Harvest Fund Management Co. Ltd Grows Holdings in Warner Bros. Discovery, Inc. $WBD

Key Points

• Harvest Fund Management increased its Warner Bros. Discovery stake by 41% in the fourth quarter, buying 185,015 more shares and bringing its total holding to 636,402 shares worth about $18.34 million.
• Other institutional investors also boosted positions, and 59.95% of Warner Bros. Discovery’s stock is now owned by hedge funds and other institutions.
• Analysts are mixed on the stock: the consensus rating is Hold with an average target price of $27.04, while the company recently reported quarterly EPS of -$1.17, missing expectations.

Harvest Fund Management Co. Ltd grew its holdings in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 41.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 636,402 shares of the company's stock after buying an additional 185,015 shares during the quarter. Warner Bros. Discovery accounts for about 0.7% of Harvest Fund Management Co. Ltd's investment portfolio, making the stock its 25th largest holding. Harvest Fund Management Co. Ltd's holdings in Warner Bros. Discovery were worth $18,341,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Prudential PLC boosted its stake in shares of Warner Bros. Discovery by 121.7% during the 4th quarter. Prudential PLC now owns 176,284 shares of the company's stock valued at $5,081,000 after buying an additional 96,779 shares during the last quarter. Vise Technologies Inc. boosted its stake in shares of Warner Bros. Discovery by 80.2% during the 4th quarter. Vise Technologies Inc. now owns 49,093 shares of the company's stock valued at $1,415,000 after buying an additional 21,845 shares during the last quarter. TD Asset Management Inc boosted its stake in shares of Warner Bros. Discovery by 1.8% during the 4th quarter. TD Asset Management Inc now owns 977,018 shares of the company's stock valued at $28,158,000 after buying an additional 16,963 shares during the last quarter. Cibc World Market Inc. boosted its stake in shares of Warner Bros. Discovery by 884.1% during the 4th quarter. Cibc World Market Inc. now owns 261,568 shares of the company's stock valued at $7,538,000 after buying an additional 234,988 shares during the last quarter. Finally, Lido Advisors LLC boosted its stake in shares of Warner Bros. Discovery by 5.6% during the 4th quarter. Lido Advisors LLC now owns 67,217 shares of the company's stock valued at $1,937,000 after buying an additional 3,577 shares during the last quarter. 59.95% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Raymond James Financial reiterated an "underperform" rating on shares of Warner Bros. Discovery in a research note on Friday, February 27th. Argus reduced their price objective on Warner Bros. Discovery from $32.00 to $31.00 and set a "buy" rating on the stock in a research note on Tuesday, March 3rd. Huber Research upgraded Warner Bros. Discovery from an "underweight" rating to an "overweight" rating in a research note on Monday. Moffett Nathanson upgraded Warner Bros. Discovery from a "hold" rating to a "strong-buy" rating in a research note on Sunday, March 8th. Finally, Guggenheim restated a "neutral" rating on shares of Warner Bros. Discovery in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $27.04.

Insider Buying and Selling

In related news, Director Paul A. Gould sold 600,000 shares of Warner Bros. Discovery stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $27.35, for a total transaction of $16,410,000.00. Following the transaction, the director directly owned 244,357 shares of the company's stock, valued at $6,683,163.95. The trade was a 71.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Fazal F. Merchant sold 35,000 shares of Warner Bros. Discovery stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $27.48, for a total value of $961,800.00. Following the transaction, the director directly owned 95,539 shares in the company, valued at approximately $2,625,411.72. The trade was a 26.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 676,784 shares of company stock valued at $18,534,231 over the last three months. Company insiders own 1.90% of the company's stock.

Warner Bros. Discovery Price Performance

Shares of NASDAQ WBD opened at $27.00 on Friday. The firm's 50-day simple moving average is $27.20 and its 200 day simple moving average is $27.41. The stock has a market cap of $67.69 billion, a P/E ratio of -38.57 and a beta of 1.54. Warner Bros. Discovery, Inc. has a fifty-two week low of $9.11 and a fifty-two week high of $30.00. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.92.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported ($1.17) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.10) by ($1.07). The firm had revenue of $8.89 billion for the quarter, compared to analyst estimates of $8.89 billion. Warner Bros. Discovery had a negative return on equity of 4.77% and a negative net margin of 4.67%.Warner Bros. Discovery's revenue was down 1.0% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.18) earnings per share. Equities analysts expect that Warner Bros. Discovery, Inc. will post -0.93 EPS for the current year.

Warner Bros. Discovery Company Profile

Warner Bros. Discovery NASDAQ: WBD is a global media and entertainment company formed when WarnerMedia and Discovery, Inc combined their businesses in 2022. Headquartered in New York City, the company assembles a broad portfolio of film and television production, linear and cable networks, streaming services and consumer distribution operations. Its assets span well-known studio brands, premium scripted and unscripted programming, news and factual entertainment, and licensed franchise properties.

The company's core activities include film and television production and distribution through units such as Warner Bros.

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