M&T Bank Corp Boosts Stock Position in Warner Bros. Discovery, Inc. $WBD

Key Points

• M&T Bank Corp increased its stake in Warner Bros. Discovery by 45.4% in Q4 to 126,211 shares (worth $3.64M), and institutional investors now own about 59.95% of the stock, signaling renewed institutional interest.
• Insiders have been heavy net sellers recently — Bruce Campbell and CFO Gunnar Wiedenfels executed large sales and insiders sold 8,206,827 shares worth roughly $230.7M in the past 90 days, leaving insiders with about 1.80% ownership.
• Shareholders approved the proposed Paramount Skydance merger (an $81B catalyst that could support a takeover premium), but protests, the rejection of the CEO pay package and reports of competitor interference pose regulatory, PR and closing risks; analysts’ consensus rating is "Hold" with a $26.30 target and the stock trades near $27.

M&T Bank Corp boosted its position in Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 45.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 126,211 shares of the company's stock after purchasing an additional 39,408 shares during the quarter. M&T Bank Corp's holdings in Warner Bros. Discovery were worth $3,637,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. TOWER TRUST & INVESTMENT Co grew its holdings in shares of Warner Bros. Discovery by 4,730.8% during the fourth quarter. TOWER TRUST & INVESTMENT Co now owns 1,256 shares of the company's stock worth $36,000 after buying an additional 1,230 shares in the last quarter. Concord Wealth Partners lifted its stake in shares of Warner Bros. Discovery by 49.9% during the third quarter. Concord Wealth Partners now owns 1,321 shares of the company's stock valued at $26,000 after buying an additional 440 shares during the period. Physician Wealth Advisors Inc. boosted its position in Warner Bros. Discovery by 152.1% during the third quarter. Physician Wealth Advisors Inc. now owns 1,404 shares of the company's stock worth $27,000 after acquiring an additional 847 shares during the last quarter. Richardson Financial Services Inc. boosted its position in Warner Bros. Discovery by 226.1% during the fourth quarter. Richardson Financial Services Inc. now owns 1,647 shares of the company's stock worth $47,000 after acquiring an additional 1,142 shares during the last quarter. Finally, JPL Wealth Management LLC acquired a new position in Warner Bros. Discovery in the 3rd quarter valued at $33,000. 59.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Bruce Campbell sold 41,784 shares of the firm's stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $27.82, for a total value of $1,162,430.88. Following the transaction, the insider owned 604,666 shares in the company, valued at approximately $16,821,808.12. This trade represents a 6.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Gunnar Wiedenfels sold 374,323 shares of Warner Bros. Discovery stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $28.05, for a total transaction of $10,499,760.15. Following the transaction, the chief financial officer directly owned 663,380 shares in the company, valued at approximately $18,607,809. This trade represents a 36.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 8,206,827 shares of company stock worth $230,674,025. Insiders own 1.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Guggenheim reissued a "buy" rating on shares of Warner Bros. Discovery in a research note on Friday. Wells Fargo & Company assumed coverage on Warner Bros. Discovery in a research report on Monday, March 9th. They issued an "equal weight" rating and a $31.00 price objective for the company. TD Cowen increased their target price on Warner Bros. Discovery from $22.00 to $26.00 and gave the stock a "hold" rating in a research report on Friday, February 27th. Argus decreased their price target 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. Finally, Rothschild & Co Redburn set a $31.00 price target on Warner Bros. Discovery and gave the company a "neutral" rating in a report on Tuesday, February 17th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $26.30.

Warner Bros. Discovery Price Performance

WBD stock opened at $27.07 on Monday. The stock has a 50-day moving average price of $27.71 and a two-hundred day moving average price of $26.21. Warner Bros. Discovery, Inc. has a 12-month low of $8.06 and a 12-month high of $30.00. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.87. The company has a market cap of $67.13 billion, a PE ratio of 93.35 and a beta of 1.63.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last announced its quarterly earnings results on Thursday, February 26th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of $0.09 by ($0.19). The firm had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. Warner Bros. Discovery had a return on equity of 1.98% and a net margin of 1.95%.The business's revenue was down 5.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.20) earnings per share. As a group, research analysts predict that Warner Bros. Discovery, Inc. will post -0.1 EPS for the current year.

Warner Bros. Discovery News Roundup

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

• Positive Sentiment: Shareholders overwhelmingly approved the merger agreement with Paramount Skydance, removing a major corporate-governance obstacle and increasing the likelihood the $81B transaction will close — a primary catalyst that supports a takeover premium and M&A re-rating. Warner Bros. Discovery Stockholders Approve Transaction with Paramount Skydance
• Neutral Sentiment: WBD set the date and time for its Q1 2026 earnings call (Wednesday, May 6, after market close) — a scheduled catalyst that could drive near-term volatility depending on revenue/profit guidance and merger-related commentary. Warner Bros. Discovery Updates the Date and Time of its First Quarter 2026 Earnings Call
• Neutral Sentiment: Shareholders voted down the proposed exit/pay package for CEO David Zaslav and other executives — a sign of shareholder activism and governance friction that could complicate management transitions or retention but reduces a perceived large costs tied to the deal. WBD shareholders approve the Paramount mega-merger — but reject David Zaslav's pay package
• Neutral Sentiment: WBD shares showed recent weakness versus the broader market, underscoring near-term volatility as investors price the merger, integration risk and upcoming earnings. Warner Bros. Discovery (WBD) Falls More Steeply Than Broader Market
• Negative Sentiment: Protests and political criticism claim the merger could threaten jobs (notably in NYC) and draw public/political pushback — potential PR/regulatory headaches that could slow integration or invite stricter conditions. Zohran Mamdani rips Warner Bros. Discovery's Paramount merger
• Negative Sentiment: Reports that competitors (reportedly Netflix) have been quietly trying to interfere with the merger raise the prospect of industry pushback or competitive maneuvering that could complicate closing or increase deal costs. Netflix reportedly quietly interfering with Warner Bros.-Paramount merger
• Negative Sentiment: Ongoing protests and media scrutiny create reputational and execution risk during the integration phase, which could pressure shares if investors fear delays, divestitures or regulatory remedies. Flurry Of Protests As WBD Shareholders Set To Vote On Paramount Merger

About Warner Bros. Discovery

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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