1,298,000 Shares in Paramount Skydance Corporation $PSKY Bought by Palestra Capital Management LLC

Palestra Capital Management LLC bought a new position in shares of Paramount Skydance Corporation (NASDAQ:PSKY) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund bought 1,298,000 shares of the company’s stock, valued at approximately $12,798,000. Paramount Skydance accounts for 0.4% of Palestra Capital Management LLC’s holdings, making the stock its 21st biggest holding.

A number of other institutional investors have also recently made changes to their positions in the stock. State Street Corp bought a new position in shares of Paramount Skydance during the third quarter worth about $524,371,000. Invesco Ltd. bought a new stake in Paramount Skydance in the third quarter valued at approximately $288,551,000. Contrarius Group Holdings Ltd boosted its holdings in Paramount Skydance by 52.9% in the fourth quarter. Contrarius Group Holdings Ltd now owns 15,088,097 shares of the company’s stock valued at $202,180,000 after acquiring an additional 5,221,622 shares during the last quarter. Amundi acquired a new stake in Paramount Skydance during the 3rd quarter valued at approximately $80,539,000. Finally, Deutsche Bank AG increased its position in Paramount Skydance by 185.9% during the 4th quarter. Deutsche Bank AG now owns 5,573,970 shares of the company’s stock valued at $74,691,000 after purchasing an additional 3,624,388 shares during the period. Institutional investors own 73.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Wells Fargo & Company dropped their price target on shares of Paramount Skydance from $8.00 to $7.00 and set an “underweight” rating on the stock in a research report on Tuesday, May 5th. Morgan Stanley upgraded shares of Paramount Skydance from an “underweight” rating to an “overweight” rating and increased their price objective for the stock 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 on the stock in a report on Wednesday, August 5th. Guggenheim cut 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 report on Tuesday, May 5th. Finally, TD Cowen decreased their price target on Paramount Skydance from $13.00 to $8.00 and set a “hold” rating for the company in a report on Wednesday, August 5th. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and eight have issued a Sell rating to the company. According to data from MarketBeat, Paramount Skydance presently has an average rating of “Reduce” and a consensus target price of $11.38.

Paramount Skydance Price Performance

Shares of PSKY opened at $10.74 on Thursday. The firm has a market cap of $12.05 billion, a PE ratio of 37.03, a price-to-earnings-growth ratio of 0.71 and a beta of 1.45. Paramount Skydance Corporation has a 52-week low of $7.62 and a 52-week high of $20.86. The business’s 50 day moving average price is $9.42 and its two-hundred day moving average price is $10.13. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.88 and a current ratio of 1.04.

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

Paramount Skydance Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders 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 presently 68.97%.

About Paramount Skydance

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.