Warner Bros. Discovery (NASDAQ:WBD) Lowered to “Market Perform” at Sanford C. Bernstein

Sanford C. Bernstein downgraded shares of Warner Bros. Discovery (NASDAQ:WBD) from an outperform rating to a market perform rating in a report released on Tuesday, Marketbeat.com reports. Sanford C. Bernstein currently has $8.00 price target on the stock, down from their prior price target of $10.00.

A number of other brokerages also recently issued reports on WBD. The Goldman Sachs Group dropped their price objective on Warner Bros. Discovery from $8.50 to $7.50 and set a neutral rating on the stock in a research note on Thursday, August 8th. Deutsche Bank Aktiengesellschaft cut their price target on Warner Bros. Discovery from $16.00 to $15.00 and set a buy rating on the stock in a report on Thursday, August 8th. Morgan Stanley lowered their price objective on shares of Warner Bros. Discovery from $10.00 to $9.00 and set an equal weight rating for the company in a research note on Monday, July 29th. KeyCorp raised shares of Warner Bros. Discovery from a sector weight rating to an overweight rating and set a $11.00 target price on the stock in a research note on Friday, May 10th. Finally, Barrington Research reaffirmed an outperform rating and issued a $12.00 price target on shares of Warner Bros. Discovery in a research note on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Hold and a consensus target price of $11.25.

Warner Bros. Discovery Stock Performance

NASDAQ:WBD opened at $7.41 on Tuesday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.82 and a current ratio of 0.82. Warner Bros. Discovery has a fifty-two week low of $6.64 and a fifty-two week high of $13.31. The company has a 50 day simple moving average of $7.64 and a two-hundred day simple moving average of $8.30. The company has a market capitalization of $18.16 billion, a PE ratio of -5.94 and a beta of 1.49.

Warner Bros. Discovery (NASDAQ:WBD) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($4.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($3.89). Warner Bros. Discovery had a negative net margin of 7.45% and a negative return on equity of 6.58%. The firm had revenue of $9.71 billion during the quarter, compared to the consensus estimate of $10.07 billion. During the same period in the prior year, the company posted ($0.51) earnings per share. The company’s revenue for the quarter was down 6.2% compared to the same quarter last year. Research analysts anticipate that Warner Bros. Discovery will post -0.44 earnings per share for the current year.

Institutional Trading of Warner Bros. Discovery

A number of institutional investors and hedge funds have recently modified their holdings of WBD. Norges Bank purchased a new stake in Warner Bros. Discovery in the 4th quarter worth about $198,916,000. Sessa Capital IM L.P. boosted its stake in Warner Bros. Discovery by 28.8% in the 2nd quarter. Sessa Capital IM L.P. now owns 22,784,883 shares of the company’s stock worth $169,520,000 after purchasing an additional 5,100,000 shares during the period. Retirement Systems of Alabama increased its holdings in Warner Bros. Discovery by 781.3% during the 2nd quarter. Retirement Systems of Alabama now owns 4,316,498 shares of the company’s stock worth $32,115,000 after acquiring an additional 3,826,715 shares during the period. The Manufacturers Life Insurance Company grew its position in Warner Bros. Discovery by 17.0% during the fourth quarter. The Manufacturers Life Insurance Company now owns 25,534,218 shares of the company’s stock worth $290,579,000 after buying an additional 3,710,343 shares in the last quarter. Finally, Mackenzie Financial Corp raised its holdings in shares of Warner Bros. Discovery by 1,216.7% in the 2nd quarter. Mackenzie Financial Corp now owns 3,009,558 shares of the company’s stock valued at $22,391,000 after acquiring an additional 2,780,986 shares in the last quarter. 59.95% of the stock is owned by hedge funds and other institutional investors.

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.