings for the first quarter of 2022, reporting earnings per share of $0.60, beating market estimates by $0.08. The revenue over the period was $7.33 billion, down close to 1% compared to the revenue over the same period last year.
On May 23, Citi analyst Jason Bazinet maintained a Buy rating on Paramount Global (NASDAQ:PARA) stock and lowered the price target to $44 from $47, noting that the stock was valued on a “sum of the parts” basis.
At the end of the first quarter of 2022, 40 hedge funds in the database of Insider Monkey held stakes worth $3.4 billion in Paramount Global (NASDAQ:PARA), compared to 64 in the previous quarter worth $1 billion.
Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Ariel Investments is a leading shareholder in Paramount Global (NASDAQ:PARA), with 5.6 million shares worth more than $213 million.