Alliancebernstein L.P. Lowers Stock Holdings in Warner Bros. Discovery, Inc. $WBD

Key Points

• Alliancebernstein L.P. holds $28.72 million in Warner Bros. Discovery shares after reducing its position by 1.9%, retaining approximately 2.68 million shares.
• Director Anton J. Levy purchased 75,000 shares at an average price of $11.00 per share, increasing his ownership by 8.58%.
• Warner Bros. Discovery reported a quarterly earnings EPS of $0.63, significantly exceeding estimates, with revenues reaching $9.81 billion.

Alliancebernstein L.P. trimmed its position in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 1.9% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,676,238 shares of the company's stock after selling 51,579 shares during the period. Alliancebernstein L.P. owned approximately 0.11% of Warner Bros. Discovery worth $28,716,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in WBD. Brighton Jones LLC raised its stake in shares of Warner Bros. Discovery by 304.9% in the fourth quarter. Brighton Jones LLC now owns 68,950 shares of the company's stock valued at $729,000 after acquiring an additional 51,920 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of Warner Bros. Discovery by 4.0% in the fourth quarter. Ameriprise Financial Inc. now owns 1,140,842 shares of the company's stock valued at $12,061,000 after acquiring an additional 43,682 shares in the last quarter. Captrust Financial Advisors raised its stake in shares of Warner Bros. Discovery by 1.5% in the fourth quarter. Captrust Financial Advisors now owns 132,426 shares of the company's stock valued at $1,400,000 after acquiring an additional 1,950 shares in the last quarter. EP Wealth Advisors LLC raised its stake in shares of Warner Bros. Discovery by 61.8% in the fourth quarter. EP Wealth Advisors LLC now owns 29,351 shares of the company's stock valued at $310,000 after acquiring an additional 11,209 shares in the last quarter. Finally, Ensign Peak Advisors Inc raised its stake in shares of Warner Bros. Discovery by 14.9% in the fourth quarter. Ensign Peak Advisors Inc now owns 953,481 shares of the company's stock valued at $10,078,000 after acquiring an additional 123,763 shares in the last quarter. 59.95% of the stock is currently owned by institutional investors and hedge funds.

Warner Bros. Discovery Price Performance

Shares of WBD stock traded up $2.70 during midday trading on Friday, reaching $18.87. 286,085,213 shares of the company traded hands, compared to its average volume of 58,723,604. The firm's 50 day simple moving average is $12.40 and its two-hundred day simple moving average is $10.66. Warner Bros. Discovery, Inc. has a 1-year low of $7.25 and a 1-year high of $19.33. 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 firm has a market cap of $46.72 billion, a PE ratio of 53.90, a price-to-earnings-growth ratio of 2.15 and a beta of 1.59.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last posted its quarterly earnings results 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 net margin of 2.00% and a return on equity of 2.14%. The company had revenue of $9.81 billion during the quarter, compared to the consensus estimate of $9.73 billion. During the same period last year, the firm earned ($4.07) EPS. The company's revenue for the quarter was up 1.0% on a year-over-year basis. On average, equities research analysts expect that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current fiscal year.

Insider Activity at Warner Bros. Discovery

In related news, insider Bruce Campbell sold 289,322 shares of Warner Bros. Discovery stock in a transaction that occurred on 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 in the company, valued at $6,632,606.72. The trade was a 41.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Anton J. Levy acquired 250,000 shares of the business's stock in a transaction that occurred on Monday, August 11th. The shares were bought at an average price of $10.90 per share, with a total value of $2,725,000.00. Following the completion of the transaction, the director directly owned 874,000 shares in the company, valued at approximately $9,526,600. The trade was a 40.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on WBD shares. UBS Group upped their price objective on Warner Bros. Discovery from $9.00 to $10.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Wells Fargo & Company upped their price objective on Warner Bros. Discovery from $13.00 to $14.00 and gave the stock an "equal weight" rating in a research report on Thursday. Barrington Research reiterated an "outperform" rating and set a $16.00 target price on shares of Warner Bros. Discovery in a research report on Wednesday, July 30th. Morgan Stanley lifted their target price 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. Finally, Raymond James Financial cut their target price on Warner Bros. Discovery from $14.00 to $13.00 and set an "outperform" rating on the stock in a research report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eleven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $13.20.

About Warner Bros. Discovery

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.