Illinois Municipal Retirement Fund Sells 39,224 Shares of Warner Bros. Discovery, Inc. $WBD

Illinois Municipal Retirement Fund reduced its holdings in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 5.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 710,954 shares of the company’s stock after selling 39,224 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Warner Bros. Discovery were worth $19,523,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Brighton Jones LLC boosted its stake in Warner Bros. Discovery by 304.9% during the 4th 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 during the last quarter. NewEdge Advisors LLC raised its stake in shares of Warner Bros. Discovery by 50.5% in the first quarter. NewEdge Advisors LLC now owns 63,254 shares of the company’s stock worth $679,000 after purchasing an additional 21,228 shares during the last quarter. Empowered Funds LLC lifted its holdings in shares of Warner Bros. Discovery by 6.2% in the first quarter. Empowered Funds LLC now owns 65,082 shares of the company’s stock valued at $698,000 after purchasing an additional 3,779 shares in the last quarter. Focus Partners Wealth lifted its holdings in shares of Warner Bros. Discovery by 91.6% in the first quarter. Focus Partners Wealth now owns 116,821 shares of the company’s stock valued at $1,254,000 after purchasing an additional 55,837 shares in the last quarter. Finally, Baird Financial Group Inc. boosted its position in shares of Warner Bros. Discovery by 3.8% during the second quarter. Baird Financial Group Inc. now owns 111,450 shares of the company’s stock valued at $1,277,000 after buying an additional 4,062 shares during the last quarter. 59.95% of the stock is owned by institutional investors.

Warner Bros. Discovery Trading Down 0.8%

NASDAQ WBD opened at $27.26 on Thursday. The business’s fifty day moving average is $26.85 and its 200-day moving average is $27.50. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.73 and a quick ratio of 0.73. The stock has a market capitalization of $68.34 billion, a price-to-earnings ratio of -38.94 and a beta of 1.54. Warner Bros. Discovery, Inc. has a one year low of $10.76 and a one year high of $30.00.

Warner Bros. Discovery (NASDAQ:WBD) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($1.17) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($1.07). The company had revenue of $8.89 billion for the quarter, compared to the consensus estimate of $8.89 billion. Warner Bros. Discovery had a negative net margin of 4.67% and a negative return on equity of 4.77%. Warner Bros. Discovery’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.18) EPS. Equities research analysts predict that Warner Bros. Discovery, Inc. will post -1.07 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on WBD. UBS Group upped their price target on Warner Bros. Discovery from $30.00 to $31.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Seaport Research Partners raised shares of Warner Bros. Discovery from a “neutral” rating to a “buy” rating and set a $31.00 price objective on the stock in a report on Monday, June 29th. Huber Research upgraded shares of Warner Bros. Discovery from an “underweight” rating to an “overweight” rating in a research note on Monday, June 1st. Weiss Ratings downgraded shares of Warner Bros. Discovery from a “hold (c-)” rating to a “sell (d-)” rating in a report on Thursday, May 7th. Finally, Guggenheim reiterated a “neutral” rating on shares of Warner Bros. Discovery in a report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $27.04.

More Warner Bros. Discovery News

Here are the key news stories impacting Warner Bros. Discovery this week:

• Negative Sentiment: 12 Democratic-led states have filed an antitrust lawsuit to block the Paramount-WBD deal, arguing it would reduce competition, hurt theaters, and potentially raise consumer prices. Plot Twist: 12 States Could Stall the Paramount-Warner Bros. Discovery Mega-Merger
• Negative Sentiment: The Writers Guild of America also sued to stop the merger, adding another legal hurdle and increasing the odds of a drawn-out court fight. Hollywood Writers Sue to Block Paramount-Warner Deal
• Neutral Sentiment: Paramount’s lawyers say they still expect the deal to close on schedule, so some investors may be viewing the lawsuits as a delay rather than a full cancellation. Paramount still plans to close WBD merger by end of September despite lawsuit
• Negative Sentiment: Warner Bros. Discovery CEO David Zaslav sold about $59 million of WBD stock, which may weigh on sentiment even though the sale was reportedly pre-planned. David Zaslav sells $59 million in Warner Bros. Discovery stock
• Neutral Sentiment: Brokerages continue to rate WBD around “Hold,” suggesting analysts are waiting for more clarity on the merger and legal outcome before turning more constructive.

Warner Bros. Discovery Profile

Warner Bros. Discovery (NASDAQ: WBD) is a global media and entertainment company formed when WarnerMedia and Discovery, Inc combined their businesses in 2022. Headquartered in New York City, the company assembles a broad portfolio of film and television production, linear and cable networks, streaming services and consumer distribution operations. Its assets span well-known studio brands, premium scripted and unscripted programming, news and factual entertainment, and licensed franchise properties.

The company’s core activities include film and television production and distribution through units such as Warner Bros.