Warner Bros. Discovery, Inc. $WBD Shares Sold by Eminence Capital LP

Eminence Capital LP cut its stake in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 23.5% in the third quarter, HoldingsChannel.com reports. The fund owned 4,750,267 shares of the company’s stock after selling 1,458,540 shares during the period. Eminence Capital LP’s holdings in Warner Bros. Discovery were worth $92,773,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Concord Wealth Partners boosted its holdings in Warner Bros. Discovery by 49.9% in the 3rd quarter. Concord Wealth Partners now owns 1,321 shares of the company’s stock worth $26,000 after buying an additional 440 shares during the last quarter. Physician Wealth Advisors Inc. lifted its position in shares of Warner Bros. Discovery by 152.1% in the third quarter. Physician Wealth Advisors Inc. now owns 1,404 shares of the company’s stock valued at $27,000 after acquiring an additional 847 shares in the last quarter. Financial Gravity Companies Inc. acquired a new stake in shares of Warner Bros. Discovery in the second quarter worth approximately $29,000. Grove Bank & Trust increased its position in shares of Warner Bros. Discovery by 66.5% during the third quarter. Grove Bank & Trust now owns 1,690 shares of the company’s stock worth $33,000 after purchasing an additional 675 shares in the last quarter. Finally, Crews Bank & Trust raised its stake in Warner Bros. Discovery by 1,242.2% in the 3rd quarter. Crews Bank & Trust now owns 1,718 shares of the company’s stock valued at $34,000 after purchasing an additional 1,590 shares during the last quarter. 59.95% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on WBD shares. Arete Research reaffirmed a “neutral” rating and set a $31.25 target price on shares of Warner Bros. Discovery in a report on Friday, February 27th. Wells Fargo & Company began coverage on Warner Bros. Discovery in a report on Monday, March 9th. They set an “equal weight” rating and a $31.00 target price on the stock. Guggenheim cut Warner Bros. Discovery from a “buy” rating to a “neutral” rating and increased their price target for the company from $25.00 to $30.00 in a report on Wednesday, January 14th. UBS Group boosted their price objective on Warner Bros. Discovery from $20.00 to $30.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 28th. Finally, Morgan Stanley set a $29.00 target price on Warner Bros. Discovery in a research note on Thursday, December 18th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, fifteen have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $26.30.

Insider Buying and Selling at Warner Bros. Discovery

In related news, CEO David Zaslav sold 4,004,149 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $28.26, for a total transaction of $113,157,250.74. Following the completion of the sale, the chief executive officer owned 7,200,627 shares in the company, valued at $203,489,719.02. The trade was a 35.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Priya Aiyar sold 223,512 shares of the stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $28.24, for a total transaction of $6,311,978.88. Following the completion of the transaction, the insider directly owned 919,252 shares in the company, valued at $25,959,676.48. This trade represents a 19.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 7,571,827 shares of company stock valued at $213,302,225. 1.90% of the stock is currently owned by company insiders.

Warner Bros. Discovery Price Performance

Warner Bros. Discovery stock opened at $27.14 on Friday. Warner Bros. Discovery, Inc. has a 1 year low of $7.52 and a 1 year high of $30.00. The company’s 50 day simple moving average is $28.15 and its 200-day simple moving average is $23.86. The company has a market capitalization of $67.25 billion, a price-to-earnings ratio of 93.59 and a beta of 1.60. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.06 and a current ratio of 1.06.

Warner Bros. Discovery (NASDAQ:WBD) last announced its earnings results on Thursday, February 26th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.19). Warner Bros. Discovery had a net margin of 1.95% and a return on equity of 1.98%. The firm had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. During the same quarter last year, the business earned ($0.20) earnings per share. The business’s revenue was down 5.7% compared to the same quarter last year. As a group, equities research analysts expect that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current year.

Warner Bros. Discovery Company 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.