Baxter Bros Inc. Cuts Stock Holdings in Warner Bros. Discovery, Inc. $WBD

Baxter Bros Inc. reduced its position in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 25.8% in the 2nd quarter, HoldingsChannel reports. The firm owned 25,280 shares of the company’s stock after selling 8,796 shares during the period. Baxter Bros Inc.’s holdings in Warner Bros. Discovery were worth $290,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in WBD. Brighton Jones LLC increased its holdings in 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 buying an additional 51,920 shares in the last quarter. NBC Securities Inc. increased its holdings in Warner Bros. Discovery by 97,080.0% in the first quarter. NBC Securities Inc. now owns 9,718 shares of the company’s stock valued at $104,000 after buying an additional 9,708 shares in the last quarter. Merit Financial Group LLC increased its holdings in Warner Bros. Discovery by 11.9% in the first quarter. Merit Financial Group LLC now owns 26,737 shares of the company’s stock valued at $287,000 after buying an additional 2,842 shares in the last quarter. UMB Bank n.a. increased its holdings in Warner Bros. Discovery by 13.6% in the first quarter. UMB Bank n.a. now owns 22,139 shares of the company’s stock valued at $238,000 after buying an additional 2,653 shares in the last quarter. Finally, Wedmont Private Capital increased its holdings in Warner Bros. Discovery by 19.4% in the first quarter. Wedmont Private Capital now owns 27,355 shares of the company’s stock valued at $294,000 after buying an additional 4,446 shares in the last quarter. 59.95% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Seaport Global Securities increased their target price 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. UBS Group increased their target price on shares of Warner Bros. Discovery from $10.00 to $20.00 and gave the company a “neutral” rating in a report on Monday. Barrington Research reiterated an “outperform” rating and issued a $16.00 price target on shares of Warner Bros. Discovery in a research report on Wednesday, July 30th. Sanford C. Bernstein increased their price target on shares of Warner Bros. Discovery from $13.00 to $16.00 and gave the company a “market perform” rating in a research report on Monday, September 22nd. Finally, Cowen lowered shares of Warner Bros. Discovery from a “buy” rating to a “hold” rating in a research report on Tuesday, September 16th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and sixteen have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $16.61.

Insiders Place Their Bets

In other Warner Bros. Discovery 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 value of $10,350,463.50. Following the transaction, the chief financial officer owned 1,141,150 shares in the company, valued at $22,252,425. This trade represents a 31.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Bruce Campbell sold 150,000 shares of Warner Bros. Discovery stock in a transaction on Friday, September 12th. The shares were sold at an average price of $18.00, for a total transaction of $2,700,000.00. Following the completion of the transaction, the insider owned 252,464 shares in the company, valued at approximately $4,544,352. This trade represents a 37.27% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 970,115 shares of company stock valued at $17,818,490. Company insiders own 1.90% of the company’s stock.

Warner Bros. Discovery Stock Down 3.8%

WBD stock opened at $17.89 on Thursday. Warner Bros. Discovery, Inc. has a 12 month low of $7.25 and a 12 month high of $20.24. The company’s 50 day simple moving average is $14.76 and its 200-day simple moving average is $11.69. The firm has a market capitalization of $44.29 billion, a PE ratio of 59.64, a P/E/G ratio of 2.18 and a beta of 1.73. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.04 and a quick ratio of 1.04.

Warner Bros. Discovery (NASDAQ:WBD) last released its earnings results on Thursday, August 7th. The company reported $0.63 EPS for the quarter, topping the consensus estimate of ($0.16) by $0.79. The firm had revenue of $9.81 billion during 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%. Warner Bros. Discovery’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same period in the previous year, the company earned ($4.07) EPS. Equities analysts expect that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current fiscal 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.