Royal Bank of Canada reduced its stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD – Free Report) by 21.0% in the first quarter, Holdings Channel.com reports. The institutional investor owned 3,922,133 shares of the company’s stock after selling 1,044,352 shares during the period. Royal Bank of Canada’s holdings in Warner Bros. Discovery were worth $107,702,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also bought and sold shares of the stock. Handelsbanken Fonder AB lifted its stake in shares of Warner Bros. Discovery by 130.8% in the 4th quarter. Handelsbanken Fonder AB now owns 1,008,638 shares of the company’s stock valued at $29,069,000 after purchasing an additional 571,612 shares during the period. Brighton Jones LLC grew its stake in Warner Bros. Discovery by 304.9% in the fourth quarter. Brighton Jones LLC now owns 68,950 shares of the company’s stock worth $729,000 after purchasing an additional 51,920 shares during the period. Varma Mutual Pension Insurance Co purchased a new stake in Warner Bros. Discovery in the fourth quarter worth $12,372,000. Geode Capital Management LLC raised its holdings in 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 purchasing an additional 1,028,346 shares in the last quarter. Finally, Pictet Asset Management Holding SA raised its holdings in Warner Bros. Discovery by 16.4% in the fourth quarter. Pictet Asset Management Holding SA now owns 1,212,473 shares of the company’s stock worth $34,943,000 after purchasing an additional 170,802 shares in the last quarter. 59.95% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of brokerages have recently commented on WBD. UBS Group boosted their target price on shares of Warner Bros. Discovery from $30.00 to $31.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Huber Research upgraded shares of Warner Bros. Discovery from an “underweight” rating to an “overweight” rating in a research note on Monday, June 1st. Zacks Research lowered shares of Warner Bros. Discovery from a “hold” rating to a “strong sell” rating in a research note on Monday, July 27th. Guggenheim reissued a “neutral” rating on shares of Warner Bros. Discovery in a research report on Thursday, May 7th. Finally, Seaport Research Partners lowered shares of Warner Bros. Discovery from a “buy” rating to a “neutral” rating in a research note on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $27.04.
Warner Bros. Discovery Trading Up 3.3%
Warner Bros. Discovery stock opened at $26.30 on Friday. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.92. The business’s fifty day simple moving average is $26.57 and its two-hundred day simple moving average is $27.29. Warner Bros. Discovery, Inc. has a 12 month low of $10.76 and a 12 month high of $30.00. The company has a market capitalization of $65.94 billion, a price-to-earnings ratio of -37.57 and a beta of 1.54.
Warner Bros. Discovery (NASDAQ:WBD – Get Free Report) last issued 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 revenue was down 1.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.18) earnings per share. As a group, equities analysts predict that Warner Bros. Discovery, Inc. will post -1.08 earnings per share 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.
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