Mirae Asset Global Investments Co. Ltd. Raises Stake in Warner Bros. Discovery, Inc. $WBD

Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 14.5% during the 3rd quarter, Holdings Channel reports. The fund owned 974,079 shares of the company’s stock after buying an additional 123,445 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Warner Bros. Discovery were worth $19,024,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of WBD. Norges Bank acquired a new stake in Warner Bros. Discovery during the second quarter worth about $306,848,000. Pacer Advisors Inc. grew its stake in shares of Warner Bros. Discovery by 4,639.8% in the 3rd quarter. Pacer Advisors Inc. now owns 22,788,847 shares of the company’s stock valued at $445,066,000 after buying an additional 22,308,046 shares during the period. Sound Shore Management Inc CT purchased a new stake in shares of Warner Bros. Discovery in the 2nd quarter valued at approximately $97,951,000. Maverick Capital Ltd. purchased a new stake in shares of Warner Bros. Discovery during the 2nd quarter valued at approximately $77,896,000. Finally, Duquesne Family Office LLC purchased a new stake in shares of Warner Bros. Discovery during the 2nd quarter valued at approximately $74,916,000. Institutional investors and hedge funds own 59.95% of the company’s stock.

Warner Bros. Discovery Stock Performance

Shares of Warner Bros. Discovery stock opened at $27.60 on Friday. The stock has a market capitalization of $68.39 billion, a price-to-earnings ratio of 145.27 and a beta of 1.56. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.07 and a quick ratio of 1.07. The business has a 50-day moving average of $27.60 and a 200 day moving average of $20.41. Warner Bros. Discovery, Inc. has a 12 month low of $7.52 and a 12 month high of $30.00.

Warner Bros. Discovery (NASDAQ:WBD) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.02). The business had revenue of $9.05 billion for the quarter, compared to analyst estimates of $9.17 billion. Warner Bros. Discovery had a return on equity of 1.34% and a net margin of 1.28%.The firm’s revenue for the quarter was down 6.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.05 EPS. As a group, sell-side analysts forecast that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current year.

Insider Buying and Selling at Warner Bros. Discovery

In other Warner Bros. Discovery news, CFO Gunnar Wiedenfels sold 242,994 shares of the company’s stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $29.50, for a total transaction of $7,168,323.00. Following the sale, the chief financial officer owned 918,940 shares in the company, valued at $27,108,730. This represents a 20.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Lori C. Locke sold 5,000 shares of the stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $27.62, for a total value of $138,100.00. Following the completion of the sale, the chief accounting officer directly owned 110,084 shares in the company, valued at $3,040,520.08. This represents a 4.34% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 267,116 shares of company stock valued at $7,781,731. Insiders own 1.90% of the company’s stock.

Wall Street Analysts Forecast Growth

WBD has been the subject of several analyst reports. Benchmark increased their price objective on Warner Bros. Discovery from $30.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, January 15th. TD Cowen increased their price target on Warner Bros. Discovery from $14.00 to $22.00 in a report on Friday, November 7th. Seaport Research Partners raised their price objective on Warner Bros. Discovery from $15.00 to $24.00 and gave the stock a “buy” rating in a research report on Friday, October 3rd. Wells Fargo & Company upped their target price on shares of Warner Bros. Discovery from $21.00 to $25.00 and gave the company an “equal weight” rating in a research report on Friday, November 7th. Finally, Argus lifted their price target on shares of Warner Bros. Discovery from $28.00 to $32.00 and gave the company a “buy” rating in a research report on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $24.85.

About Warner Bros. Discovery

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.