Invenomic Capital Management LP Lowers Stake in Warner Bros. Discovery, Inc. $WBD

Invenomic Capital Management LP lowered its holdings in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 78.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 409,365 shares of the company’s stock after selling 1,517,869 shares during the period. Invenomic Capital Management LP’s holdings in Warner Bros. Discovery were worth $7,995,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. grew its stake in shares of Warner Bros. Discovery by 7.1% in the 3rd quarter. Vanguard Group Inc. now owns 281,214,155 shares of the company’s stock worth $5,492,112,000 after buying an additional 18,736,600 shares during the last quarter. Invesco Ltd. boosted its holdings in Warner Bros. Discovery by 2.8% in the second quarter. Invesco Ltd. now owns 44,574,492 shares of the company’s stock worth $510,824,000 after acquiring an additional 1,233,195 shares in the last quarter. Jericho Capital Asset Management L.P. grew its stake in shares of Warner Bros. Discovery by 108.9% in the third quarter. Jericho Capital Asset Management L.P. now owns 35,095,390 shares of the company’s stock worth $685,413,000 after acquiring an additional 18,291,865 shares during the last quarter. Norges Bank purchased a new position in shares of Warner Bros. Discovery in the 2nd quarter worth about $306,848,000. Finally, Pacer Advisors Inc. raised its position in shares of Warner Bros. Discovery by 4,639.8% in the 3rd quarter. Pacer Advisors Inc. now owns 22,788,847 shares of the company’s stock worth $445,066,000 after purchasing an additional 22,308,046 shares during the last quarter. Hedge funds and other institutional investors own 59.95% of the company’s stock.

Warner Bros. Discovery Stock Performance

Shares of WBD opened at $27.14 on Monday. The firm has a market capitalization of $67.25 billion, a P/E ratio of 93.59 and a beta of 1.60. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.06 and a quick ratio of 1.06. Warner Bros. Discovery, Inc. has a one year low of $7.52 and a one year high of $30.00. The business has a fifty day moving average of $28.15 and a 200 day moving average of $23.94.

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

Analyst Ratings Changes

Several brokerages recently commented on WBD. Rothschild & Co Redburn set a $31.00 price objective on shares of Warner Bros. Discovery and gave the company a “neutral” rating in a research report on Tuesday, February 17th. UBS Group boosted their price objective on shares of Warner Bros. Discovery from $20.00 to $30.00 and gave the stock a “neutral” rating in a report on Wednesday, January 28th. Argus reduced their target price on Warner Bros. Discovery from $32.00 to $31.00 and set a “buy” rating for the company in a report on Tuesday, March 3rd. Moffett Nathanson raised Warner Bros. Discovery from a “hold” rating to a “strong-buy” rating in a report on Sunday, March 8th. Finally, Sanford C. Bernstein lifted their price objective on Warner Bros. Discovery from $23.50 to $27.75 and gave the stock a “market perform” rating in a report on Tuesday, February 24th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, fifteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $26.30.

Insiders Place Their Bets

In related news, insider Priya Aiyar sold 223,512 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $28.24, 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 approximately $25,959,676.48. The trade was a 19.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Bruce Campbell sold 1,580,331 shares of the stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $28.00, for a total transaction of $44,249,268.00. Following the completion of the sale, the insider directly owned 690,028 shares of the company’s stock, valued at $19,320,784. This represents a 69.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 7,571,827 shares of company stock valued at $213,302,225. 1.80% of the stock is currently owned by corporate insiders.

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.