Bank of America Boosts Warner Bros. Discovery (NASDAQ:WBD) Price Target to $24.00

Key Points

• Bank of America has increased its price target for Warner Bros. Discovery from $16.00 to $24.00, indicating a potential upside of 27.25% from the previous closing price.
• The company reported a $0.63 EPS for the last quarter, which surpassed the consensus estimate, leading to a revenue of $9.81 billion, a 1.0% year-over-year increase.
• Several other analysts have also recently updated their ratings, with most giving the stock a "buy" rating, while the average consensus price target stands at $14.51.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) had its price target upped by equities research analysts at Bank of America from $16.00 to $24.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Bank of America's price target suggests a potential upside of 27.25% from the company's previous close.

A number of other equities research analysts have also recently issued reports on WBD. Guggenheim reissued a "buy" rating on shares of Warner Bros. Discovery in a research report on Tuesday, June 10th. Barrington Research reissued an "outperform" rating and issued a $16.00 target price on shares of Warner Bros. Discovery in a research report on Wednesday, July 30th. Barclays boosted their target price on shares of Warner Bros. Discovery from $9.00 to $13.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 9th. UBS Group boosted their target price on shares of Warner Bros. Discovery from $9.00 to $10.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Finally, Moffett Nathanson boosted their target price on shares of Warner Bros. Discovery from $14.00 to $23.00 and gave the company a "buy" rating in a research report on Monday, September 22nd. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and fifteen have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $14.51.

Warner Bros. Discovery Stock Performance

Shares of WBD stock opened at $18.86 on Tuesday. The firm has a market cap of $46.69 billion, a PE ratio of 62.87, a P/E/G ratio of 2.54 and a beta of 1.59. Warner Bros. Discovery has a 12 month low of $7.25 and a 12 month high of $20.24. The company's fifty day simple moving average is $13.97 and its 200-day simple moving average is $11.30. 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 (NASDAQ:WBD - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.63 EPS for the quarter, beating the consensus estimate of ($0.16) by $0.79. Warner Bros. Discovery had a net margin of 2.00% and a return on equity of 2.14%. The firm had revenue of $9.81 billion for the quarter, compared to the consensus estimate of $9.73 billion. During the same period in the previous year, the company earned ($4.07) earnings per share. The company's quarterly revenue was up 1.0% on a year-over-year basis. Equities research analysts expect that Warner Bros. Discovery will post -4.33 EPS for the current fiscal year.

Insider Transactions at Warner Bros. Discovery

In other news, CFO Gunnar Wiedenfels sold 530,793 shares of the stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $19.50, for a total value of $10,350,463.50. Following the completion of the transaction, the chief financial officer owned 1,141,150 shares of the company's stock, valued at approximately $22,252,425. This represents a 31.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bruce Campbell sold 289,322 shares of the stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $16.48, for a total transaction of $4,768,026.56. Following the completion of the transaction, the insider directly owned 402,464 shares of the company's stock, valued at $6,632,606.72. This trade represents a 41.82% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 970,115 shares of company stock valued at $17,818,490. 1.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in WBD. WPG Advisers LLC acquired a new stake in Warner Bros. Discovery during the 1st quarter valued at approximately $26,000. Financial Gravity Asset Management Inc. bought a new position in Warner Bros. Discovery during the 1st quarter worth approximately $27,000. Financial Gravity Companies Inc. bought a new position in Warner Bros. Discovery during the 2nd quarter worth approximately $29,000. North Capital Inc. bought a new position in Warner Bros. Discovery during the 1st quarter worth approximately $28,000. Finally, Smallwood Wealth Investment Management LLC bought a new position in Warner Bros. Discovery during the 1st quarter worth approximately $29,000. Institutional investors own 59.95% of the company's stock.

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.

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