Wellington Management Group LLP Acquires Shares of 327,700 Paramount Skydance Corporation $PSKY

Wellington Management Group LLP bought a new stake in shares of Paramount Skydance Corporation (NASDAQ:PSKY) in the 2nd quarter, Holdings Channel reports. The fund bought 327,700 shares of the company’s stock, valued at approximately $3,231,000.

A number of other hedge funds and other institutional investors have also modified their holdings of PSKY. Bank of New York Mellon Corp acquired a new position in shares of Paramount Skydance in the 2nd quarter valued at approximately $14,002,000. Palestra Capital Management LLC acquired a new stake in shares of Paramount Skydance during the second quarter worth approximately $12,798,000. Gradient Investments LLC bought a new stake in shares of Paramount Skydance in the second quarter worth $2,062,000. Financiere des Professionnels Fonds d investissement inc. bought a new stake in shares of Paramount Skydance in the first quarter worth $1,623,000. Finally, Corrado Advisors LLC acquired a new stake in Paramount Skydance in the first quarter valued at $1,254,000. 73.00% of the stock is owned by hedge funds and other institutional investors.

Paramount Skydance Stock Performance

Shares of PSKY opened at $10.22 on Thursday. The stock has a market capitalization of $11.47 billion, a PE ratio of 35.24, a price-to-earnings-growth ratio of 1.03 and a beta of 1.50. The business’s fifty day moving average price is $9.62 and its 200 day moving average price is $10.14. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.04 and a quick ratio of 0.88. Paramount Skydance Corporation has a 12-month low of $7.62 and a 12-month high of $20.86.

Paramount Skydance (NASDAQ:PSKY) last released its earnings results on Tuesday, August 4th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.03. The firm 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%. Equities research analysts forecast that Paramount Skydance Corporation will post 0.56 EPS for the current 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 given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Tuesday, September 15th. Paramount Skydance’s dividend payout ratio is currently 68.97%.

Analyst Ratings Changes

A number of research analysts have commented on PSKY shares. Weiss Ratings upgraded shares of Paramount Skydance from a “sell (d-)” rating to a “sell (d)” rating in a research note on Thursday, August 6th. TD Cowen cut their target price on shares of Paramount Skydance from $13.00 to $8.00 and set a “hold” rating on the stock in a research note on Wednesday, August 5th. UBS Group reduced their price target on shares of Paramount Skydance from $10.00 to $8.00 and set a “sell” rating on the stock in a research report on Wednesday, August 5th. Benchmark decreased their price target 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. Finally, Arete Research reissued a “sell” rating and issued a $2.00 price objective on shares of Paramount Skydance in a report on Thursday, July 9th. Two equities research 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’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price 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.