Gamco Investors INC. ET AL Sells 31,864 Shares of Warner Bros. Discovery, Inc. $WBD

Key Points

• Gamco Investors INC. ET AL sold 31,864 shares of Warner Bros. Discovery, reducing its stake by 1.1%, and now holds approximately 2,934,242 shares valued at about $31.5 million.
• Director Anton J. Levy purchased 250,000 shares at $10.90 each, increasing his ownership in the company by 40.06% to a total of 874,000 shares.
• Warner Bros. Discovery reported strong earnings for the last quarter, with $0.63 earnings per share, beating analyst estimates significantly and showing year-on-year revenue growth of 1.0% to $9.81 billion.

Gamco Investors INC. ET AL reduced its position in Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 1.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,934,242 shares of the company's stock after selling 31,864 shares during the quarter. Gamco Investors INC. ET AL owned approximately 0.12% of Warner Bros. Discovery worth $31,484,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the company. Flagship Harbor Advisors LLC boosted its stake in Warner Bros. Discovery by 9.7% during the first quarter. Flagship Harbor Advisors LLC now owns 14,955 shares of the company's stock worth $160,000 after buying an additional 1,318 shares in the last quarter. CX Institutional lifted its position in Warner Bros. Discovery by 5.7% during the 1st quarter. CX Institutional now owns 27,324 shares of the company's stock worth $293,000 after buying an additional 1,465 shares in the last quarter. Bartlett & CO. Wealth Management LLC lifted its position in Warner Bros. Discovery by 9.0% during the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 18,825 shares of the company's stock worth $202,000 after buying an additional 1,561 shares in the last quarter. Sequoia Financial Advisors LLC lifted its position in Warner Bros. Discovery by 2.6% during the 1st quarter. Sequoia Financial Advisors LLC now owns 62,966 shares of the company's stock worth $676,000 after buying an additional 1,588 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC lifted its position in Warner Bros. Discovery by 8.9% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 19,756 shares of the company's stock worth $212,000 after buying an additional 1,618 shares in the last quarter. 59.95% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Warner Bros. Discovery

In other news, Director Anton J. Levy bought 250,000 shares of the stock in a transaction dated Monday, August 11th. The shares were bought at an average cost of $10.90 per share, with a total value of $2,725,000.00. Following the completion of the transaction, the director directly owned 874,000 shares of the company's stock, valued at $9,526,600. This trade represents a 40.06% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.80% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have recently commented on WBD shares. Bank of America upped their price target on Warner Bros. Discovery from $14.00 to $16.00 and gave the company a "buy" rating in a research note on Tuesday, July 1st. Barrington Research reaffirmed an "outperform" rating and set a $16.00 price target on shares of Warner Bros. Discovery in a research report on Wednesday, July 30th. Morgan Stanley increased their price objective on Warner Bros. Discovery from $10.00 to $13.00 and gave the company an "equal weight" rating in a report on Wednesday, August 6th. Citigroup cut their price target 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. Finally, Huber Research raised Warner Bros. Discovery from a "strong sell" rating to a "strong-buy" rating in a report on Monday, June 9th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Warner Bros. Discovery has a consensus rating of "Moderate Buy" and an average target price of $13.14.

Warner Bros. Discovery Price Performance

Warner Bros. Discovery stock opened at $12.04 on Tuesday. Warner Bros. Discovery, Inc. has a one year low of $6.78 and a one year high of $13.86. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.04 and a quick ratio of 1.04. The stock's 50 day moving average is $11.88 and its 200 day moving average is $10.43. The firm has a market cap of $29.81 billion, a P/E ratio of 40.13, a P/E/G ratio of 1.61 and a beta of 1.57.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $9.81 billion for the quarter, compared to analyst estimates of $9.73 billion. During the same period in the previous year, the firm earned ($4.07) earnings per share. The company's revenue was up 1.0% compared to the same quarter last year. As a group, research analysts expect 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.

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