Essex Financial Services Inc. Sells 3,094 Shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Essex Financial Services Inc. cut its stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 19.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,221 shares of the company’s stock after selling 3,094 shares during the period. Essex Financial Services Inc.’s holdings in Warner Bros. Discovery were worth $150,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. Dakota Wealth Management boosted its position in shares of Warner Bros. Discovery by 22.4% during the 3rd quarter. Dakota Wealth Management now owns 13,498 shares of the company’s stock worth $147,000 after acquiring an additional 2,471 shares in the last quarter. Stratos Wealth Partners LTD. increased its stake in shares of Warner Bros. Discovery by 6.9% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 39,934 shares of the company’s stock valued at $434,000 after purchasing an additional 2,562 shares during the last quarter. Stratos Wealth Advisors LLC acquired a new position in shares of Warner Bros. Discovery during the 3rd quarter worth $109,000. Brown Advisory Inc. lifted its position in shares of Warner Bros. Discovery by 10.3% during the 3rd quarter. Brown Advisory Inc. now owns 54,593 shares of the company’s stock worth $593,000 after buying an additional 5,107 shares during the last quarter. Finally, Miracle Mile Advisors LLC boosted its stake in Warner Bros. Discovery by 35.0% in the third quarter. Miracle Mile Advisors LLC now owns 15,028 shares of the company’s stock valued at $163,000 after buying an additional 3,900 shares in the last quarter. 59.95% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on WBD shares. Wells Fargo & Company downgraded shares of Warner Bros. Discovery from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $16.00 to $12.00 in a research note on Monday, January 29th. Rosenblatt Securities upgraded shares of Warner Bros. Discovery from a “sell” rating to a “neutral” rating and upped their price target for the stock from $7.00 to $10.00 in a report on Thursday, March 21st. Barclays cut their price objective on Warner Bros. Discovery from $10.00 to $9.00 and set an “equal weight” rating on the stock in a report on Thursday, February 29th. Macquarie dropped their target price on Warner Bros. Discovery from $16.00 to $14.00 and set an “outperform” rating for the company in a research report on Monday, January 22nd. Finally, JPMorgan Chase & Co. cut their price target on Warner Bros. Discovery from $13.00 to $10.00 and set a “neutral” rating on the stock in a research note on Monday, February 26th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.83.

Warner Bros. Discovery Stock Up 0.3 %

Shares of NASDAQ WBD opened at $7.97 on Friday. The company’s 50 day moving average price is $8.45 and its 200-day moving average price is $9.87. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.93 and a current ratio of 0.93. Warner Bros. Discovery, Inc. has a 52-week low of $7.34 and a 52-week high of $14.76. The company has a market capitalization of $19.44 billion, a P/E ratio of -6.23 and a beta of 1.51.

Warner Bros. Discovery (NASDAQ:WBD) last issued its quarterly earnings results on Friday, February 23rd. The company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.05). Warner Bros. Discovery had a negative net margin of 7.57% and a negative return on equity of 3.48%. The firm had revenue of $10.28 billion for the quarter, compared to the consensus estimate of $10.34 billion. During the same period last year, the company posted $0.42 EPS. The business’s revenue was down 6.6% compared to the same quarter last year. Equities analysts forecast that Warner Bros. Discovery, Inc. will post -0.35 earnings per share for the current year.

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.