Korea Investment CORP Sells 620,950 Shares of Warner Bros. Discovery, Inc. $WBD

Key Points

• Korea Investment CORP has reduced its stake in Warner Bros. Discovery, Inc. by 36.7%, selling 620,950 shares during the first quarter.
• Despite the reduction from Korea Investment CORP, several other institutional investors, including Flagship Harbor Advisors and CX Institutional, have increased their stakes in the company.
• Warner Bros. Discovery recently reported a $0.63 EPS, significantly exceeding analysts' expectations of ($0.16), and posted quarterly revenue of $9.81 billion.

Korea Investment CORP cut its stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 36.7% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,071,908 shares of the company's stock after selling 620,950 shares during the quarter. Korea Investment CORP's holdings in Warner Bros. Discovery were worth $11,502,000 at the end of the most recent quarter.

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

Insider Activity at Warner Bros. Discovery

In other Warner Bros. Discovery news, Director Anton J. Levy bought 75,000 shares of the company's stock in a transaction dated Tuesday, August 12th. The shares were purchased at an average cost of $11.00 per share, for a total transaction of $825,000.00. Following the transaction, the director directly owned 949,000 shares of the company's stock, valued at approximately $10,439,000. The trade was a 8.58% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.90% of the stock is owned by company insiders.

Warner Bros. Discovery Price Performance

NASDAQ:WBD opened at $11.59 on Friday. Warner Bros. Discovery, Inc. has a 52 week low of $6.78 and a 52 week high of $13.86. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.92. The stock has a market capitalization of $28.69 billion, a PE ratio of 38.63, a price-to-earnings-growth ratio of 1.54 and a beta of 1.57. The stock's 50-day moving average price is $11.81 and its 200-day moving average price is $10.40.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.63 EPS for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $9.73 billion. During the same period last year, the firm earned ($4.07) EPS. The company's quarterly revenue was up 1.0% on a year-over-year basis. As a group, equities analysts expect that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. 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 research report on Wednesday, August 6th. Benchmark reiterated a "buy" rating and set a $18.00 price objective on shares of Warner Bros. Discovery in a research report on Monday, July 14th. Argus upgraded Warner Bros. Discovery to a "hold" rating in a research report on Tuesday, May 27th. Wells Fargo & Company increased their target price on Warner Bros. Discovery from $11.00 to $13.00 and gave the company an "equal weight" rating in a report on Friday, August 8th. Finally, KeyCorp dropped their target price on Warner Bros. Discovery from $18.00 to $16.00 and set an "overweight" rating for the company in a report on Friday, August 8th. One 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. According to MarketBeat, the stock 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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