Warner Bros. Discovery, Inc. $WBD Shares Sold by Comerica Bank

Key Points

• Comerica Bank reduced its stake in Warner Bros. Discovery by 6.7%, ending the 1st quarter with 362,247 shares, valued at approximately $3.89 million.
• Numerous hedge funds acquired new positions in Warner Bros. Discovery during the 1st quarter, with total institutional ownership now at 59.95%.
• Warner Bros. Discovery reported $0.63 EPS, significantly surpassing estimates, with a revenue of $9.81 billion for the quarter.

Comerica Bank lowered its stake in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 6.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 362,247 shares of the company's stock after selling 25,951 shares during the quarter. Comerica Bank's holdings in Warner Bros. Discovery were worth $3,887,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Independent Franchise Partners LLP purchased a new stake in shares of Warner Bros. Discovery during the first quarter worth about $140,224,000. Nuveen LLC acquired a new stake in Warner Bros. Discovery in the 1st quarter worth approximately $96,971,000. KBC Group NV grew its position in Warner Bros. Discovery by 682.8% during the 1st quarter. KBC Group NV now owns 7,145,308 shares of the company's stock worth $76,669,000 after purchasing an additional 6,232,561 shares during the last quarter. Sachem Head Capital Management LP purchased a new stake in Warner Bros. Discovery during the 4th quarter worth approximately $64,847,000. Finally, Dimensional Fund Advisors LP increased its stake in Warner Bros. Discovery by 63.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 12,839,389 shares of the company's stock valued at $137,700,000 after purchasing an additional 4,994,894 shares in the last quarter. Hedge funds and other institutional investors own 59.95% of the company's stock.

Warner Bros. Discovery Trading Down 1.2%

Shares of WBD traded down $0.15 during midday trading on Thursday, hitting $11.78. 52,516,306 shares of the stock were exchanged, compared to its average volume of 46,995,734. The stock has a fifty day simple moving average of $12.04 and a 200 day simple moving average of $10.52. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.04 and a current ratio of 1.04. Warner Bros. Discovery, Inc. has a 52-week low of $6.78 and a 52-week high of $13.86. The firm has a market cap of $29.15 billion, a P/E ratio of 39.28, a P/E/G ratio of 1.55 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 for the quarter, beating analysts' consensus estimates of ($0.16) by $0.79. The firm had revenue of $9.81 billion during the quarter, compared to analysts' expectations of $9.73 billion. Warner Bros. Discovery had a net margin of 2.00% and a return on equity of 2.14%. The business's quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($4.07) earnings per share. On average, research analysts anticipate that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently issued reports on WBD. Citigroup reduced their price objective on Warner Bros. Discovery from $15.00 to $14.00 and set a "buy" rating for the company in a research note on Thursday, May 29th. Guggenheim reaffirmed a "buy" rating on shares of Warner Bros. Discovery in a research report on Tuesday, June 10th. Needham & Company LLC reissued a "hold" rating on shares of Warner Bros. Discovery in a report on Tuesday, June 10th. KeyCorp dropped their price target on shares of Warner Bros. Discovery from $18.00 to $16.00 and set an "overweight" rating on the stock in a research report on Friday, August 8th. Finally, Raymond James Financial decreased 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 investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $13.14.

Insider Buying and Selling at Warner Bros. Discovery

In related news, Director Anton J. Levy acquired 75,000 shares of Warner Bros. Discovery stock in a transaction dated Tuesday, August 12th. The shares were acquired at an average cost of $11.00 per share, for a total transaction of $825,000.00. Following the completion of the purchase, the director owned 949,000 shares in the company, valued at approximately $10,439,000. The trade was a 8.58% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.80% of the company's stock.

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.