Envestnet Asset Management Inc. Cuts Position in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Envestnet Asset Management Inc. lessened its position in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 7.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,310,001 shares of the company's stock after selling 110,356 shares during the quarter. Envestnet Asset Management Inc. owned about 0.05% of Warner Bros. Discovery worth $14,056,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Colonial Trust Advisors boosted its holdings in shares of Warner Bros. Discovery by 71.8% in the 4th quarter. Colonial Trust Advisors now owns 2,383 shares of the company's stock worth $25,000 after purchasing an additional 996 shares during the period. Flagship Harbor Advisors LLC boosted its holdings in shares of Warner Bros. Discovery by 9.7% in the 1st quarter. Flagship Harbor Advisors LLC now owns 14,955 shares of the company's stock worth $160,000 after purchasing an additional 1,318 shares during the period. Bessemer Group Inc. boosted its holdings in shares of Warner Bros. Discovery by 11.4% in the 4th quarter. Bessemer Group Inc. now owns 13,047 shares of the company's stock worth $139,000 after purchasing an additional 1,338 shares during the period. CX Institutional boosted its holdings in shares of Warner Bros. Discovery by 5.7% in the 1st quarter. CX Institutional now owns 27,324 shares of the company's stock worth $293,000 after purchasing an additional 1,465 shares during the period. Finally, Bartlett & CO. Wealth Management LLC boosted its holdings in shares of Warner Bros. Discovery by 9.0% in the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 18,825 shares of the company's stock worth $202,000 after purchasing an additional 1,561 shares during the period. Hedge funds and other institutional investors own 59.95% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on WBD. Citigroup dropped their target price on Warner Bros. Discovery from $15.00 to $14.00 and set a "buy" rating for the company in a report on Thursday, May 29th. Raymond James Financial decreased their price target on Warner Bros. Discovery from $14.00 to $13.00 and set an "outperform" rating for the company in a research note on Friday, April 4th. Morgan Stanley decreased their price target on Warner Bros. Discovery from $12.00 to $10.00 and set an "equal weight" rating for the company in a research note on Tuesday, May 6th. Guggenheim reissued a "buy" rating on shares of Warner Bros. Discovery in a research note on Tuesday, June 10th. Finally, Barclays raised their price target on Warner Bros. Discovery from $9.00 to $13.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 9th. Twelve equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Warner Bros. Discovery presently has a consensus rating of "Moderate Buy" and an average price target of $12.41.

Warner Bros. Discovery Trading Down 0.7%

WBD opened at $12.75 on Friday. The firm has a market cap of $31.30 billion, a price-to-earnings ratio of -2.90 and a beta of 1.54. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.99. Warner Bros. Discovery, Inc. has a 12 month low of $6.64 and a 12 month high of $13.04. The stock has a fifty day moving average price of $10.45 and a 200-day moving average price of $10.03.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.06). The company had revenue of $8.98 billion during the quarter, compared to the consensus estimate of $9.66 billion. Warner Bros. Discovery had a negative return on equity of 30.56% and a negative net margin of 28.16%. The company's revenue was down 9.8% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.40) earnings per share. As a group, equities research analysts anticipate that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current fiscal 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.

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 and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.