Carnegie Lake Advisors LLC Sells 64,475 Shares of Warner Bros. Discovery, Inc. $WBD

Key Points

• Carnegie Lake Advisors LLC cut its Warner Bros. Discovery stake by 74% in the fourth quarter, selling 64,475 shares and leaving it with 22,623 shares worth about $652,000.
• Other institutions also adjusted their positions, while 59.95% of WBD stock is held by institutional investors, indicating continued heavy professional ownership.
• Analyst sentiment remains mixed but leans cautious: the stock has a consensus “Hold” rating with an average price target of $27.04, and recent earnings missed expectations with EPS of -$1.17 versus estimates of -$0.10.

Carnegie Lake Advisors LLC lowered its stake in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 74.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,623 shares of the company's stock after selling 64,475 shares during the period. Carnegie Lake Advisors LLC's holdings in Warner Bros. Discovery were worth $652,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Brighton Jones LLC increased its position 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 buying an additional 51,920 shares during the period. NewEdge Advisors LLC boosted its position in shares of Warner Bros. Discovery by 50.5% in the first quarter. NewEdge Advisors LLC now owns 63,254 shares of the company's stock valued at $679,000 after acquiring an additional 21,228 shares during the period. Empowered Funds LLC boosted its position in shares of Warner Bros. Discovery by 6.2% in the first quarter. Empowered Funds LLC now owns 65,082 shares of the company's stock valued at $698,000 after acquiring an additional 3,779 shares during the period. Focus Partners Wealth grew its stake in Warner Bros. Discovery by 91.6% during the first quarter. Focus Partners Wealth now owns 116,821 shares of the company's stock valued at $1,254,000 after acquiring an additional 55,837 shares in the last quarter. Finally, Baird Financial Group Inc. grew its stake in Warner Bros. Discovery by 3.8% during the second quarter. Baird Financial Group Inc. now owns 111,450 shares of the company's stock valued at $1,277,000 after acquiring an additional 4,062 shares in the last quarter. 59.95% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. TD Cowen boosted their price objective on shares of Warner Bros. Discovery from $22.00 to $26.00 and gave the company a "hold" rating in a research note on Friday, February 27th. Benchmark reaffirmed a "hold" rating on shares of Warner Bros. Discovery in a research note on Friday, February 27th. KeyCorp reaffirmed an "overweight" rating on shares of Warner Bros. Discovery in a research note on Friday, April 24th. Weiss Ratings cut shares of Warner Bros. Discovery from a "hold (c-)" rating to a "sell (d-)" rating in a research note on Thursday, May 7th. Finally, Arete Research reaffirmed a "neutral" rating and set a $31.25 price objective on shares of Warner Bros. Discovery in a research note on Friday, February 27th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, thirteen have given a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $27.04.

Insider Activity

In related news, insider Bruce Campbell sold 41,784 shares of the firm's stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $27.82, for a total transaction of $1,162,430.88. Following the transaction, the insider directly owned 604,666 shares of the company's stock, valued at approximately $16,821,808.12. This trade represents a 6.46% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Paul A. Gould sold 600,000 shares of the business's stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $27.35, for a total value of $16,410,000.00. Following the completion of the sale, the director owned 244,357 shares of the company's stock, valued at $6,683,163.95. The trade was a 71.06% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 8,206,827 shares of company stock valued at $230,674,025. 1.90% of the stock is owned by insiders.

Warner Bros. Discovery Price Performance

WBD stock opened at $27.04 on Friday. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.73 and a quick ratio of 0.73. Warner Bros. Discovery, Inc. has a one year low of $9.11 and a one year high of $30.00. The stock has a market cap of $67.79 billion, a PE ratio of -38.63 and a beta of 1.57. The firm has a 50 day simple moving average of $27.23 and a two-hundred day simple moving average of $27.26.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($1.17) EPS for the quarter, missing analysts' consensus estimates of ($0.10) by ($1.07). Warner Bros. Discovery had a negative return on equity of 4.77% and a negative net margin of 4.67%.The company had revenue of $8.89 billion during the quarter, compared to analysts' expectations of $8.89 billion. During the same period in the prior year, the firm earned ($0.18) EPS. Warner Bros. Discovery's quarterly revenue was down 1.0% on a year-over-year basis. On average, analysts predict that Warner Bros. Discovery, Inc. will post -0.71 EPS for the current fiscal year.

Warner Bros. Discovery Profile

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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