Bank of New York Mellon Corp acquired a new stake in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 12,688,029 shares of the company's stock, valued at approximately $338,263,000. Bank of New York Mellon Corp owned about 0.51% of Warner Bros. Discovery as of its most recent filing with the SEC.
Other institutional investors have also modified their holdings of the company. Bank of America Corp DE lifted its holdings in Warner Bros. Discovery by 21.9% in the first quarter. Bank of America Corp DE now owns 16,616,949 shares of the company's stock valued at $456,301,000 after acquiring an additional 2,980,900 shares during the period. Handelsbanken Fonder AB boosted its stake in shares of Warner Bros. Discovery by 130.8% in the fourth quarter. Handelsbanken Fonder AB now owns 1,008,638 shares of the company's stock valued at $29,069,000 after purchasing an additional 571,612 shares during the period. Brighton Jones LLC grew its stake in shares of Warner Bros. Discovery by 304.9% during 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. Varma Mutual Pension Insurance Co acquired a new position in Warner Bros. Discovery in the fourth quarter worth about $12,372,000. Finally, Geode Capital Management LLC grew its position in shares of Warner Bros. Discovery by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 66,597,575 shares of the company's stock worth $1,912,634,000 after acquiring an additional 1,028,346 shares in the last quarter. Institutional investors and hedge funds own 59.95% of the company's stock.
Analyst Ratings Changes
Several research firms have commented on WBD. Guggenheim reissued a "neutral" rating on shares of Warner Bros. Discovery in a research note on Thursday, May 7th. Weiss Ratings raised shares of Warner Bros. Discovery from a "sell (d-)" rating to a "sell (d+)" rating in a research note on Tuesday. KeyCorp restated an "overweight" rating on shares of Warner Bros. Discovery in a research note on Friday, April 24th. Seaport Research Partners cut Warner Bros. Discovery from a "buy" rating to a "neutral" rating in a research note on Monday, July 27th. Finally, Huber Research raised Warner Bros. Discovery from an "underweight" rating to an "overweight" rating in a report on Monday, June 1st. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $27.69.
Read Our Latest Research Report on WBD
Warner Bros. Discovery Stock Up 1.1%
NASDAQ:WBD opened at $28.55 on Friday. The company has a market capitalization of $71.68 billion, a PE ratio of -22.48 and a beta of 1.55. The firm's 50-day moving average price is $26.71 and its 200-day moving average price is $27.18. Warner Bros. Discovery, Inc. has a 1-year low of $11.25 and a 1-year high of $30.00. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.78 and a quick ratio of 0.78.
Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.06 EPS for the quarter, beating the consensus estimate of ($0.14) by $0.20. Warner Bros. Discovery had a negative net margin of 8.77% and a negative return on equity of 8.91%. The firm had revenue of $8.72 billion during the quarter, compared to analyst estimates of $9.25 billion. During the same quarter in the prior year, the firm earned $0.63 EPS. The business's revenue for the quarter was down 11.2% compared to the same quarter last year. On average, equities analysts predict that Warner Bros. Discovery, Inc. will post -1.11 EPS for the current fiscal year.
Insider Activity
In related news, insider Gerhard Zeiler sold 591,038 shares of the business's stock in a transaction on Monday, August 10th. The stock was sold at an average price of $27.05, for a total transaction of $15,987,577.90. Following the transaction, the insider directly owned 537,436 shares in the company, valued at $14,537,643.80. The trade was a 52.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO David Zaslav sold 194,999 shares of the business's stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $28.02, for a total transaction of $5,463,871.98. Following the sale, the chief executive officer directly owned 6,807,934 shares in the company, valued at approximately $190,758,310.68. This represents a 2.78% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,750,749 shares of company stock valued at $48,329,633 in the last ninety days. 0.70% of the stock is currently owned by insiders.
Warner Bros. Discovery Profile
(
Free Report)
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.
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