Warner Bros. Discovery, Inc. $WBD Shares Sold by Private Management Group Inc.

Private Management Group Inc. cut its stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 31.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,731,816 shares of the company’s stock after selling 1,242,855 shares during the period. Warner Bros. Discovery makes up about 2.3% of Private Management Group Inc.’s portfolio, making the stock its 2nd biggest holding. Private Management Group Inc.’s holdings in Warner Bros. Discovery were worth $78,731,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in WBD. Brighton Jones LLC raised its holdings in Warner Bros. Discovery by 304.9% in the 4th quarter. Brighton Jones LLC now owns 68,950 shares of the company’s stock valued at $729,000 after acquiring an additional 51,920 shares in the last quarter. NewEdge Advisors LLC raised its holdings in Warner Bros. Discovery by 50.5% in the 1st quarter. NewEdge Advisors LLC now owns 63,254 shares of the company’s stock valued at $679,000 after acquiring an additional 21,228 shares in the last quarter. Empowered Funds LLC raised its holdings in Warner Bros. Discovery by 6.2% in the 1st quarter. Empowered Funds LLC now owns 65,082 shares of the company’s stock valued at $698,000 after acquiring an additional 3,779 shares in the last quarter. Focus Partners Wealth raised its holdings in Warner Bros. Discovery by 91.6% in the 1st quarter. Focus Partners Wealth now owns 116,821 shares of the company’s stock valued at $1,254,000 after acquiring an additional 55,837 shares in the last quarter. Finally, Baird Financial Group Inc. raised its holdings in Warner Bros. Discovery by 3.8% in the 2nd quarter. Baird Financial Group Inc. now owns 111,450 shares of the company’s stock valued at $1,277,000 after acquiring an additional 4,062 shares in the last quarter. 59.95% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on WBD. Wells Fargo & Company began coverage on Warner Bros. Discovery in a report on Monday, March 9th. They issued an “equal weight” rating and a $31.00 price objective for the company. TD Cowen lifted their price objective on Warner Bros. Discovery from $22.00 to $26.00 and gave the company a “hold” rating in a report on Friday, February 27th. Weiss Ratings lowered Warner Bros. Discovery from a “hold (c-)” rating to a “sell (d-)” rating in a research note on Thursday, May 7th. Benchmark reiterated a “hold” rating on shares of Warner Bros. Discovery in a research note on Friday, February 27th. Finally, Moffett Nathanson upgraded Warner Bros. Discovery from a “hold” rating to a “strong-buy” rating in a research note on Sunday, March 8th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Warner Bros. Discovery has an average rating of “Hold” and a consensus price target of $27.04.

Insiders Place Their Bets

In related news, Director Fazal F. Merchant sold 35,000 shares of the business’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $27.48, for a total transaction of $961,800.00. Following the sale, the director owned 95,539 shares in the company, valued at $2,625,411.72. The trade was a 26.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Paul A. Gould sold 600,000 shares of the business’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $27.35, for a total value of $16,410,000.00. Following the sale, the director owned 244,357 shares in the company, valued at $6,683,163.95. This represents a 71.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.90% of the company’s stock.

Warner Bros. Discovery Trading Up 2.4%

Shares of WBD opened at $26.86 on Friday. Warner Bros. Discovery, Inc. has a 52-week low of $9.98 and a 52-week high of $30.00. The business’s fifty day moving average is $27.13 and its 200-day moving average is $27.53. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.73 and a current ratio of 0.73. The firm has a market cap of $67.34 billion, a price-to-earnings ratio of -38.37 and a beta of 1.54.

Warner Bros. Discovery (NASDAQ:WBD) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($1.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($1.07). The business had revenue of $8.89 billion during 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%. The company’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.18) EPS. Equities analysts anticipate that Warner Bros. Discovery, Inc. will post -1.07 EPS for the current fiscal year.

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.