Wealthfront Advisers LLC Cuts Stock Position in Warner Bros. Discovery, Inc. $WBD

Wealthfront Advisers LLC trimmed its holdings in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 17.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 598,735 shares of the company’s stock after selling 127,318 shares during the period. Wealthfront Advisers LLC’s holdings in Warner Bros. Discovery were worth $6,862,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Voya Investment Management LLC raised its stake in Warner Bros. Discovery by 34.9% during the 1st quarter. Voya Investment Management LLC now owns 7,035,842 shares of the company’s stock valued at $75,495,000 after purchasing an additional 1,820,249 shares during the period. Bfsg LLC raised its position in shares of Warner Bros. Discovery by 11.2% during the second quarter. Bfsg LLC now owns 156,906 shares of the company’s stock valued at $1,798,000 after buying an additional 15,786 shares during the last quarter. Country Club Bank raised its position in shares of Warner Bros. Discovery by 54.3% during the second quarter. Country Club Bank now owns 502,878 shares of the company’s stock valued at $5,683,000 after buying an additional 176,994 shares during the last quarter. Kingstone Capital Partners Texas LLC purchased a new position in shares of Warner Bros. Discovery in the second quarter worth $4,089,000. Finally, Mn Services Vermogensbeheer B.V. boosted its position in shares of Warner Bros. Discovery by 4.3% during the second quarter. Mn Services Vermogensbeheer B.V. now owns 878,600 shares of the company’s stock worth $10,069,000 after acquiring an additional 36,100 shares during the last quarter. Institutional investors own 59.95% of the company’s stock.

Insider Buying and Selling

In related news, CFO Gunnar Wiedenfels sold 530,793 shares of the company’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $19.50, for a total transaction of $10,350,463.50. Following the transaction, the chief financial officer directly owned 1,141,150 shares in the company, valued at approximately $22,252,425. This represents a 31.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Bruce Campbell sold 289,322 shares of the stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $16.48, for a total transaction of $4,768,026.56. Following the completion of the sale, the insider directly owned 402,464 shares in the company, valued at $6,632,606.72. This trade represents a 41.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 970,115 shares of company stock valued at $17,818,490. Company insiders own 1.80% of the company’s stock.

Warner Bros. Discovery Price Performance

Shares of Warner Bros. Discovery stock opened at $21.04 on Tuesday. The stock has a 50 day moving average price of $16.59 and a 200-day moving average price of $12.58. Warner Bros. Discovery, Inc. has a one year low of $7.49 and a one year high of $21.57. The stock has a market cap of $52.09 billion, a price-to-earnings ratio of 70.14, a price-to-earnings-growth ratio of 2.57 and a beta of 1.73. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.04 and a current ratio of 1.04.

Warner Bros. Discovery (NASDAQ:WBD) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.63 EPS for the quarter, topping the consensus estimate of ($0.16) by $0.79. Warner Bros. Discovery had a net margin of 2.00% and a return on equity of 2.14%. The company had revenue of $9.81 billion during the quarter, compared to analyst estimates of $9.73 billion. During the same period in the previous year, the firm earned ($4.07) earnings per share. Warner Bros. Discovery’s quarterly revenue was up 1.0% compared to the same quarter last year. Equities analysts expect that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have issued reports on WBD shares. Cowen downgraded shares of Warner Bros. Discovery from a “buy” rating to a “hold” rating in a report on Tuesday, September 16th. KeyCorp restated a “sector weight” rating on shares of Warner Bros. Discovery in a research report on Friday, September 26th. Needham & Company LLC reiterated a “hold” rating on shares of Warner Bros. Discovery in a research report on Friday, September 12th. Barclays set a $20.00 price target on Warner Bros. Discovery in a research note on Wednesday, October 8th. Finally, The Goldman Sachs Group lifted their price objective on Warner Bros. Discovery from $11.50 to $13.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and sixteen have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $17.68.

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.