Warren Buffett Was Right About These 3 Stocks

In this article, we discuss the 3 stocks that Warren Buffett was right about. If you want to read about some more stocks that Warren Buffett was right about, go directly to Warren Buffett Was Right About These 5 Stocks. 

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.