Eastern Bank Purchases 879 Shares of Warner Bros. Discovery, Inc. $WBD

Eastern Bank grew its position in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 11.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,452 shares of the company’s stock after acquiring an additional 879 shares during the period. Eastern Bank’s holdings in Warner Bros. Discovery were worth $97,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Brighton Jones LLC increased its holdings in shares of Warner Bros. Discovery by 304.9% in the fourth quarter. Brighton Jones LLC now owns 68,950 shares of the company’s stock valued at $729,000 after purchasing an additional 51,920 shares in the last quarter. Park Avenue Securities LLC increased its holdings in shares of Warner Bros. Discovery by 10.1% in the first quarter. Park Avenue Securities LLC now owns 50,446 shares of the company’s stock valued at $541,000 after purchasing an additional 4,625 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in shares of Warner Bros. Discovery by 17.0% in the first quarter. Farther Finance Advisors LLC now owns 11,853 shares of the company’s stock valued at $121,000 after purchasing an additional 1,720 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Warner Bros. Discovery by 16.1% in the first quarter. GAMMA Investing LLC now owns 45,942 shares of the company’s stock valued at $493,000 after purchasing an additional 6,354 shares in the last quarter. Finally, CX Institutional increased its holdings in shares of Warner Bros. Discovery by 5.7% in the first quarter. CX Institutional now owns 27,324 shares of the company’s stock valued at $293,000 after purchasing an additional 1,465 shares in the last quarter. Institutional investors own 59.95% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on WBD shares. KeyCorp reissued a “sector weight” rating on shares of Warner Bros. Discovery in a report on Friday, September 26th. Morgan Stanley raised their price target on shares of Warner Bros. Discovery from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday, September 25th. TD Cowen reissued a “hold” rating and issued a $14.00 price target on shares of Warner Bros. Discovery in a report on Tuesday, September 16th. Seaport Global Securities raised their price target on shares of Warner Bros. Discovery from $15.00 to $24.00 and gave the company a “buy” rating in a report on Friday, October 3rd. Finally, Cowen lowered shares of Warner Bros. Discovery from a “buy” rating to a “hold” rating in a report on Tuesday, September 16th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and sixteen have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $16.61.

Insider Transactions at Warner Bros. Discovery

In other news, CFO Gunnar Wiedenfels sold 530,793 shares of Warner Bros. Discovery stock in a transaction on Monday, September 15th. The shares were sold at an average price of $19.50, for a total transaction of $10,350,463.50. Following the transaction, the chief financial officer directly owned 1,141,150 shares of the company’s stock, valued at $22,252,425. This trade represents a 31.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Anton J. Levy purchased 250,000 shares of Warner Bros. Discovery stock in a transaction dated Monday, August 11th. The shares were purchased at an average cost of $10.90 per share, for a total transaction of $2,725,000.00. Following the completion of the transaction, the director owned 874,000 shares of the company’s stock, valued at approximately $9,526,600. This represents a 40.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 970,115 shares of company stock valued at $17,818,490 over the last three months. 1.80% of the stock is currently owned by corporate insiders.

Warner Bros. Discovery Price Performance

WBD opened at $17.10 on Monday. The company has a fifty day moving average price of $14.93 and a two-hundred day moving average price of $11.79. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.04 and a current ratio of 1.04. Warner Bros. Discovery, Inc. has a 52 week low of $7.25 and a 52 week high of $20.24. The firm has a market capitalization of $42.34 billion, a PE ratio of 57.00, a P/E/G ratio of 2.00 and a beta of 1.73.

Warner Bros. Discovery (NASDAQ:WBD) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.79. The company had revenue of $9.81 billion for the quarter, compared to analysts’ expectations of $9.73 billion. Warner Bros. Discovery had a net margin of 2.00% and a return on equity of 2.14%. The business’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same period last year, the firm posted ($4.07) earnings per share. As a group, analysts anticipate that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current year.

About Warner Bros. Discovery

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.