Concorde Financial Corp Cuts Stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Concorde Financial Corp decreased its holdings in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 6.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 320,238 shares of the company’s stock after selling 22,977 shares during the quarter. Warner Bros. Discovery makes up 2.0% of Concorde Financial Corp’s portfolio, making the stock its 24th biggest position. Concorde Financial Corp’s holdings in Warner Bros. Discovery were worth $3,385,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in shares of Warner Bros. Discovery by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 252,650,791 shares of the company’s stock worth $2,670,519,000 after buying an additional 1,658,415 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Warner Bros. Discovery by 3.6% in the 4th quarter. Geode Capital Management LLC now owns 57,441,931 shares of the company’s stock valued at $605,633,000 after purchasing an additional 1,991,441 shares in the last quarter. Norges Bank bought a new position in shares of Warner Bros. Discovery during the fourth quarter worth about $362,210,000. Slate Path Capital LP lifted its position in shares of Warner Bros. Discovery by 36.6% during the fourth quarter. Slate Path Capital LP now owns 23,801,000 shares of the company’s stock worth $251,577,000 after purchasing an additional 6,381,000 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in Warner Bros. Discovery by 7.9% in the fourth quarter. The Manufacturers Life Insurance Company now owns 23,608,829 shares of the company’s stock worth $249,545,000 after purchasing an additional 1,725,775 shares in the last quarter. Institutional investors and hedge funds own 59.95% of the company’s stock.

Analyst Ratings Changes

WBD has been the subject of a number of research analyst reports. Barclays lowered their price target on Warner Bros. Discovery from $12.00 to $7.00 and set an “equal weight” rating for the company in a report on Tuesday, April 8th. Morgan Stanley reduced their price target on shares of Warner Bros. Discovery from $12.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Rosenblatt Securities reiterated a “neutral” rating and set a $13.00 price target on shares of Warner Bros. Discovery in a research report on Friday, March 7th. Moffett Nathanson raised shares of Warner Bros. Discovery from a “neutral” rating to a “buy” rating and boosted their target price for the company from $9.00 to $13.00 in a research note on Tuesday, January 21st. Finally, Barrington Research restated an “outperform” rating and issued a $16.00 price target on shares of Warner Bros. Discovery in a research note on Wednesday, March 5th. Ten investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $12.07.

Insiders Place Their Bets

In related news, Director Piazza Samuel A. Jr. Di acquired 17,346 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were bought at an average price of $11.41 per share, for a total transaction of $197,917.86. Following the acquisition, the director now owns 159,932 shares in the company, valued at $1,824,824.12. This trade represents a 12.17 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.80% of the company’s stock.

Warner Bros. Discovery Price Performance

Shares of WBD opened at $8.43 on Wednesday. The firm has a market cap of $20.69 billion, a PE ratio of -1.84, a PEG ratio of 8.64 and a beta of 1.46. The firm’s 50 day moving average price is $9.49 and its 200 day moving average price is $9.81. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.80 and a current ratio of 0.80. Warner Bros. Discovery, Inc. has a twelve month low of $6.64 and a twelve month high of $12.70.

Warner Bros. Discovery (NASDAQ:WBD) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.30). The firm had revenue of $10.03 billion for the quarter, compared to the consensus estimate of $10.16 billion. Warner Bros. Discovery had a negative net margin of 28.34% and a negative return on equity of 27.56%. As a group, research analysts expect that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current fiscal year.

Warner Bros. Discovery Company Profile

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.