BI Asset Management Fondsmaeglerselskab A S Cuts Stake in Warner Bros. Discovery, Inc. $WBD

Key Points

• BI Asset Management Fondsmaeglerselskab A S significantly reduced its stake in Warner Bros. Discovery by 77.7%, now holding 149,708 shares valued at approximately $1.6 million following the sale of over 522,000 shares.
• Despite this reduction, other institutional investors like Vanguard Group and Invesco increased their stakes, showing a mixed sentiment towards Warner Bros. Discovery's stock.
• Stock analysts have given Warner Bros. Discovery an average rating of "Moderate Buy" with a target price of $13.14, reflecting optimism about its future performance.

BI Asset Management Fondsmaeglerselskab A S reduced its stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 77.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 149,708 shares of the company's stock after selling 522,063 shares during the period. BI Asset Management Fondsmaeglerselskab A S's holdings in Warner Bros. Discovery were worth $1,606,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Warner Bros. Discovery by 1.7% in the first quarter. Vanguard Group Inc. now owns 256,820,031 shares of the company's stock worth $2,755,679,000 after acquiring an additional 4,169,240 shares during the last quarter. Invesco Ltd. grew its stake in shares of Warner Bros. Discovery by 2.1% in the first quarter. Invesco Ltd. now owns 43,341,297 shares of the company's stock worth $465,052,000 after acquiring an additional 873,869 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Warner Bros. Discovery by 7.9% in the fourth quarter. The Manufacturers Life Insurance Company now owns 23,608,829 shares of the company's stock worth $249,545,000 after acquiring an additional 1,725,775 shares during the last quarter. Northern Trust Corp grew its stake in shares of Warner Bros. Discovery by 1.9% in the first quarter. Northern Trust Corp now owns 23,427,661 shares of the company's stock worth $251,379,000 after acquiring an additional 430,787 shares during the last quarter. Finally, EdgePoint Investment Group Inc. grew its stake in shares of Warner Bros. Discovery by 0.7% in the fourth quarter. EdgePoint Investment Group Inc. now owns 21,536,172 shares of the company's stock worth $227,637,000 after acquiring an additional 139,453 shares during the last quarter. 59.95% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on WBD shares. Morgan Stanley increased their target price on Warner Bros. Discovery from $10.00 to $13.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 6th. Needham & Company LLC restated a "hold" rating on shares of Warner Bros. Discovery in a report on Tuesday, June 10th. Argus upgraded Warner Bros. Discovery to a "hold" rating in a report on Tuesday, May 27th. Raymond James Financial dropped their target price on Warner Bros. Discovery from $14.00 to $13.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Finally, Bank of America boosted their price objective on Warner Bros. Discovery from $14.00 to $16.00 and gave the company a "buy" rating in a report on Tuesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $13.14.

Warner Bros. Discovery Trading Up 0.4%

Shares of NASDAQ WBD opened at $11.59 on Friday. The firm has a market cap of $28.69 billion, a PE ratio of 38.63, a price-to-earnings-growth ratio of 1.54 and a beta of 1.57. 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, Inc. has a twelve month low of $6.78 and a twelve month high of $13.86. The business has a fifty day simple moving average of $11.81 and a two-hundred day simple moving average of $10.40.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.63 EPS for the quarter, topping the consensus estimate of ($0.16) by $0.79. The firm had revenue of $9.81 billion during the quarter, compared to analyst estimates of $9.73 billion. Warner Bros. Discovery had a return on equity of 2.14% and a net margin of 2.00%.The business's revenue for the quarter was up 1.0% compared to the same quarter last year. During the same period in the previous year, the company posted ($4.07) EPS. Analysts expect that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current fiscal year.

Insider Activity at Warner Bros. Discovery

In related news, Director Anton J. Levy purchased 250,000 shares of Warner Bros. Discovery stock in a transaction dated Monday, August 11th. The stock was purchased at an average cost of $10.90 per share, with a total value of $2,725,000.00. Following the transaction, the director owned 874,000 shares in the company, valued at approximately $9,526,600. The trade was a 40.06% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.90% of the company's stock.

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.

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