Will Paramount Global (PARA) Bounce Back?

Meridian Funds, managed by ArrowMark Partners, released its “Meridian Enhanced Equity Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined -12.74% net compared to a -16.10% return for the S&P 500 Index. The portfolio strategy to mitigate capital losses helped the fund to outperform in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Meridian Funds highlighted stocks like Paramount Global (NASDAQ:PARA) in the Q3 2022 investor letter. Headquartered in New York, New York, Paramount Global (NASDAQ:PARA) is an entertainment company. On December 8, 2022, Paramount Global (NASDAQ:PARA) stock closed at $18.10 per share. One-month return of Paramount Global (NASDAQ:PARA) was -3.77%, and its shares lost 42.02% of their value over the last 52 weeks. Paramount Global (NASDAQ:PARA) has a market capitalization of $11.846 billion.

Meridian Funds made the following comment about Paramount Global (NASDAQ:PARA) in its Q3 2022 investor letter:

Paramount Global (NASDAQ:PARA), is a global media and entertainment company that operates properties in the television broadcast, cable network, and filmed entertainment industries. Previously known as ViacomCBS, its stock underperformed during the quarter as solid subscriber gains in the company’s Paramount+ streaming platform failed to satisfy analysts clamoring for sharper improvements in streaming profits. Given Paramount’s powerful combination of incomparable content—for example, its “Top Gun: Maverick” movie is a summer blockbuster—and the distribution muscle to deliver entertainment to audiences anytime and anywhere, we believe the stock has fallen too far relative to the irreplaceable nature of the company’s assets and we continue to maintain exposure.”

Biggest Film Studios in the World

Paramount Global (NASDAQ:PARA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 40 hedge fund portfolios held Paramount Global (NASDAQ:PARA) at the end of the third quarter, which was 42 in the previous quarter.

We discussed Paramount Global (NASDAQ:PARA) in another article and shared Ariel Investment’s views on the company. In addition, please check out our hedge fund investor letters Q3 2022 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.