Coronation Fund Managers Ltd. Lowers Stake in Warner Bros. Discovery, Inc. $WBD

Key Points

• Coronation Fund Managers Ltd. has reduced its stake in Warner Bros. Discovery, Inc. by 13% during the second quarter, now holding 4,824,343 shares valued at approximately $55 million.
• A number of other hedge funds have increased their holdings in Warner Bros. Discovery, with Vanguard Group Inc. acquiring an additional 4.17 million shares, raising their stake to approximately $2.75 billion.
• Warner Bros. Discovery reported $0.63 earnings per share in its latest quarterly earnings, exceeding analysts' expectations, and its revenue increased by 1% year-over-year to $9.81 billion.

Coronation Fund Managers Ltd. lessened its stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 13.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,824,343 shares of the company's stock after selling 719,316 shares during the quarter. Warner Bros. Discovery makes up approximately 3.0% of Coronation Fund Managers Ltd.'s portfolio, making the stock its 10th biggest holding. Coronation Fund Managers Ltd. owned 0.20% of Warner Bros. Discovery worth $55,287,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in Warner Bros. Discovery by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 256,820,031 shares of the company's stock valued at $2,755,679,000 after acquiring an additional 4,169,240 shares during the period. Invesco Ltd. raised its holdings in Warner Bros. Discovery by 2.1% during the 1st quarter. Invesco Ltd. now owns 43,341,297 shares of the company's stock valued at $465,052,000 after acquiring an additional 873,869 shares during the period. Sessa Capital IM L.P. raised its holdings in Warner Bros. Discovery by 4.0% during the 1st quarter. Sessa Capital IM L.P. now owns 29,555,277 shares of the company's stock valued at $317,128,000 after acquiring an additional 1,144,849 shares during the period. The Manufacturers Life Insurance Company raised its holdings in Warner Bros. Discovery by 4.5% during the 1st quarter. The Manufacturers Life Insurance Company now owns 24,672,364 shares of the company's stock valued at $264,734,000 after acquiring an additional 1,063,535 shares during the period. Finally, Northern Trust Corp raised its holdings in Warner Bros. Discovery by 1.9% during the 1st quarter. Northern Trust Corp now owns 23,427,661 shares of the company's stock valued at $251,379,000 after acquiring an additional 430,787 shares during the period. Institutional investors own 59.95% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Bank of America boosted their target price on shares of Warner Bros. Discovery from $16.00 to $24.00 and gave the company a "buy" rating in a report on Tuesday, September 30th. Barrington Research restated an "outperform" rating and set a $16.00 price target on shares of Warner Bros. Discovery in a research report on Wednesday, July 30th. Benchmark restated a "buy" rating and set a $18.00 price target on shares of Warner Bros. Discovery in a research report on Monday, July 14th. The Goldman Sachs Group boosted their price target on shares of Warner Bros. Discovery from $11.50 to $13.00 and gave the company a "neutral" rating in a research report on Tuesday, September 30th. Finally, Moffett Nathanson boosted their price target on shares of Warner Bros. Discovery from $14.00 to $23.00 and gave the company a "buy" rating in a research report on Monday, September 22nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and sixteen have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $17.00.

Warner Bros. Discovery Stock Performance

Shares of NASDAQ WBD opened at $18.32 on Tuesday. The stock has a market cap of $45.36 billion, a price-to-earnings ratio of 61.07, a P/E/G ratio of 2.22 and a beta of 1.73. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.92. Warner Bros. Discovery, Inc. has a 1-year low of $7.25 and a 1-year high of $20.24. The stock's 50-day moving average is $15.68 and its 200 day moving average is $12.14.

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. Warner Bros. Discovery had a return on equity of 2.14% and a net margin of 2.00%.The company had revenue of $9.81 billion for the quarter, compared to analysts' expectations of $9.73 billion. During the same period last year, the firm posted ($4.07) EPS. Warner Bros. Discovery's revenue for the quarter was up 1.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current fiscal year.

Insider Buying and Selling at Warner Bros. Discovery

In other news, insider Bruce Campbell sold 150,000 shares of the company's stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $18.00, for a total transaction of $2,700,000.00. Following the completion of the transaction, the insider directly owned 252,464 shares of the company's stock, valued at approximately $4,544,352. This represents a 37.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Anton J. Levy acquired 75,000 shares of the stock in a transaction dated Tuesday, August 12th. The shares were purchased at an average cost of $11.00 per share, with a total value of $825,000.00. Following the completion of the purchase, the director owned 949,000 shares of the company's stock, valued at approximately $10,439,000. The trade was a 8.58% increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 970,115 shares of company stock worth $17,818,490 over the last three months. Company insiders own 1.90% of the company's stock.

Warner Bros. Discovery Company 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.

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