Invenomic Capital Management LP Sells 1,517,869 Shares of Warner Bros. Discovery, Inc. $WBD

Key Points

• Invenomic Capital Management cut its stake in Warner Bros. Discovery by 78.8% in Q3, selling 1,517,869 shares and now holds 409,365 shares valued at about $7.995 million.
• Insiders were heavy sellers this quarter: CEO David Zaslav sold 4,004,149 shares for roughly $113.16 million, and insiders sold a total of 7,571,827 shares worth about $213.3 million (insiders now own 1.8%).
• Warner Bros. Discovery reported an EPS miss (–$0.10 vs. $0.09 expected) on $9.46 billion revenue (down 5.7% y/y); the stock has a $67.25 billion market cap, a 52-week range of $7.52–$30.00, and an average analyst rating of "Hold" with a $26.30 target.

Invenomic Capital Management LP reduced its stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 78.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 409,365 shares of the company's stock after selling 1,517,869 shares during the quarter. Invenomic Capital Management LP's holdings in Warner Bros. Discovery were worth $7,995,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. JPL Wealth Management LLC bought a new stake in shares of Warner Bros. Discovery during the 3rd quarter worth $33,000. Jericho Capital Asset Management L.P. increased its stake in Warner Bros. Discovery by 108.9% in the third quarter. Jericho Capital Asset Management L.P. now owns 35,095,390 shares of the company's stock valued at $685,413,000 after acquiring an additional 18,291,865 shares during the last quarter. Focus Partners Wealth raised its position in Warner Bros. Discovery by 13.9% during the third quarter. Focus Partners Wealth now owns 82,638 shares of the company's stock valued at $1,614,000 after purchasing an additional 10,100 shares in the last quarter. CSM Advisors LLC boosted its holdings in shares of Warner Bros. Discovery by 17.9% in the 3rd quarter. CSM Advisors LLC now owns 17,110 shares of the company's stock worth $334,000 after purchasing an additional 2,600 shares in the last quarter. Finally, Chevy Chase Trust Holdings LLC boosted its stake in Warner Bros. Discovery by 6.2% in the third quarter. Chevy Chase Trust Holdings LLC now owns 1,269,292 shares of the company's stock worth $24,789,000 after buying an additional 73,875 shares in the last quarter. Hedge funds and other institutional investors own 59.95% of the company's stock.

Warner Bros. Discovery Price Performance

Shares of Warner Bros. Discovery stock opened at $27.14 on Monday. The business has a 50 day moving average of $28.15 and a 200 day moving average of $23.94. Warner Bros. Discovery, Inc. has a 52 week low of $7.52 and a 52 week high of $30.00. The company has a market cap of $67.25 billion, a PE ratio of 93.59 and a beta of 1.60. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.87.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last released its quarterly earnings results on Thursday, February 26th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.19). Warner Bros. Discovery had a net margin of 1.95% and a return on equity of 1.98%. The company had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter last year, the firm earned ($0.20) EPS. The business's revenue was down 5.7% on a year-over-year basis. As a group, equities research analysts forecast that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

WBD has been the topic of a number of recent research reports. Guggenheim cut Warner Bros. Discovery from a "buy" rating to a "neutral" rating and raised their price objective for the company from $25.00 to $30.00 in a research note on Wednesday, January 14th. Moffett Nathanson raised Warner Bros. Discovery from a "hold" rating to a "strong-buy" rating in a research note on Sunday, March 8th. Argus reduced their price target on Warner Bros. Discovery from $32.00 to $31.00 and set a "buy" rating on the stock in a research report on Tuesday, March 3rd. UBS Group lifted their price target on Warner Bros. Discovery from $20.00 to $30.00 and gave the stock a "neutral" rating in a research note on Wednesday, January 28th. Finally, Wells Fargo & Company assumed coverage on shares of Warner Bros. Discovery in a report on Monday, March 9th. They issued an "equal weight" rating and a $31.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, fifteen have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $26.30.

Insider Buying and Selling

In related news, CEO David Zaslav sold 4,004,149 shares of Warner Bros. Discovery stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $28.26, for a total transaction of $113,157,250.74. Following the sale, the chief executive officer directly owned 7,200,627 shares in the company, valued at $203,489,719.02. The trade was a 35.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Priya Aiyar sold 223,512 shares of the firm's stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $28.24, for a total value of $6,311,978.88. Following the transaction, the insider directly owned 919,252 shares of the company's stock, valued at $25,959,676.48. This represents a 19.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 7,571,827 shares of company stock valued at $213,302,225 over the last quarter. 1.80% of the stock is currently owned by insiders.

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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