Norges Bank Buys Shares of 26,775,543 Warner Bros. Discovery, Inc. $WBD

Norges Bank acquired a new stake in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 26,775,543 shares of the company’s stock, valued at approximately $306,848,000. Norges Bank owned approximately 1.09% of Warner Bros. Discovery as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. WPG Advisers LLC bought a new stake in shares of Warner Bros. Discovery during the 1st quarter worth about $26,000. Financial Gravity Companies Inc. acquired a new position in shares of Warner Bros. Discovery during the second quarter valued at approximately $29,000. Trifecta Capital Advisors LLC bought a new stake in Warner Bros. Discovery during the second quarter worth approximately $34,000. Elevation Point Wealth Partners LLC acquired a new stake in Warner Bros. Discovery in the second quarter worth approximately $44,000. Finally, Zions Bancorporation National Association UT bought a new position in Warner Bros. Discovery during the 1st quarter valued at $42,000. Institutional investors own 59.95% of the company’s stock.

Warner Bros. Discovery Price Performance

WBD stock opened at $23.99 on Monday. Warner Bros. Discovery, Inc. has a one year low of $7.52 and a one year high of $24.20. The firm has a 50-day moving average of $20.87 and a two-hundred day moving average of $15.02. The firm has a market capitalization of $59.45 billion, a PE ratio of 79.97, a P/E/G ratio of 2.56 and a beta of 1.74. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.92.

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

Insider Buying and Selling at Warner Bros. Discovery

In other news, CFO Gunnar Wiedenfels sold 222,210 shares of Warner Bros. Discovery stock in a transaction on Friday, October 31st. The stock was sold at an average price of $22.50, for a total transaction of $4,999,725.00. Following the transaction, the chief financial officer owned 918,940 shares in the company, valued at approximately $20,676,150. The trade was a 19.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Bruce Campbell sold 150,000 shares of the stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $18.00, for a total value of $2,700,000.00. Following the completion of the sale, the insider directly owned 252,464 shares of the company’s stock, valued at approximately $4,544,352. This represents a 37.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,202,325 shares of company stock valued at $23,053,615 in the last three months. 1.90% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently commented on WBD shares. Barclays set a $20.00 price objective on Warner Bros. Discovery in a research note on Wednesday, October 8th. Cowen downgraded shares of Warner Bros. Discovery from a “buy” rating to a “hold” rating in a report on Tuesday, September 16th. Weiss Ratings restated a “sell (d+)” rating on shares of Warner Bros. Discovery in a research report on Tuesday, November 25th. The Goldman Sachs Group boosted their target price on shares of Warner Bros. Discovery from $13.00 to $14.75 and gave the stock a “buy” rating in a report on Friday, November 7th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Warner Bros. Discovery from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, November 13th. Three research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Warner Bros. Discovery has a consensus rating of “Moderate Buy” and an average target price of $21.92.

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.