Iridian Asset Management LLC CT Grows Position in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Iridian Asset Management LLC CT grew its holdings in Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 27.7% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 572,923 shares of the company's stock after acquiring an additional 124,139 shares during the quarter. Warner Bros. Discovery comprises 1.9% of Iridian Asset Management LLC CT's investment portfolio, making the stock its 17th biggest holding. Iridian Asset Management LLC CT's holdings in Warner Bros. Discovery were worth $6,147,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Colonial Trust Advisors boosted its position in shares of Warner Bros. Discovery by 71.8% in the 4th quarter. Colonial Trust Advisors now owns 2,383 shares of the company's stock valued at $25,000 after purchasing an additional 996 shares during the period. North Capital Inc. acquired a new stake in shares of Warner Bros. Discovery in the 1st quarter valued at about $28,000. Graney & King LLC acquired a new stake in Warner Bros. Discovery during the 4th quarter worth approximately $28,000. Smallwood Wealth Investment Management LLC acquired a new stake in Warner Bros. Discovery during the 1st quarter worth approximately $29,000. Finally, Briaud Financial Planning Inc lifted its position in Warner Bros. Discovery by 258.1% during the 4th quarter. Briaud Financial Planning Inc now owns 2,775 shares of the company's stock worth $29,000 after acquiring an additional 2,000 shares during the period. Hedge funds and other institutional investors own 59.95% of the company's stock.

Warner Bros. Discovery Price Performance

NASDAQ WBD traded up $0.08 during mid-day trading on Friday, hitting $11.73. The stock had a trading volume of 70,357,511 shares, compared to its average volume of 37,051,351. Warner Bros. Discovery, Inc. has a 52-week low of $6.64 and a 52-week high of $12.70. The company has a market cap of $28.79 billion, a price-to-earnings ratio of -2.67 and a beta of 1.54. The company has a 50 day simple moving average of $10.07 and a 200 day simple moving average of $9.96. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.99.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.06). Warner Bros. Discovery had a negative net margin of 28.16% and a negative return on equity of 30.56%. The firm had revenue of $8.98 billion during the quarter, compared to analysts' expectations of $9.66 billion. During the same period in the previous year, the business earned ($0.40) earnings per share. The business's revenue for the quarter was down 9.8% on a year-over-year basis. Equities analysts forecast that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have weighed in on WBD. Citigroup decreased their price objective on Warner Bros. Discovery from $15.00 to $14.00 and set a "buy" rating for the company in a research report on Thursday, May 29th. Morgan Stanley decreased their price objective on Warner Bros. Discovery from $12.00 to $10.00 and set an "equal weight" rating for the company in a research report on Tuesday, May 6th. Guggenheim reaffirmed a "buy" rating on shares of Warner Bros. Discovery in a research report on Tuesday, June 10th. Raymond James Financial decreased their price objective on Warner Bros. Discovery from $14.00 to $13.00 and set an "outperform" rating for the company in a research report on Friday, April 4th. Finally, Bank of America increased their price objective on Warner Bros. Discovery from $14.00 to $16.00 and gave the stock a "buy" rating in a research report on Tuesday, July 1st. Twelve research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $12.41.

About Warner Bros. Discovery

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.