Bank of New York Mellon Corp Buys Shares of 1,420,123 Paramount Skydance Corporation $PSKY

Key Points

• Bank of New York Mellon acquired 1.42 million Paramount Skydance shares worth approximately $14 million, representing 0.13% of the company. Institutional investors and hedge funds collectively own 73% of PSKY.
• Paramount Skydance reported quarterly EPS of $0.18, beating estimates of $0.15, on revenue of $6.91 billion. The company also declared a quarterly dividend of $0.05 per share, yielding about 1.9% annually.
• Analyst sentiment remains cautious: the stock has an average “Reduce” rating and an average price target of $11.38, while PSKY recently traded at $10.55 after declining 3.3%.

Bank of New York Mellon Corp purchased a new stake in Paramount Skydance Corporation (NASDAQ:PSKY - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,420,123 shares of the company's stock, valued at approximately $14,002,000. Bank of New York Mellon Corp owned 0.13% of Paramount Skydance as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Gradient Investments LLC acquired a new stake in Paramount Skydance in the second quarter worth $2,062,000. Vanguard Group Inc. grew its holdings in shares of Paramount Skydance by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 36,006,077 shares of the company's stock valued at $482,481,000 after buying an additional 132,613 shares during the period. Financiere des Professionnels Fonds d investissement inc. bought a new stake in shares of Paramount Skydance in the 1st quarter valued at $1,623,000. Corrado Advisors LLC bought a new stake in shares of Paramount Skydance in the 1st quarter valued at $1,254,000. Finally, LTS Liquid Investments LLC raised its stake in Paramount Skydance by 68.7% during the 1st quarter. LTS Liquid Investments LLC now owns 2,030,591 shares of the company's stock worth $18,316,000 after buying an additional 827,248 shares during the period. 73.00% of the stock is owned by institutional investors and hedge funds.

Paramount Skydance Stock Down 3.3%

PSKY stock opened at $10.55 on Wednesday. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.04 and a quick ratio of 0.88. The stock has a market capitalization of $11.84 billion, a P/E ratio of 36.38, a P/E/G ratio of 0.73 and a beta of 1.50. Paramount Skydance Corporation has a fifty-two week low of $7.62 and a fifty-two week high of $20.86. The business has a 50-day moving average of $9.50 and a 200-day moving average of $10.13.

Paramount Skydance (NASDAQ:PSKY - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.15 by $0.03. Paramount Skydance had a negative net margin of 2.13% and a positive return on equity of 4.11%. The business had revenue of $6.91 billion during the quarter. On average, sell-side analysts anticipate that Paramount Skydance Corporation will post 0.56 earnings per share for the current fiscal year.

Paramount Skydance Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be issued a $0.05 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.20 annualized dividend and a dividend yield of 1.9%. Paramount Skydance's dividend payout ratio (DPR) is presently 68.97%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on PSKY shares. Arete Research reissued a "sell" rating and issued a $2.00 target price on shares of Paramount Skydance in a research note on Thursday, July 9th. Weiss Ratings upgraded Paramount Skydance from a "sell (d-)" rating to a "sell (d)" rating in a report on Thursday, August 6th. Guggenheim decreased their price objective on Paramount Skydance from $14.00 to $12.00 and set a "neutral" rating for the company in a research report on Tuesday, May 5th. TD Cowen lowered their target price on Paramount Skydance from $13.00 to $8.00 and set a "hold" rating for the company in a research note on Wednesday, August 5th. Finally, Benchmark lowered their target price on Paramount Skydance from $19.00 to $16.00 and set a "buy" rating for the company in a research note on Wednesday, August 5th. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and eight have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Paramount Skydance has an average rating of "Reduce" and an average price target of $11.38.

Paramount Skydance Profile

Paramount Skydance Media Group Nasdaq: PSKY is a media and entertainment company created through the proposed combination of Paramount Global’s filmed entertainment and streaming operations with Skydance Media, a privately held content studio. The combined business will encompass the development, production and distribution of feature films, television programming and digital content, drawing on a library of legacy Paramount Pictures franchises alongside Skydance’s blockbuster tentpoles and animation slate.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source