Bank of America Corp DE Buys 2,980,900 Shares of Warner Bros. Discovery, Inc. $WBD

Bank of America Corp DE increased its stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 21.9% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 16,616,949 shares of the company’s stock after buying an additional 2,980,900 shares during the quarter. Bank of America Corp DE’s holdings in Warner Bros. Discovery were worth $456,301,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Warner Bros. Discovery by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 283,180,433 shares of the company’s stock worth $8,161,260,000 after purchasing an additional 1,966,278 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Warner Bros. Discovery by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 66,597,575 shares of the company’s stock worth $1,912,634,000 after buying an additional 1,028,346 shares in the last quarter. Norges Bank bought a new stake in shares of Warner Bros. Discovery during the fourth quarter valued at approximately $1,123,807,000. Morgan Stanley raised its holdings in Warner Bros. Discovery by 4.8% in the 4th quarter. Morgan Stanley now owns 27,462,742 shares of the company’s stock worth $791,476,000 after acquiring an additional 1,254,813 shares during the last quarter. Finally, Northern Trust Corp lifted its position in Warner Bros. Discovery by 3.9% in the 3rd quarter. Northern Trust Corp now owns 23,496,725 shares of the company’s stock valued at $458,891,000 after acquiring an additional 876,869 shares in the last quarter. Hedge funds and other institutional investors own 59.95% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Huber Research raised Warner Bros. Discovery from an “underweight” rating to an “overweight” rating in a report on Monday, June 1st. Weiss Ratings downgraded Warner Bros. Discovery from a “hold (c-)” rating to a “sell (d-)” rating in a report on Thursday, May 7th. UBS Group increased their price objective on Warner Bros. Discovery from $30.00 to $31.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. KeyCorp reissued an “overweight” rating on shares of Warner Bros. Discovery in a research report on Friday, April 24th. Finally, Guggenheim reiterated a “neutral” rating on shares of Warner Bros. Discovery in a research note on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $27.04.

Warner Bros. Discovery Price Performance

NASDAQ WBD opened at $26.30 on Friday. The company has a 50-day moving average price of $26.57 and a 200-day moving average price of $27.29. Warner Bros. Discovery, Inc. has a 52 week low of $10.76 and a 52 week high of $30.00. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.92. The firm has a market capitalization of $65.94 billion, a P/E ratio of -37.57 and a beta of 1.54.

Warner Bros. Discovery (NASDAQ:WBD) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($1.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($1.07). Warner Bros. Discovery had a negative return on equity of 4.77% and a negative net margin of 4.67%.The business had revenue of $8.89 billion during the quarter, compared to analysts’ expectations of $8.89 billion. During the same period in the previous year, the business posted ($0.18) EPS. The business’s quarterly revenue was down 1.0% compared to the same quarter last year. Equities research analysts anticipate that Warner Bros. Discovery, Inc. will post -1.08 earnings per share for the current year.

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.