Corebridge Financial Inc. Has $8.56 Million Stake in Warner Bros. Discovery, Inc. $WBD

Key Points

• Corebridge Financial Inc. reduced its stake in Warner Bros. Discovery by 3.7%, selling 30,443 shares in the first quarter, leaving it with 797,572 shares valued at approximately $8.56 million.
• During the first quarter, several institutional investors, including Independent Franchise Partners LLP and Nuveen LLC, made significant purchases of Warner Bros. Discovery shares, with over 59.95% of the company now owned by institutional investors.
• Warner Bros. Discovery reported a net margin of 2.00% and beat earnings expectations with a reported $0.63 EPS for the quarter, significantly improving from the previous year's loss of ($4.07 EPS).

Corebridge Financial Inc. lessened its position in Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 3.7% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 797,572 shares of the company's stock after selling 30,443 shares during the quarter. Corebridge Financial Inc.'s holdings in Warner Bros. Discovery were worth $8,558,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in WBD. Independent Franchise Partners LLP purchased a new stake in shares of Warner Bros. Discovery in the 1st quarter valued at approximately $140,224,000. Nuveen LLC purchased a new stake in shares of Warner Bros. Discovery in the 1st quarter valued at approximately $96,971,000. KBC Group NV lifted its position in shares of 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 purchased a new stake in Warner Bros. Discovery in the 4th quarter worth approximately $64,847,000. Finally, Dimensional Fund Advisors LP lifted its position in Warner Bros. Discovery by 63.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 12,839,389 shares of the company's stock worth $137,700,000 after buying 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 Stock Performance

NASDAQ:WBD traded down $0.42 during midday trading on Friday, reaching $11.64. The stock had a trading volume of 60,181,031 shares, compared to its average volume of 47,022,940. Warner Bros. Discovery, Inc. has a 1-year low of $6.78 and a 1-year high of $13.86. The firm's fifty day simple moving average is $11.99 and its 200-day simple moving average is $10.49. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market capitalization of $28.82 billion, a P/E ratio of 38.80, a PEG ratio of 1.55 and a beta of 1.59.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last posted its earnings results 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. Warner Bros. Discovery had a net margin of 2.00% and a return on equity of 2.14%. The business had revenue of $9.81 billion for the quarter, compared to analyst estimates of $9.73 billion. During the same period last year, the business posted ($4.07) EPS. Warner Bros. Discovery's revenue was up 1.0% compared to the same quarter last year. On average, equities research analysts forecast that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on WBD. UBS Group increased their target price on shares of Warner Bros. Discovery from $9.00 to $10.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Argus upgraded shares of Warner Bros. Discovery to a "hold" rating in a research report on Tuesday, May 27th. Citigroup cut their target price on shares of Warner Bros. Discovery from $15.00 to $14.00 and set a "buy" rating for the company in a research report on Thursday, May 29th. Raymond James Financial dropped their price target on shares of Warner Bros. Discovery from $14.00 to $13.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. Finally, Morgan Stanley increased their price target on shares of 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. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat.com, Warner Bros. Discovery presently has a consensus rating of "Moderate Buy" and an average price target of $13.14.

Insider Transactions at Warner Bros. Discovery

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