Shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD – Get Free Report) gapped down before the market opened on Tuesday after Cowen downgraded the stock from a buy rating to a hold rating. The stock had previously closed at $19.46, but opened at $18.78. Warner Bros. Discovery shares last traded at $17.82, with a volume of 17,337,453 shares traded.
WBD has been the subject of several other research reports. Huber Research raised shares of Warner Bros. Discovery from a “strong sell” rating to a “strong-buy” rating in a research report on Monday, June 9th. Raymond James Financial dropped their price target on shares of Warner Bros. Discovery from $14.00 to $13.00 and set an “outperform” rating for the company in a research report on Friday, August 8th. Morgan Stanley upped their price target on shares of Warner Bros. Discovery from $10.00 to $13.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 6th. Argus raised shares of Warner Bros. Discovery to a “hold” rating in a research report on Tuesday, May 27th. Finally, Barclays upped their price target on shares of Warner Bros. Discovery from $9.00 to $13.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 9th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and thirteen have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $13.25.
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Insider Transactions at Warner Bros. Discovery
In related news, insider Bruce Campbell sold 289,322 shares of the stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $16.48, for a total value of $4,768,026.56. Following the sale, the insider owned 402,464 shares of the company’s stock, valued at $6,632,606.72. This trade represents a 41.82% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Anton J. Levy acquired 250,000 shares of the company’s stock in a transaction that occurred on Monday, August 11th. The stock was purchased at an average cost of $10.90 per share, for a total transaction of $2,725,000.00. Following the acquisition, the director owned 874,000 shares in the company, valued at approximately $9,526,600. This trade represents a 40.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have sold 970,115 shares of company stock worth $17,818,490. 1.80% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Warner Bros. Discovery
A number of institutional investors and hedge funds have recently bought and sold shares of WBD. Norges Bank bought a new position in shares of Warner Bros. Discovery during the 2nd quarter valued at about $306,848,000. Independent Franchise Partners LLP acquired a new position in shares of Warner Bros. Discovery in the first quarter worth about $140,224,000. Nuveen LLC purchased a new stake in shares of Warner Bros. Discovery in the first quarter worth approximately $96,971,000. Sound Shore Management Inc CT acquired a new stake in shares of Warner Bros. Discovery during the second quarter worth approximately $97,951,000. Finally, Maverick Capital Ltd. acquired a new stake in shares of Warner Bros. Discovery during the second quarter worth approximately $77,896,000. Institutional investors own 59.95% of the company’s stock.
Warner Bros. Discovery Stock Performance
The company has a debt-to-equity ratio of 0.92, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a market capitalization of $45.18 billion, a price-to-earnings ratio of 60.84, a PEG ratio of 2.59 and a beta of 1.59. The firm’s fifty day moving average is $12.70 and its 200 day moving average is $10.76.
Warner Bros. Discovery (NASDAQ:WBD – Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.79. The firm had revenue of $9.81 billion during 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 company’s revenue was up 1.0% compared to the same quarter last year. During the same period in the previous year, the company earned ($4.07) earnings per share. On average, analysts predict that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current fiscal year.
Warner Bros. Discovery Company Profile
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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.
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