Connor Clark & Lunn Investment Management Ltd. Purchases Shares of 436,253 Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Key Points

• Connor Clark & Lunn Investment Management Ltd. has acquired 436,253 shares of Warner Bros. Discovery, valued at approximately $4.68 million, during the first quarter.
• Warner Bros. Discovery reported $9.81 billion in revenue for its most recent quarter, slightly surpassing analyst expectations, and revealed earnings per share of $0.63.
• The average analyst rating for Warner Bros. Discovery is currently a "Hold" with an average target price of $12.84, as twelve analysts have rated the stock with a hold rating.

Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 436,253 shares of the company's stock, valued at approximately $4,681,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in WBD. Slate Path Capital LP increased its position in shares of Warner Bros. Discovery by 36.6% during the 4th quarter. Slate Path Capital LP now owns 23,801,000 shares of the company's stock worth $251,577,000 after purchasing an additional 6,381,000 shares during the last quarter. KBC Group NV grew its position in Warner Bros. Discovery by 682.8% in the 1st quarter. KBC Group NV now owns 7,145,308 shares of the company's stock valued at $76,669,000 after acquiring an additional 6,232,561 shares in the last quarter. Sachem Head Capital Management LP acquired a new position in Warner Bros. Discovery in the 4th quarter valued at about $64,847,000. Duquesne Family Office LLC acquired a new position in Warner Bros. Discovery in the 4th quarter valued at about $49,231,000. Finally, Voya Investment Management LLC grew its position in Warner Bros. Discovery by 628.5% in the 4th quarter. Voya Investment Management LLC now owns 5,215,593 shares of the company's stock valued at $55,129,000 after acquiring an additional 4,499,697 shares in the last quarter. Hedge funds and other institutional investors own 59.95% of the company's stock.

Warner Bros. Discovery Stock Down 2.2%

Shares of WBD stock traded down $0.27 on Thursday, reaching $11.78. 53,355,841 shares of the company's stock traded hands, compared to its average volume of 73,137,200. Warner Bros. Discovery, Inc. has a 12-month low of $6.78 and a 12-month high of $13.86. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.04 and a current ratio of 1.04. The company has a market capitalization of $28.92 billion, a P/E ratio of 39.27, a price-to-earnings-growth ratio of 2.24 and a beta of 1.57. The business's 50 day moving average price is $11.65 and its two-hundred day moving average price is $10.36.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $9.81 billion for the quarter, compared to analysts' expectations of $9.73 billion. Warner Bros. Discovery had a return on equity of 2.14% and a net margin of 2.00%. Warner Bros. Discovery's quarterly revenue was up 1.0% on a year-over-year basis. During the same period in the previous year, the business posted ($4.07) earnings per share. On average, equities analysts forecast that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on WBD shares. Barclays upped their price target on Warner Bros. Discovery from $9.00 to $13.00 and gave the company an "equal weight" rating in a report on Wednesday, July 9th. Barrington Research reiterated an "outperform" rating and issued a $16.00 price objective on shares of Warner Bros. Discovery in a research note on Wednesday, July 30th. Guggenheim reiterated a "buy" rating on shares of Warner Bros. Discovery in a research note on Tuesday, June 10th. Morgan Stanley boosted their price objective on Warner Bros. Discovery from $10.00 to $13.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 6th. Finally, Raymond James Financial reduced their price objective on Warner Bros. Discovery from $14.00 to $13.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. Eleven equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $13.14.

Insider Transactions at Warner Bros. Discovery

In other news, Director Anton J. Levy acquired 250,000 shares of the firm's stock in a transaction on Monday, August 11th. The shares were purchased at an average cost of $10.90 per share, for a total transaction of $2,725,000.00. Following the transaction, the director owned 874,000 shares of the company's stock, valued at approximately $9,526,600. This represents a 40.06% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate 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.