Parkside Investments LLC Reduces Holdings in Warner Bros. Discovery, Inc. $WBD

Key Points

• Parkside Investments LLC cut its stake in Warner Bros. Discovery by 14.3% in the fourth quarter, selling 44,700 shares and ending with 268,504 shares valued at about $7.74 million.
• Insider selling has been heavy, with CFO Gunnar Wiedenfels and insider Gerhard Zeiler both reducing their holdings, and insiders selling 8.2 million shares worth about $230.7 million over the last three months.
• Warner Bros. Discovery reported weak quarterly results, posting a loss of $1.17 per share versus expectations for a much smaller loss, while revenue came in at $8.89 billion and analysts now expect full-year EPS of -0.71.

Parkside Investments LLC trimmed its stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 14.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 268,504 shares of the company's stock after selling 44,700 shares during the period. Parkside Investments LLC's holdings in Warner Bros. Discovery were worth $7,738,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of Warner Bros. Discovery by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 283,180,433 shares of the company's stock valued at $8,161,260,000 after buying an additional 1,966,278 shares during the last quarter. Jericho Capital Asset Management L.P. grew its position in Warner Bros. Discovery by 108.9% during the 3rd quarter. Jericho Capital Asset Management L.P. now owns 35,095,390 shares of the company's stock worth $685,413,000 after purchasing an additional 18,291,865 shares during the last quarter. Northern Trust Corp grew its position in Warner Bros. Discovery by 3.9% during the 3rd quarter. Northern Trust Corp now owns 23,496,725 shares of the company's stock worth $458,891,000 after purchasing an additional 876,869 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Warner Bros. Discovery by 9.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 18,820,858 shares of the company's stock worth $367,417,000 after purchasing an additional 1,658,317 shares during the last quarter. Finally, Amundi grew its position in Warner Bros. Discovery by 59.6% during the 3rd quarter. Amundi now owns 15,523,538 shares of the company's stock worth $296,189,000 after purchasing an additional 5,798,592 shares during the last quarter. 59.95% of the stock is owned by hedge funds and other institutional investors.

Warner Bros. Discovery Price Performance

WBD stock opened at $27.03 on Tuesday. Warner Bros. Discovery, Inc. has a one year low of $8.84 and a one year high of $30.00. The stock has a market capitalization of $67.77 billion, a PE ratio of -38.61 and a beta of 1.57. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.73 and a current ratio of 0.73. The company has a fifty day moving average of $27.25 and a 200-day moving average of $27.16.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported ($1.17) EPS for the quarter, missing the consensus estimate of ($0.10) by ($1.07). Warner Bros. Discovery had a negative return on equity of 4.77% and a negative net margin of 4.67%.The firm had revenue of $8.89 billion during the quarter, compared to analyst estimates of $8.89 billion. During the same quarter last year, the business posted ($0.18) EPS. The firm's revenue was down 1.0% on a year-over-year basis. As a group, analysts expect that Warner Bros. Discovery, Inc. will post -0.71 EPS for the current year.

Insider Buying and Selling

In other news, CFO Gunnar Wiedenfels sold 374,323 shares of the firm's stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $28.05, for a total value of $10,499,760.15. Following the completion of the sale, the chief financial officer owned 663,380 shares in the company, valued at approximately $18,607,809. This trade represents a 36.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Gerhard Zeiler sold 600,000 shares of the firm's stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $28.02, for a total transaction of $16,812,000.00. Following the completion of the sale, the insider owned 672,649 shares of the company's stock, valued at $18,847,624.98. This trade represents a 47.15% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 8,206,827 shares of company stock worth $230,674,025. 1.90% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Sanford C. Bernstein raised their price objective on shares of Warner Bros. Discovery from $23.50 to $27.75 and gave the stock a "market perform" rating in a research report on Tuesday, February 24th. Raymond James Financial reissued an "underperform" rating on shares of Warner Bros. Discovery in a research report on Friday, February 27th. Moffett Nathanson raised shares of Warner Bros. Discovery from a "hold" rating to a "strong-buy" rating in a research report on Sunday, March 8th. Zacks Research downgraded shares of Warner Bros. Discovery from a "hold" rating to a "strong sell" rating in a research report on Friday, May 1st. Finally, Arete Research reissued a "neutral" rating and set a $31.25 price objective on shares of Warner Bros. Discovery in a research report on Friday, February 27th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, thirteen have issued a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, Warner Bros. Discovery currently has an average rating of "Hold" and a consensus price target of $26.36.

Warner Bros. Discovery Company 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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