Global Endowment Management LP Sells 52,843 Shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Key Points

• Global Endowment Management LP has reduced its stake in Warner Bros. Discovery by 63.3%, selling 52,843 shares in the first quarter and ending up with 30,688 shares worth approximately $329,000.
• Warner Bros. Discovery reported earnings of $0.63 per share for the quarter, exceeding estimates by $0.79, with revenue totaling $9.81 billion, a slight increase of 1% year-over-year.
• Several hedge funds adjusted their positions in Warner Bros. Discovery, with significant investments from Nuveen LLC (new stake of $96.97 million) and KBC Group NV (stake increased by 682.8%).

Global Endowment Management LP reduced its stake in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 63.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 30,688 shares of the company's stock after selling 52,843 shares during the quarter. Global Endowment Management LP's holdings in Warner Bros. Discovery were worth $329,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in WBD. Nuveen LLC purchased a new stake in shares of Warner Bros. Discovery in the 1st quarter worth $96,971,000. Slate Path Capital LP raised its holdings in shares of Warner Bros. Discovery by 36.6% in the fourth quarter. Slate Path Capital LP now owns 23,801,000 shares of the company's stock valued at $251,577,000 after acquiring an additional 6,381,000 shares in the last quarter. KBC Group NV lifted its stake in Warner Bros. Discovery by 682.8% in the first quarter. KBC Group NV now owns 7,145,308 shares of the company's stock worth $76,669,000 after acquiring an additional 6,232,561 shares during the period. Sachem Head Capital Management LP bought a new position in Warner Bros. Discovery during the 4th quarter worth about $64,847,000. Finally, Dimensional Fund Advisors LP grew its holdings in Warner Bros. Discovery by 63.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 12,839,389 shares of the company's stock worth $137,700,000 after acquiring an additional 4,994,894 shares in the last quarter. 59.95% of the stock is currently owned by institutional investors.

Warner Bros. Discovery Price Performance

Shares of WBD stock opened at $11.85 on Friday. Warner Bros. Discovery, Inc. has a fifty-two week low of $6.78 and a fifty-two week high of $13.86. 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 capitalization of $29.09 billion, a price-to-earnings ratio of 39.50, a PEG ratio of 1.57 and a beta of 1.57. The stock's 50-day simple moving average is $11.69 and its 200-day simple moving average is $10.37.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.63 earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.79. Warner Bros. Discovery had a net margin of 2.00% and a return on equity of 2.14%. The company had revenue of $9.81 billion for the quarter, compared to the consensus estimate of $9.73 billion. During the same quarter in the previous year, the firm earned ($4.07) EPS. Warner Bros. Discovery's revenue was up 1.0% compared to the same quarter last year. As a group, equities analysts forecast that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current fiscal year.

Insider Buying and Selling at Warner Bros. Discovery

In other news, Director Anton J. Levy bought 75,000 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The shares were purchased at an average cost of $11.00 per share, with a total value of $825,000.00. Following the transaction, the director directly owned 949,000 shares in the company, valued at approximately $10,439,000. The trade was a 8.58% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.90% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Bank of America boosted their price target on shares of Warner Bros. Discovery from $14.00 to $16.00 and gave the company a "buy" rating in a report on Tuesday, July 1st. Guggenheim reissued a "buy" rating on shares of Warner Bros. Discovery in a research note on Tuesday, June 10th. UBS Group increased their target price on Warner Bros. Discovery from $9.00 to $10.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Argus upgraded Warner Bros. Discovery to a "hold" rating in a report on Tuesday, May 27th. Finally, KeyCorp decreased their price objective on Warner Bros. Discovery from $18.00 to $16.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. Eleven analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Warner Bros. Discovery currently has a consensus rating of "Moderate Buy" and an average target price of $13.14.

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.

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