Louisiana State Employees Retirement System Invests $7.94 Million in Warner Bros. Discovery, Inc. $WBD

Key Points

• Louisiana State Employees Retirement System opened a new position in Warner Bros. Discovery during the first quarter, buying 289,200 shares worth about $7.94 million.
• Several other major institutional investors also adjusted their WBD holdings, and the article notes that 59.95% of the stock is owned by hedge funds and other institutions.
• WBD shares are being lifted by takeover speculation, with reports that EU regulators may approve a Paramount-Warner Bros. Discovery deal and that Paramount may make concessions to address antitrust concerns.

Louisiana State Employees Retirement System bought a new position in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 289,200 shares of the company's stock, valued at approximately $7,941,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in shares of Warner Bros. Discovery by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 283,180,433 shares of the company's stock worth $8,161,260,000 after buying an additional 1,966,278 shares during the last quarter. Geode Capital Management LLC raised its position in Warner Bros. Discovery by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 66,597,575 shares of the company's stock valued at $1,912,634,000 after acquiring an additional 1,028,346 shares in the last quarter. Norges Bank acquired a new position in Warner Bros. Discovery in the fourth quarter valued at approximately $1,123,807,000. Jericho Capital Asset Management L.P. lifted its holdings 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 period. Finally, Morgan Stanley boosted its position in Warner Bros. Discovery by 4.8% in the 4th quarter. Morgan Stanley now owns 27,462,742 shares of the company's stock worth $791,476,000 after purchasing an additional 1,254,813 shares in the last quarter. 59.95% of the stock is owned by hedge funds and other institutional investors.

Key Headlines Impacting Warner Bros. Discovery

Here are the key news stories impacting Warner Bros. Discovery this week:

• Positive Sentiment: Reports that EU regulators may approve a Paramount-Warner Bros. Discovery deal have lifted WBD shares as investors price in a higher probability of a takeover. Warner Bros. Discovery gains on report EU regulators will approve Paramount deal (WBD)
• Positive Sentiment: Paramount is reportedly prepared to divest its Universal Pictures joint venture to address EU antitrust concerns, improving the odds that the WBD acquisition can move forward. Paramount ready to sell Universal Pictures JV for Warner deal, source says
• Positive Sentiment: Additional coverage says WBD is advancing on merger optimism, reflecting continued buying interest around the deal narrative. Warner Bros. Discovery (WBD) Stock Rises on EU Approval Hopes for Paramount Merger
• Positive Sentiment: Paramount may consider dropping its UIP distribution deal to win European approval, another sign management is making concessions that could help close the transaction. Paramount may pull out of UIP distribution deal with Universal to win EU backing for WBD takeover

Analysts Set New Price Targets

A number of equities research analysts have recently commented on WBD shares. Benchmark reaffirmed a "hold" rating on shares of Warner Bros. Discovery in a research note on Friday, February 27th. Weiss Ratings cut shares of Warner Bros. Discovery from a "hold (c-)" rating to a "sell (d-)" rating in a research note on Thursday, May 7th. Wells Fargo & Company began coverage on shares of Warner Bros. Discovery in a report on Monday, March 9th. They set an "equal weight" rating and a $31.00 price target on the stock. Huber Research upgraded shares of Warner Bros. Discovery from an "underweight" rating to an "overweight" rating in a research report on Monday, June 1st. Finally, Guggenheim reaffirmed a "neutral" rating on shares of Warner Bros. Discovery in a report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $27.04.

Warner Bros. Discovery Price Performance

Shares of NASDAQ WBD opened at $26.98 on Friday. The firm has a market cap of $67.64 billion, a PE ratio of -38.54 and a beta of 1.54. The firm has a fifty day moving average of $26.98 and a 200 day moving average of $27.71. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.73 and a current ratio of 0.73. Warner Bros. Discovery, Inc. has a one year low of $10.75 and a one year high of $30.00.

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

Warner Bros. Discovery 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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