DNB Asset Management AS Sells 813,338 Shares of Warner Bros. Discovery, Inc. $WBD

Key Points

• DNB Asset Management AS cut its Warner Bros. Discovery stake by 63.7% in the fourth quarter, selling 813,338 shares and leaving it with 463,717 shares worth about $13.4 million.
• Insider selling has been heavy, with executives including Gerhard Zeiler and director Paul A. Gould each selling 600,000 shares, while insiders sold 8.2 million shares in the last quarter overall.
• Warner Bros. Discovery recently posted a wider-than-expected loss, reporting EPS of ($1.17) versus analysts’ estimate of ($0.10), and the stock currently carries a Hold consensus rating with a target price around $26.36.

DNB Asset Management AS trimmed its position in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 63.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 463,717 shares of the company's stock after selling 813,338 shares during the period. DNB Asset Management AS's holdings in Warner Bros. Discovery were worth $13,364,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Private Advisory Group LLC bought a new position in Warner Bros. Discovery in the fourth quarter valued at about $3,438,000. Hauser Brothers GmbH lifted its holdings in Warner Bros. Discovery by 19.8% in the third quarter. Hauser Brothers GmbH now owns 2,877,000 shares of the company's stock valued at $56,188,000 after acquiring an additional 476,000 shares during the period. US Bancorp DE lifted its holdings in Warner Bros. Discovery by 32.7% in the third quarter. US Bancorp DE now owns 175,293 shares of the company's stock valued at $3,423,000 after acquiring an additional 43,240 shares during the period. Triad Investment Management bought a new position in shares of Warner Bros. Discovery in the fourth quarter worth about $9,383,000. Finally, Mn Services Vermogensbeheer B.V. raised its stake in shares of Warner Bros. Discovery by 4.3% in the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 916,705 shares of the company's stock worth $26,419,000 after buying an additional 38,105 shares during the period. 59.95% of the stock is owned by institutional investors.

Insider Transactions at Warner Bros. Discovery

In related news, insider Gerhard Zeiler sold 600,000 shares of the business's stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $28.02, for a total transaction of $16,812,000.00. Following the completion of the transaction, the insider owned 672,649 shares in the company, valued at $18,847,624.98. The trade was a 47.15% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Paul A. Gould sold 600,000 shares of the business's stock in a transaction on Monday, March 16th. The shares were sold at an average price of $27.35, for a total value of $16,410,000.00. Following the transaction, the director owned 244,357 shares of the company's stock, valued at approximately $6,683,163.95. The trade was a 71.06% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 8,206,827 shares of company stock worth $230,674,025. 1.80% of the stock is currently owned by corporate insiders.

Warner Bros. Discovery Price Performance

Shares of Warner Bros. Discovery stock opened at $26.98 on Monday. The stock has a market cap of $67.64 billion, a price-to-earnings ratio of -38.54 and a beta of 1.57. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.73 and a current ratio of 0.73. The stock has a 50 day moving average price of $27.33 and a 200-day moving average price of $26.94. Warner Bros. Discovery, Inc. has a one year low of $8.82 and a one year high of $30.00.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last announced its 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). The company had revenue of $8.89 billion during the quarter, compared to analysts' expectations of $8.89 billion. Warner Bros. Discovery had a negative return on equity of 4.77% and a negative net margin of 4.67%.Warner Bros. Discovery's revenue for the quarter was down 1.0% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.18) EPS. Equities analysts expect that Warner Bros. Discovery, Inc. will post -0.71 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently commented on WBD. Weiss Ratings downgraded Warner Bros. Discovery from a "hold (c-)" rating to a "sell (d-)" rating in a research note on Thursday, May 7th. Huber Research cut Warner Bros. Discovery from a "strong-buy" rating to a "strong sell" rating in a report on Friday, February 27th. Rothschild & Co Redburn set a $31.00 price target on Warner Bros. Discovery and gave the company a "neutral" rating in a report on Tuesday, February 17th. Sanford C. Bernstein raised their price target on Warner Bros. Discovery from $23.50 to $27.75 and gave the company a "market perform" rating in a report on Tuesday, February 24th. Finally, Raymond James Financial reiterated an "underperform" rating on shares of Warner Bros. Discovery in a report on Friday, February 27th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, thirteen have issued a Hold rating and four have given a Sell rating to the company's stock. According to data from MarketBeat.com, Warner Bros. Discovery has an average rating of "Hold" and a consensus target price of $26.36.

About Warner Bros. Discovery

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.

Want to see what other hedge funds are holding WBD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.