North Dakota State Investment Board Invests $3.83 Million in Warner Bros. Discovery, Inc. $WBD

Key Points

• North Dakota State Investment Board bought a new stake in Warner Bros. Discovery during the fourth quarter, purchasing 132,940 shares worth about $3.83 million.
• Institutional ownership remains heavy, with hedge funds and other investors holding 59.95% of the stock. Several firms, including Vanguard and Jericho Capital, also increased their positions recently.
• Warner Bros. Discovery reported a wider-than-expected quarterly loss, with EPS of -$1.17 versus the -$0.10 estimate, even as revenue matched expectations at $8.89 billion.

North Dakota State Investment Board purchased a new stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 132,940 shares of the company's stock, valued at approximately $3,831,000.

A number of other institutional investors also recently modified their holdings of WBD. Vanguard Group Inc. grew its stake in Warner Bros. Discovery by 7.1% in the 3rd quarter. Vanguard Group Inc. now owns 281,214,155 shares of the company's stock valued at $5,492,112,000 after buying an additional 18,736,600 shares in the last quarter. Jericho Capital Asset Management L.P. lifted its position in shares of Warner Bros. Discovery by 108.9% during the third quarter. Jericho Capital Asset Management L.P. now owns 35,095,390 shares of the company's stock worth $685,413,000 after acquiring an additional 18,291,865 shares in the last quarter. Duquesne Family Office LLC bought a new position in shares of Warner Bros. Discovery in the second quarter worth $74,916,000. Allianz Asset Management GmbH boosted its holdings in shares of Warner Bros. Discovery by 170.1% in the third quarter. Allianz Asset Management GmbH now owns 9,326,978 shares of the company's stock worth $182,156,000 after acquiring an additional 5,873,183 shares during the period. Finally, Amundi grew its position in shares of Warner Bros. Discovery by 59.6% in the third quarter. Amundi now owns 15,523,538 shares of the company's stock valued at $296,189,000 after purchasing an additional 5,798,592 shares in the last quarter. 59.95% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on WBD. Sanford C. Bernstein upped their price target on Warner Bros. Discovery from $23.50 to $27.75 and gave the company a "market perform" rating in a research report on Tuesday, February 24th. KeyCorp reaffirmed an "overweight" rating on shares of Warner Bros. Discovery in a research note on Friday, April 24th. Guggenheim reaffirmed a "neutral" rating on shares of Warner Bros. Discovery in a report on Thursday, May 7th. Moffett Nathanson upgraded shares of Warner Bros. Discovery from a "hold" rating to a "strong-buy" rating in a research note on Sunday, March 8th. Finally, Wells Fargo & Company began coverage on shares of Warner Bros. Discovery in a research report on Monday, March 9th. They set an "equal weight" rating and a $31.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, thirteen have issued a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $26.36.

Warner Bros. Discovery Price Performance

Shares of NASDAQ WBD opened at $26.98 on Monday. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.92. The business has a 50-day moving average of $27.33 and a 200-day moving average of $26.94. The firm has a market capitalization of $67.64 billion, a price-to-earnings ratio of -38.54 and a beta of 1.57. Warner Bros. Discovery, Inc. has a 12 month low of $8.82 and a 12 month high of $30.00.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last announced its earnings results 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 the consensus estimate of $8.89 billion. During the same quarter in the previous year, the firm earned ($0.18) earnings per share. The company's revenue for the quarter was down 1.0% compared to the same quarter last year. Sell-side analysts expect that Warner Bros. Discovery, Inc. will post -0.71 earnings per share for the current fiscal year.

Insider Activity at Warner Bros. Discovery

In related news, insider Gerhard Zeiler sold 600,000 shares of the company's stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $28.02, for a total value of $16,812,000.00. Following the completion of the transaction, the insider directly owned 672,649 shares in the company, valued at approximately $18,847,624.98. The trade was a 47.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Fazal F. Merchant sold 35,000 shares of the stock in a transaction on Monday, March 16th. The shares were sold at an average price of $27.48, for a total value of $961,800.00. Following the completion of the transaction, the director directly owned 95,539 shares in the company, valued at approximately $2,625,411.72. This represents a 26.81% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 8,206,827 shares of company stock worth $230,674,025 in the last three months. 1.80% of the stock is owned by insiders.

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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