Lorne Steinberg Wealth Management Inc. Sells 6,340 Shares of Warner Bros. Discovery, Inc. $WBD

Lorne Steinberg Wealth Management Inc. decreased its holdings in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 2.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 222,397 shares of the company’s stock after selling 6,340 shares during the period. Lorne Steinberg Wealth Management Inc.’s holdings in Warner Bros. Discovery were worth $2,549,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Warner Bros. Discovery by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 256,820,031 shares of the company’s stock valued at $2,755,679,000 after acquiring an additional 4,169,240 shares during the period. Invesco Ltd. grew its position in shares of Warner Bros. Discovery by 2.1% during the 1st quarter. Invesco Ltd. now owns 43,341,297 shares of the company’s stock valued at $465,052,000 after acquiring an additional 873,869 shares during the period. Sessa Capital IM L.P. grew its position in shares of Warner Bros. Discovery by 4.0% during the 1st quarter. Sessa Capital IM L.P. now owns 29,555,277 shares of the company’s stock valued at $317,128,000 after acquiring an additional 1,144,849 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Warner Bros. Discovery by 4.5% during the 1st quarter. The Manufacturers Life Insurance Company now owns 24,672,364 shares of the company’s stock valued at $264,734,000 after acquiring an additional 1,063,535 shares during the period. Finally, Northern Trust Corp lifted its stake in shares of Warner Bros. Discovery by 1.9% during the 1st quarter. Northern Trust Corp now owns 23,427,661 shares of the company’s stock valued at $251,379,000 after buying an additional 430,787 shares in the last quarter. Institutional investors own 59.95% of the company’s stock.

Warner Bros. Discovery Stock Down 0.5%

Shares of WBD stock opened at $18.19 on Monday. The stock has a market cap of $45.03 billion, a P/E ratio of 60.64, a PEG ratio of 2.22 and a beta of 1.73. Warner Bros. Discovery, Inc. has a 52 week low of $7.25 and a 52 week high of $20.24. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.92. The company’s fifty day simple moving average is $15.52 and its two-hundred day simple moving average is $12.07.

Warner Bros. Discovery (NASDAQ:WBD) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.63 EPS for the quarter, topping the consensus estimate of ($0.16) by $0.79. The business had revenue of $9.81 billion for the quarter, compared to analysts’ expectations of $9.73 billion. Warner Bros. Discovery had a net margin of 2.00% and a return on equity of 2.14%. The business’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($4.07) EPS. Analysts predict that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. TD Cowen restated a “hold” rating and set a $14.00 target price on shares of Warner Bros. Discovery in a research note on Tuesday, September 16th. Cowen cut shares of Warner Bros. Discovery from a “buy” rating to a “hold” rating in a research note on Tuesday, September 16th. KeyCorp restated a “sector weight” rating on shares of Warner Bros. Discovery in a research note on Friday, September 26th. Barrington Research reaffirmed an “outperform” rating and set a $16.00 price objective on shares of Warner Bros. Discovery in a report on Wednesday, July 30th. Finally, Sanford C. Bernstein increased their price objective on shares of Warner Bros. Discovery from $13.00 to $16.00 and gave the company a “market perform” rating in a report on Monday, September 22nd. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and sixteen have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $17.00.

Insiders Place Their Bets

In other news, insider Bruce Campbell sold 150,000 shares of the company’s stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $18.00, for a total transaction of $2,700,000.00. Following the sale, the insider directly owned 252,464 shares in the company, valued at approximately $4,544,352. This represents a 37.27% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Gunnar Wiedenfels sold 530,793 shares of the company’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $19.50, for a total transaction of $10,350,463.50. Following the sale, the chief financial officer owned 1,141,150 shares in the company, valued at $22,252,425. This represents a 31.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 970,115 shares of company stock worth $17,818,490 in the last 90 days. 1.80% of the stock is currently owned by corporate insiders.

About Warner Bros. Discovery

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.