Warner Bros. Discovery, Inc. $WBD Shares Sold by Carnegie Lake Advisors LLC

Carnegie Lake Advisors LLC lowered its position in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 2.4% in the second quarter, Holdings Channel.com reports. The firm owned 89,443 shares of the company’s stock after selling 2,245 shares during the quarter. Carnegie Lake Advisors LLC’s holdings in Warner Bros. Discovery were worth $1,025,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in WBD. Independent Franchise Partners LLP purchased a new position in shares of Warner Bros. Discovery during the 1st quarter worth approximately $140,224,000. Nuveen LLC acquired a new position in Warner Bros. Discovery during the first quarter worth $96,971,000. Sound Shore Management Inc CT purchased a new position in Warner Bros. Discovery in the second quarter worth $97,951,000. Apollo Management Holdings L.P. acquired a new stake in Warner Bros. Discovery in the first quarter valued at $65,031,000. Finally, Dimensional Fund Advisors LP lifted its holdings in Warner Bros. Discovery by 63.7% in the first quarter. Dimensional Fund Advisors LP now owns 12,839,389 shares of the company’s stock valued at $137,700,000 after acquiring an additional 4,994,894 shares during the period. Institutional investors and hedge funds own 59.95% of the company’s stock.

Warner Bros. Discovery Stock Down 1.5%

Shares of NASDAQ WBD opened at $22.42 on Friday. The firm’s 50-day moving average is $18.22 and its two-hundred day moving average is $13.32. The company has a market capitalization of $55.51 billion, a PE ratio of 74.74, a price-to-earnings-growth ratio of 2.56 and a beta of 1.73. Warner Bros. Discovery, Inc. has a 12-month low of $7.52 and a 12-month high of $23.06. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.04 and a quick ratio of 1.04.

Warner Bros. Discovery (NASDAQ:WBD) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.02). Warner Bros. Discovery had a return on equity of 2.14% and a net margin of 2.00%.The company had revenue of $9.05 billion for the quarter, compared to analyst estimates of $9.17 billion. During the same quarter in the prior year, the firm earned $0.05 earnings per share. The company’s revenue for the quarter was down 6.0% on a year-over-year basis. Equities analysts anticipate that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on WBD. Arete upped their price target on shares of Warner Bros. Discovery from $24.00 to $30.00 and gave the stock a “buy” rating in a research note on Tuesday, October 28th. Argus set a $27.00 target price on shares of Warner Bros. Discovery in a research report on Tuesday, October 28th. Barrington Research increased their target price on shares of Warner Bros. Discovery from $16.00 to $25.00 and gave the company an “outperform” rating in a report on Tuesday, October 28th. Guggenheim boosted their price target on Warner Bros. Discovery from $14.00 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Finally, Arete Research upgraded Warner Bros. Discovery to a “strong-buy” rating in a report on Tuesday, October 28th. Three investment 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 data from MarketBeat, Warner Bros. Discovery has a consensus rating of “Moderate Buy” and a consensus price target of $19.91.

Insider Transactions at Warner Bros. Discovery

In other news, CFO Gunnar Wiedenfels sold 530,793 shares of the company’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $19.50, for a total value of $10,350,463.50. Following the sale, the chief financial officer directly owned 1,141,150 shares in the company, valued at $22,252,425. This represents a 31.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 shares were bought at an average price of $10.90 per share, with a total value of $2,725,000.00. Following the transaction, the director owned 874,000 shares in the company, valued at $9,526,600. This represents a 40.06% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders sold a total of 1,192,325 shares of company stock valued at $22,818,215 over the last three months. 1.80% of the stock is currently owned by insiders.

Warner Bros. Discovery 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.