Adage Capital Partners GP L.L.C. Sells 48,400 Shares of Warner Bros. Discovery, Inc. $WBD

Key Points

• Adage Capital Partners GP L.L.C. reduced its stake in Warner Bros. Discovery by 2.3%, now owning 2,037,343 shares valued at approximately $21.86 million.
• In recent quarters, several institutional investors, including KBC Group NV, have significantly increased their stakes in Warner Bros. Discovery, indicating growing interest.
• Warner Bros. Discovery reported $0.63 EPS for the last quarter, surpassing analysts' expectations of a loss, with quarterly revenue of $9.81 billion, slightly above predicted estimates.

Adage Capital Partners GP L.L.C. trimmed its position in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 2.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,037,343 shares of the company's stock after selling 48,400 shares during the period. Adage Capital Partners GP L.L.C. owned 0.08% of Warner Bros. Discovery worth $21,861,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. WPG Advisers LLC bought a new position in Warner Bros. Discovery during the first quarter valued at $26,000. Financial Gravity Asset Management Inc. bought a new position in Warner Bros. Discovery during the first quarter valued at $27,000. North Capital Inc. bought a new position in Warner Bros. Discovery during the first quarter valued at $28,000. Smallwood Wealth Investment Management LLC bought a new position in shares of Warner Bros. Discovery in the first quarter worth $29,000. Finally, Ameriflex Group Inc. bought a new position in shares of Warner Bros. Discovery in the fourth quarter worth $30,000. 59.95% of the stock is owned by institutional investors.

Warner Bros. Discovery Price Performance

NASDAQ WBD traded up $0.34 during trading hours on Friday, reaching $12.11. 63,862,263 shares of the stock traded hands, compared to its average volume of 45,715,632. The stock has a 50 day simple moving average of $12.07 and a two-hundred day simple moving average of $10.53. Warner Bros. Discovery, Inc. has a 1 year low of $6.78 and a 1 year high of $13.86. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.04 and a quick ratio of 1.04. The company has a market cap of $29.98 billion, a price-to-earnings ratio of 40.37, a price-to-earnings-growth ratio of 1.61 and a beta of 1.59.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.63 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.16) by $0.79. Warner Bros. Discovery had a return on equity of 2.14% and a net margin of 2.00%.The firm had revenue of $9.81 billion for the quarter, compared to analysts' expectations of $9.73 billion. During the same period last year, the firm earned ($4.07) earnings per share. The company's revenue for the quarter was up 1.0% compared to the same quarter last year. On average, analysts predict that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current fiscal year.

Wall Street Analyst Weigh In

WBD has been the subject of a number of analyst reports. Bank of America raised their price target on Warner Bros. Discovery from $14.00 to $16.00 and gave the stock a "buy" rating in a report on Tuesday, July 1st. Benchmark reaffirmed a "buy" rating and issued a $18.00 price target on shares of Warner Bros. Discovery in a report on Monday, July 14th. Wells Fargo & Company raised their price target on Warner Bros. Discovery from $11.00 to $13.00 and gave the stock an "equal weight" rating in a report on Friday, August 8th. Needham & Company LLC reiterated a "hold" rating on shares of Warner Bros. Discovery in a research report on Tuesday, June 10th. Finally, Morgan Stanley increased their price objective on Warner Bros. Discovery from $10.00 to $13.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 6th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat, Warner Bros. Discovery currently has a consensus rating of "Moderate Buy" and an average price target of $13.14.

Insider Activity

In other Warner Bros. Discovery news, Director Anton J. Levy bought 75,000 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The shares were bought at an average cost of $11.00 per share, with a total value of $825,000.00. Following the completion of the purchase, the director directly owned 949,000 shares of the company's stock, valued at $10,439,000. This trade represents a 8.58% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 1.80% of the stock is 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.