Macquarie Downgrades Warner Bros. Discovery (NASDAQ:WBD) to Neutral

Warner Bros. Discovery (NASDAQ:WBD) was downgraded by investment analysts at Macquarie from an “outperform” rating to a “neutral” rating in a research note issued to investors on Thursday, Marketbeat Ratings reports. They presently have a $9.00 price objective on the stock. Macquarie’s price objective indicates a potential upside of 8.30% from the stock’s previous close.

Several other research firms also recently commented on WBD. Wolfe Research downgraded Warner Bros. Discovery from a “peer perform” rating to an “underperform” rating and set a $7.00 price objective on the stock. in a report on Tuesday, April 23rd. Sanford C. Bernstein decreased their price objective on Warner Bros. Discovery from $11.00 to $10.00 and set an “outperform” rating on the stock in a report on Friday, May 10th. Benchmark reiterated a “buy” rating and issued a $20.00 price objective on shares of Warner Bros. Discovery in a report on Wednesday, July 17th. Evercore ISI decreased their price objective on Warner Bros. Discovery from $12.00 to $10.00 and set an “outperform” rating on the stock in a report on Tuesday, July 16th. Finally, Barrington Research reiterated an “outperform” rating and issued a $12.00 price objective on shares of Warner Bros. Discovery in a report on Tuesday. One analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Warner Bros. Discovery has a consensus rating of “Hold” and an average target price of $11.87.

Warner Bros. Discovery Trading Up 4.0 %

Shares of WBD stock opened at $8.31 on Thursday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.87. The business has a 50-day moving average price of $7.72 and a two-hundred day moving average price of $8.60. Warner Bros. Discovery has a 12-month low of $6.94 and a 12-month high of $14.76. The firm has a market cap of $20.36 billion, a P/E ratio of -6.56 and a beta of 1.49.

Warner Bros. Discovery (NASDAQ:WBD) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.16). Warner Bros. Discovery had a negative return on equity of 6.58% and a negative net margin of 7.45%. The firm had revenue of $9.96 billion for the quarter, compared to the consensus estimate of $10.22 billion. During the same period last year, the firm earned $0.18 EPS. The company’s revenue for the quarter was down 6.9% on a year-over-year basis. Equities analysts anticipate that Warner Bros. Discovery will post -0.4 EPS for the current fiscal year.

Institutional Trading of Warner Bros. Discovery

Several large investors have recently bought and sold shares of the company. Patriot Financial Group Insurance Agency LLC boosted its position in Warner Bros. Discovery by 53.8% during the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 25,451 shares of the company’s stock valued at $189,000 after acquiring an additional 8,905 shares in the last quarter. State of Michigan Retirement System boosted its position in shares of Warner Bros. Discovery by 3.0% in the 2nd quarter. State of Michigan Retirement System now owns 782,025 shares of the company’s stock worth $5,818,000 after purchasing an additional 23,100 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Warner Bros. Discovery by 5.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 14,192,814 shares of the company’s stock worth $105,595,000 after purchasing an additional 719,869 shares in the last quarter. IMA Advisory Services Inc. bought a new stake in shares of Warner Bros. Discovery in the 2nd quarter worth approximately $804,000. Finally, Harbor Island Capital LLC boosted its position in shares of Warner Bros. Discovery by 54.5% in the 2nd quarter. Harbor Island Capital LLC now owns 1,068,338 shares of the company’s stock worth $7,948,000 after purchasing an additional 377,030 shares in the last quarter. 59.95% of the stock is owned by institutional investors.

About Warner Bros. Discovery

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.