Envestnet Portfolio Solutions Inc. Sells 36,530 Shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Envestnet Portfolio Solutions Inc. decreased its position in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 74.3% during the first quarter, according to its most recent filing with the SEC. The firm owned 12,620 shares of the company's stock after selling 36,530 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Warner Bros. Discovery were worth $135,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in WBD. Vanguard Group Inc. grew its holdings in Warner Bros. Discovery by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 252,650,791 shares of the company's stock worth $2,670,519,000 after purchasing an additional 1,658,415 shares during the period. Geode Capital Management LLC grew its stake in shares of Warner Bros. Discovery by 3.6% in the 4th quarter. Geode Capital Management LLC now owns 57,441,931 shares of the company's stock worth $605,633,000 after buying an additional 1,991,441 shares during the last quarter. Norges Bank bought a new position in Warner Bros. Discovery during the 4th quarter valued at approximately $362,210,000. Slate Path Capital LP raised its stake in Warner Bros. Discovery by 36.6% during the fourth quarter. Slate Path Capital LP now owns 23,801,000 shares of the company's stock valued at $251,577,000 after buying an additional 6,381,000 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Warner Bros. Discovery by 7.9% in the fourth quarter. The Manufacturers Life Insurance Company now owns 23,608,829 shares of the company's stock worth $249,545,000 after acquiring an additional 1,725,775 shares in the last quarter. Hedge funds and other institutional investors own 59.95% of the company's stock.

Warner Bros. Discovery Stock Performance

Shares of WBD stock traded up $0.18 during trading hours on Wednesday, reaching $11.12. 48,626,729 shares of the company traded hands, compared to its average volume of 36,237,881. The firm has a 50-day moving average price of $9.63 and a 200 day moving average price of $9.93. The company has a market cap of $27.30 billion, a P/E ratio of -2.53 and a beta of 1.54. Warner Bros. Discovery, Inc. has a 12-month low of $6.64 and a 12-month high of $12.70. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.84 and a quick ratio of 0.84.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 net margin of 28.16% and a negative return on equity of 30.56%. The business's revenue was down 9.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.40) earnings per share. As a group, sell-side analysts predict that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Guggenheim reaffirmed a "buy" rating on shares of Warner Bros. Discovery in a research report on Tuesday, June 10th. Barrington Research reiterated an "outperform" rating and issued a $16.00 target price on shares of Warner Bros. Discovery in a research note on Monday, June 9th. Morgan Stanley lowered their price objective on Warner Bros. Discovery from $12.00 to $10.00 and set an "equal weight" rating on the stock in a research report on Tuesday, May 6th. Wells Fargo & Company lifted their target price on Warner Bros. Discovery from $10.00 to $11.00 and gave the stock an "equal weight" rating in a report on Wednesday. Finally, Citigroup decreased their price target on Warner Bros. Discovery from $15.00 to $14.00 and set a "buy" rating for the company in a research note on Thursday, May 29th. Eleven analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $12.33.

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.