Eminence Capital LP Sells 1,458,540 Shares of Warner Bros. Discovery, Inc. $WBD

Eminence Capital LP trimmed its holdings in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 23.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,750,267 shares of the company’s stock after selling 1,458,540 shares during the quarter. Eminence Capital LP owned 0.19% of Warner Bros. Discovery worth $92,773,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of WBD. Concord Wealth Partners lifted its stake in Warner Bros. Discovery by 49.9% in the third quarter. Concord Wealth Partners now owns 1,321 shares of the company’s stock worth $26,000 after purchasing an additional 440 shares during the last quarter. Physician Wealth Advisors Inc. lifted its position in shares of Warner Bros. Discovery by 152.1% during the third quarter. Physician Wealth Advisors Inc. now owns 1,404 shares of the company’s stock worth $27,000 after purchasing an additional 847 shares during the last quarter. Financial Gravity Companies Inc. purchased a new stake in shares of Warner Bros. Discovery during the second quarter valued at $29,000. Grove Bank & Trust grew its holdings in shares of Warner Bros. Discovery by 66.5% in the third quarter. Grove Bank & Trust now owns 1,690 shares of the company’s stock worth $33,000 after purchasing an additional 675 shares during the last quarter. Finally, Crews Bank & Trust raised its stake in shares of Warner Bros. Discovery by 1,242.2% during the third quarter. Crews Bank & Trust now owns 1,718 shares of the company’s stock valued at $34,000 after acquiring an additional 1,590 shares in the last quarter. Hedge funds and other institutional investors own 59.95% of the company’s stock.

Warner Bros. Discovery Stock Down 1.1%

WBD stock opened at $27.14 on Friday. The stock has a market capitalization of $67.25 billion, a PE ratio of 93.59 and a beta of 1.60. Warner Bros. Discovery, Inc. has a 52 week low of $7.52 and a 52 week high of $30.00. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.87. The firm has a 50 day moving average of $28.15 and a 200 day moving average of $23.86.

Warner Bros. Discovery (NASDAQ:WBD) last posted its quarterly earnings data on Thursday, February 26th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of $0.09 by ($0.19). Warner Bros. Discovery had a return on equity of 1.98% and a net margin of 1.95%.The company had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. During the same quarter in the previous year, the firm posted ($0.20) earnings per share. The company’s quarterly revenue was down 5.7% on a year-over-year basis. Sell-side analysts forecast that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current year.

Insider Buying and Selling

In other Warner Bros. Discovery news, insider Priya Aiyar sold 223,512 shares of the company’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $28.24, for a total value of $6,311,978.88. Following the completion of the transaction, the insider owned 919,252 shares in the company, valued at approximately $25,959,676.48. This represents a 19.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Bruce Campbell sold 41,784 shares of the firm’s stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $27.82, for a total value of $1,162,430.88. Following the sale, the insider owned 604,666 shares in the company, valued at $16,821,808.12. This trade represents a 6.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 7,571,827 shares of company stock valued at $213,302,225 in the last 90 days. 1.90% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Weiss Ratings upgraded shares of Warner Bros. Discovery from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, February 23rd. Guggenheim lowered shares of Warner Bros. Discovery from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $25.00 to $30.00 in a report on Wednesday, January 14th. Argus reduced their price objective on shares of Warner Bros. Discovery from $32.00 to $31.00 and set a “buy” rating for the company in a research note on Tuesday, March 3rd. Benchmark reiterated a “hold” rating on shares of Warner Bros. Discovery in a report on Friday, February 27th. Finally, Wells Fargo & Company started coverage on Warner Bros. Discovery in a research note on Monday, March 9th. They set an “equal weight” rating and a $31.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, fifteen have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Warner Bros. Discovery currently has a consensus rating of “Hold” and a consensus target price of $26.30.

About Warner Bros. Discovery

Warner Bros. Discovery (NASDAQ: WBD) is a global media and entertainment company formed when WarnerMedia and Discovery, Inc combined their businesses in 2022. Headquartered in New York City, the company assembles a broad portfolio of film and television production, linear and cable networks, streaming services and consumer distribution operations. Its assets span well-known studio brands, premium scripted and unscripted programming, news and factual entertainment, and licensed franchise properties.

The company’s core activities include film and television production and distribution through units such as Warner Bros.