EdgePoint Investment Group Inc. Buys 548,836 Shares of Warner Bros. Discovery, Inc. $WBD

Key Points

• EdgePoint Investment Group Inc. increased its stake in Warner Bros. Discovery by 2.5%, owning over 22 million shares, making it the firm's 18th largest holding.
• Director Anton J. Levy purchased 250,000 shares at $10.90, raising his ownership by 40%, indicating insider confidence in the stock.
• Warner Bros. Discovery's quarterly earnings report showed an EPS of $0.63, significantly beating expectations and achieving a revenue of $9.81 billion, reflecting a 1% year-over-year increase.

EdgePoint Investment Group Inc. increased its position in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 2.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 22,085,008 shares of the company's stock after purchasing an additional 548,836 shares during the quarter. Warner Bros. Discovery makes up about 1.9% of EdgePoint Investment Group Inc.'s holdings, making the stock its 18th biggest position. EdgePoint Investment Group Inc. owned approximately 0.90% of Warner Bros. Discovery worth $236,972,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. GF Fund Management CO. LTD. purchased a new position in Warner Bros. Discovery during the fourth quarter worth about $4,914,000. Polar Asset Management Partners Inc. purchased a new position in Warner Bros. Discovery during the fourth quarter worth about $3,022,000. Hi Line Capital Management LLC boosted its holdings in Warner Bros. Discovery by 17.8% during the first quarter. Hi Line Capital Management LLC now owns 597,478 shares of the company's stock worth $6,411,000 after purchasing an additional 90,462 shares during the last quarter. KBC Group NV boosted its holdings in Warner Bros. Discovery by 682.8% during the first 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. Finally, Dupree Financial Group LLC purchased a new position in Warner Bros. Discovery in the first quarter valued at about $2,884,000. 59.95% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on WBD. Benchmark reiterated a "buy" rating and issued a $18.00 target price on shares of Warner Bros. Discovery in a research note on Monday, July 14th. Morgan Stanley boosted their target price on shares of 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. Citigroup dropped their target price on shares of Warner Bros. Discovery from $15.00 to $14.00 and set a "buy" rating on the stock in a research note on Thursday, May 29th. UBS Group boosted their target price on shares of Warner Bros. Discovery from $9.00 to $10.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Finally, Bank of America boosted their target price on shares of Warner Bros. Discovery from $14.00 to $16.00 and gave the company a "buy" rating in a research note on Tuesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and eleven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $13.14.

Insiders Place Their Bets

In other news, Director Anton J. Levy bought 75,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The shares were acquired at an average price of $11.00 per share, with a total value of $825,000.00. Following the acquisition, 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 acquisition was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.90% of the company's stock.

Warner Bros. Discovery Price Performance

Warner Bros. Discovery stock traded up $0.34 during midday trading on Friday, reaching $12.11. 63,862,263 shares of the stock were exchanged, compared to its average volume of 45,631,712. The company's fifty day moving average is $12.07 and its 200-day moving average is $10.53. 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 firm has a market cap of $29.98 billion, a PE ratio of 40.37, a PEG ratio of 1.61 and a beta of 1.59. Warner Bros. Discovery, Inc. has a 52 week low of $6.78 and a 52 week high of $13.86.

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 for the quarter, topping analysts' consensus estimates of ($0.16) by $0.79. The business had revenue of $9.81 billion for the quarter, compared to analyst estimates of $9.73 billion. Warner Bros. Discovery had a net margin of 2.00% and a return on equity of 2.14%. Warner Bros. Discovery's revenue was up 1.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($4.07) EPS. On average, sell-side analysts forecast that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current year.

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.