Pinnacle Associates Ltd. Sells 195,815 Shares of Warner Bros. Discovery, Inc. $WBD

Pinnacle Associates Ltd. lowered its position in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 19.5% during the 2nd quarter, Holdings Channel.com reports. The firm owned 810,368 shares of the company’s stock after selling 195,815 shares during the period. Pinnacle Associates Ltd.’s holdings in Warner Bros. Discovery were worth $9,287,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Warner Bros. Discovery by 1.7% during the first quarter. Vanguard Group Inc. now owns 256,820,031 shares of the company’s stock valued at $2,755,679,000 after purchasing an additional 4,169,240 shares in the last quarter. Invesco Ltd. lifted its holdings in Warner Bros. Discovery by 2.1% during the first quarter. Invesco Ltd. now owns 43,341,297 shares of the company’s stock valued at $465,052,000 after purchasing an additional 873,869 shares in the last quarter. Sessa Capital IM L.P. lifted its holdings in Warner Bros. Discovery by 4.0% during the first quarter. Sessa Capital IM L.P. now owns 29,555,277 shares of the company’s stock valued at $317,128,000 after purchasing an additional 1,144,849 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Warner Bros. Discovery by 4.5% during the first quarter. The Manufacturers Life Insurance Company now owns 24,672,364 shares of the company’s stock valued at $264,734,000 after purchasing an additional 1,063,535 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in Warner Bros. Discovery by 1.9% during the first quarter. Northern Trust Corp now owns 23,427,661 shares of the company’s stock valued at $251,379,000 after purchasing an additional 430,787 shares in the last quarter. Hedge funds and other institutional investors own 59.95% of the company’s stock.

Insider Activity at Warner Bros. Discovery

In other Warner Bros. Discovery news, insider Bruce Campbell sold 150,000 shares of the business’s stock in a transaction on Friday, September 12th. The shares were sold at an average price of $18.00, for a total transaction of $2,700,000.00. Following the transaction, the insider owned 252,464 shares in the company, valued at $4,544,352. The trade was a 37.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Anton J. Levy bought 75,000 shares of Warner Bros. Discovery stock in a transaction dated Tuesday, August 12th. The stock was purchased at an average cost of $11.00 per share, for a total transaction of $825,000.00. Following the purchase, the director owned 949,000 shares of the company’s stock, valued at approximately $10,439,000. This trade represents a 8.58% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have sold a total of 970,115 shares of company stock valued at $17,818,490 over the last 90 days. 1.90% of the stock is owned by corporate insiders.

Warner Bros. Discovery Price Performance

Warner Bros. Discovery stock opened at $22.45 on Friday. The company has a market cap of $55.58 billion, a price-to-earnings ratio of 74.84, a PEG ratio of 2.56 and a beta of 1.73. The firm’s fifty day moving average is $17.38 and its 200 day moving average is $12.92. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.92. Warner Bros. Discovery, Inc. has a 52-week low of $7.52 and a 52-week high of $22.56.

Warner Bros. Discovery (NASDAQ:WBD) last released its quarterly 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 company had revenue of $9.81 billion for the quarter, compared to the consensus estimate of $9.73 billion. Warner Bros. Discovery had a net margin of 2.00% and a return on equity of 2.14%. Warner Bros. Discovery’s revenue was up 1.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($4.07) earnings per share. Sell-side analysts forecast that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on WBD shares. Guggenheim lifted their price target on shares of Warner Bros. Discovery from $14.00 to $22.00 and gave the company a “buy” rating in a report on Wednesday, October 8th. Bank of America lifted their price target on shares of Warner Bros. Discovery from $16.00 to $24.00 and gave the company a “buy” rating in a report on Tuesday, September 30th. Cowen downgraded shares of Warner Bros. Discovery from a “buy” rating to a “hold” rating in a report on Tuesday, September 16th. Seaport Global Securities boosted their target price on shares of Warner Bros. Discovery from $15.00 to $24.00 and gave the stock a “buy” rating in a report on Friday, October 3rd. Finally, Morgan Stanley boosted their target price on shares of Warner Bros. Discovery from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Thursday, September 25th. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and fifteen have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $19.91.

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.