Warner Bros. Discovery (NASDAQ:WBD) Price Target Raised to $24.00

Warner Bros. Discovery (NASDAQ:WBD) had its target price upped by Seaport Global Securities from $15.00 to $24.00 in a report released on Friday morning,MarketScreener reports. Seaport Global Securities currently has a buy rating on the stock.

Several other brokerages also recently issued reports on WBD. The Goldman Sachs Group lifted their target price on Warner Bros. Discovery from $11.50 to $13.00 and gave the company a “neutral” rating in a research note on Tuesday, September 30th. UBS Group lifted their target price on Warner Bros. Discovery from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Tuesday, July 8th. TD Cowen reissued a “hold” rating and set a $14.00 target price on shares of Warner Bros. Discovery in a research note on Tuesday, September 16th. Raymond James Financial lifted their target price on Warner Bros. Discovery from $13.00 to $22.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, Needham & Company LLC restated a “hold” rating on shares of Warner Bros. Discovery in a report on Friday, September 12th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $15.14.

Warner Bros. Discovery Stock Down 1.3%

Shares of WBD opened at $18.99 on Friday. The business’s 50 day moving average is $14.45 and its 200 day moving average is $11.54. The company has a market capitalization of $47.01 billion, a PE ratio of 63.30, a price-to-earnings-growth ratio of 2.35 and a beta of 1.73. Warner Bros. Discovery has a 12-month low of $7.25 and a 12-month high of $20.24. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.92.

Warner Bros. Discovery (NASDAQ:WBD) last issued its earnings results on Thursday, August 7th. The company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.79. The company had revenue of $9.81 billion for the quarter, compared to the consensus estimate of $9.73 billion. Warner Bros. Discovery had a return on equity of 2.14% and a net margin of 2.00%.The firm’s quarterly revenue was up 1.0% on a year-over-year basis. During the same quarter last year, the company earned ($4.07) EPS. Research analysts expect that Warner Bros. Discovery will post -4.33 earnings per share for the current fiscal year.

Insider Buying and Selling at Warner Bros. Discovery

In other news, insider Bruce Campbell sold 289,322 shares of Warner Bros. Discovery stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $16.48, for a total value of $4,768,026.56. Following the completion of the transaction, the insider owned 402,464 shares in the company, valued at approximately $6,632,606.72. The trade was a 41.82% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Anton J. Levy bought 250,000 shares of the company’s stock in a transaction dated Monday, August 11th. The stock was bought at an average price of $10.90 per share, with a total value of $2,725,000.00. Following the acquisition, the director owned 874,000 shares in the company, valued at approximately $9,526,600. This trade represents a 40.06% increase in their position. The disclosure for this purchase can be found here. Insiders sold 970,115 shares of company stock worth $17,818,490 in the last quarter. 1.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Warner Bros. Discovery

Institutional investors and hedge funds have recently modified their holdings of the stock. Voya Investment Management LLC boosted its holdings in shares of Warner Bros. Discovery by 34.9% in the 1st quarter. Voya Investment Management LLC now owns 7,035,842 shares of the company’s stock worth $75,495,000 after purchasing an additional 1,820,249 shares during the period. Bfsg LLC boosted its holdings in shares of Warner Bros. Discovery by 11.2% in the 2nd quarter. Bfsg LLC now owns 156,906 shares of the company’s stock worth $1,798,000 after purchasing an additional 15,786 shares during the period. Kingstone Capital Partners Texas LLC purchased a new position in shares of Warner Bros. Discovery in the 2nd quarter worth approximately $4,089,000. Hi Line Capital Management LLC boosted its holdings in shares of Warner Bros. Discovery by 17.8% in the 1st quarter. Hi Line Capital Management LLC now owns 597,478 shares of the company’s stock worth $6,411,000 after purchasing an additional 90,462 shares during the period. Finally, Mn Services Vermogensbeheer B.V. boosted its holdings in shares of Warner Bros. Discovery by 4.3% in the 2nd quarter. Mn Services Vermogensbeheer B.V. now owns 878,600 shares of the company’s stock worth $10,069,000 after purchasing an additional 36,100 shares during the period. Hedge funds and other institutional investors own 59.95% of the company’s stock.

Warner Bros. Discovery Company Profile

Warner Bros. Discovery, Inc operates as a media and entertainment company worldwide. It operates through three segments: Studios, Network, and DTC. The Studios segment produces and releases feature films for initial exhibition in theaters; produces and licenses television programs to its networks and third parties and direct-to-consumer services; distributes films and television programs to various third parties and internal television; and offers streaming services and distribution through the home entertainment market, themed experience licensing, and interactive gaming.