Strs Ohio Reduces Holdings in Warner Bros. Discovery, Inc. $WBD

Strs Ohio lowered its position in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 13.5% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 628,309 shares of the company’s stock after selling 97,883 shares during the quarter. Strs Ohio’s holdings in Warner Bros. Discovery were worth $17,253,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Warner Bros. Discovery by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 283,180,433 shares of the company’s stock worth $8,161,260,000 after acquiring an additional 1,966,278 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Warner Bros. Discovery by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 66,597,575 shares of the company’s stock worth $1,912,634,000 after acquiring an additional 1,028,346 shares in the last quarter. Norges Bank purchased a new position in Warner Bros. Discovery in the fourth quarter valued at about $1,123,807,000. Jericho Capital Asset Management L.P. grew its stake in Warner Bros. Discovery by 108.9% during the 3rd quarter. Jericho Capital Asset Management L.P. now owns 35,095,390 shares of the company’s stock valued at $685,413,000 after purchasing an additional 18,291,865 shares in the last quarter. Finally, Morgan Stanley grew its stake in Warner Bros. Discovery by 4.8% during the 4th quarter. Morgan Stanley now owns 27,462,742 shares of the company’s stock valued at $791,476,000 after purchasing an additional 1,254,813 shares in the last quarter. 59.95% of the stock is owned by hedge funds and other institutional investors.

Warner Bros. Discovery Stock Performance

Shares of NASDAQ WBD opened at $26.48 on Friday. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.92. The stock’s 50 day moving average price is $26.91 and its two-hundred day moving average price is $27.63. Warner Bros. Discovery, Inc. has a 52-week low of $10.76 and a 52-week high of $30.00. The stock has a market capitalization of $66.39 billion, a P/E ratio of -37.83 and a beta of 1.54.

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

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Weiss Ratings lowered Warner Bros. Discovery from a “hold (c-)” rating to a “sell (d-)” rating in a research 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 target for the company in a research 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. Wells Fargo & Company began coverage on shares of Warner Bros. Discovery in a report on Monday, March 9th. They issued an “equal weight” rating and a $31.00 price target on the stock. Finally, Zacks Research upgraded shares of Warner Bros. Discovery from a “strong sell” rating to a “hold” rating in a research note on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Warner Bros. Discovery currently has a consensus rating of “Hold” and an average price target of $27.04.

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.