Palestra Capital Management LLC Acquires Shares of 1,298,000 Paramount Skydance Corporation $PSKY

Key Points

• Palestra Capital Management acquired 1.298 million Paramount Skydance shares worth approximately $12.8 million, representing about 0.12% of the company and 0.4% of its portfolio. Institutional investors collectively own 73% of PSKY.
• Paramount Skydance reported quarterly EPS of $0.18, exceeding the $0.15 analyst consensus, on revenue of $6.91 billion. The company also declared a quarterly dividend of $0.05, equivalent to a 1.9% annualized yield.
• Analyst sentiment remains cautious: PSKY has a consensus “Reduce” rating, with eight Sell, five Hold, and two Buy ratings, and an average price target of $11.38 versus a recent share price of $10.74.

Palestra Capital Management LLC bought a new stake in shares of Paramount Skydance Corporation (NASDAQ:PSKY - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 1,298,000 shares of the company's stock, valued at approximately $12,798,000. Paramount Skydance accounts for approximately 0.4% of Palestra Capital Management LLC's portfolio, making the stock its 21st biggest holding. Palestra Capital Management LLC owned about 0.12% of Paramount Skydance as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. CYBER HORNET ETFs LLC bought a new position in Paramount Skydance in the 3rd quarter valued at about $25,000. Kelleher Financial Advisors bought a new position in Paramount Skydance in the third quarter valued at approximately $32,000. Huntington National Bank increased its stake in Paramount Skydance by 108.2% in the fourth quarter. Huntington National Bank now owns 2,259 shares of the company's stock valued at $30,000 after acquiring an additional 1,174 shares during the last quarter. Larson Financial Group LLC raised its position in Paramount Skydance by 539.3% during the fourth quarter. Larson Financial Group LLC now owns 2,295 shares of the company's stock valued at $31,000 after purchasing an additional 1,936 shares in the last quarter. Finally, Golden State Wealth Management LLC raised its position in Paramount Skydance by 317.3% during the fourth quarter. Golden State Wealth Management LLC now owns 2,863 shares of the company's stock valued at $38,000 after purchasing an additional 2,177 shares in the last quarter. Institutional investors own 73.00% of the company's stock.

Paramount Skydance Trading Up 0.7%

NASDAQ PSKY opened at $10.74 on Thursday. The company has a market cap of $12.05 billion, a price-to-earnings ratio of 37.03, a price-to-earnings-growth ratio of 0.71 and a beta of 1.45. Paramount Skydance Corporation has a twelve month low of $7.62 and a twelve month high of $20.86. The company has a quick ratio of 0.88, a current ratio of 1.04 and a debt-to-equity ratio of 1.13. The business's fifty day moving average is $9.42 and its 200 day moving average is $10.13.

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

Paramount Skydance Dividend Announcement

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

Analysts Set New Price Targets

A number of equities research analysts have weighed in on PSKY shares. UBS Group reduced their target price on Paramount Skydance from $10.00 to $8.00 and set a "sell" rating on the stock in a report on Wednesday, August 5th. Weiss Ratings raised Paramount Skydance from a "sell (d-)" rating to a "sell (d)" rating in a research note on Thursday, August 6th. Morgan Stanley upgraded Paramount Skydance from an "underweight" rating to an "overweight" rating and lifted their target price for the company from $11.00 to $14.00 in a research report on Thursday, April 30th. Benchmark dropped their target price on shares of Paramount Skydance from $19.00 to $16.00 and set a "buy" rating for the company in a report on Wednesday, August 5th. Finally, Guggenheim reduced their price target on shares of Paramount Skydance from $14.00 to $12.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 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 stock. According to data from MarketBeat, Paramount Skydance presently has a consensus rating of "Reduce" and an average price target of $11.38.

Paramount Skydance Company 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.

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