Patton Fund Management Inc. Invests $294,000 in Warner Bros. Discovery, Inc. $WBD

Key Points

• Patton Fund Management Inc. invested $294,000 in Warner Bros. Discovery, acquiring 25,643 shares during the second quarter.
• Various institutional investors have either increased or established new stakes in Warner Bros. Discovery, with the firm's institutional ownership now at 59.95%.
• Wall Street analysts are optimistic, with multiple agencies raising their price targets for WBD to as high as $16.00, indicating a favorable outlook for the stock.

Patton Fund Management Inc. acquired a new position in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 25,643 shares of the company's stock, valued at approximately $294,000.

Other institutional investors also recently added to or reduced their stakes in the company. ST Germain D J Co. Inc. raised its holdings in Warner Bros. Discovery by 4,720.5% in the second quarter. ST Germain D J Co. Inc. now owns 4,001 shares of the company's stock worth $46,000 after purchasing an additional 3,918 shares in the last quarter. CX Institutional grew its position in shares of Warner Bros. Discovery by 22.7% in the 2nd quarter. CX Institutional now owns 33,517 shares of the company's stock worth $384,000 after buying an additional 6,193 shares during the last quarter. Perennial Advisors LLC bought a new position in shares of Warner Bros. Discovery during the 2nd quarter worth approximately $128,000. Regatta Capital Group LLC lifted its position in Warner Bros. Discovery by 5.2% during the second quarter. Regatta Capital Group LLC now owns 36,622 shares of the company's stock valued at $420,000 after acquiring an additional 1,803 shares during the last quarter. Finally, Fifth Third Bancorp boosted its stake in Warner Bros. Discovery by 3.7% in the second quarter. Fifth Third Bancorp now owns 80,668 shares of the company's stock valued at $924,000 after acquiring an additional 2,867 shares in the last quarter. Institutional investors own 59.95% of the company's stock.

Wall Street Analysts Forecast Growth

WBD has been the topic of a number of recent analyst reports. Sanford C. Bernstein upped their price target on Warner Bros. Discovery from $13.00 to $16.00 and gave the stock a "market perform" rating in a research report on Monday, September 22nd. UBS Group boosted their target price on Warner Bros. Discovery from $9.00 to $10.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Bank of America increased their price target on Warner Bros. Discovery from $14.00 to $16.00 and gave the company a "buy" rating in a research note on Tuesday, July 1st. Needham & Company LLC restated a "hold" rating on shares of Warner Bros. Discovery in a research note on Friday, September 12th. Finally, Cowen lowered shares of Warner Bros. Discovery from a "buy" rating to a "hold" rating in a research report on Tuesday, September 16th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and fifteen have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $14.07.

Insider Activity

In other Warner Bros. Discovery news, Director Anton J. Levy acquired 75,000 shares of the business's stock in a transaction dated Tuesday, August 12th. The shares were purchased at an average price of $11.00 per share, for a total transaction of $825,000.00. Following the completion of the purchase, the director directly owned 949,000 shares of the company's stock, valued at $10,439,000. The trade was a 8.58% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bruce Campbell sold 150,000 shares of the firm's stock in a transaction on Friday, September 12th. The stock was sold at an average price of $18.00, for a total transaction of $2,700,000.00. Following the transaction, the insider directly owned 252,464 shares of the company's stock, valued at approximately $4,544,352. This trade represents a 37.27% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 970,115 shares of company stock valued at $17,818,490 in the last ninety days. Insiders own 1.90% of the company's stock.

Warner Bros. Discovery Stock Down 1.4%

Shares of WBD stock opened at $19.51 on Friday. Warner Bros. Discovery, Inc. has a fifty-two week low of $7.25 and a fifty-two week high of $20.24. The firm has a market capitalization of $48.30 billion, a PE ratio of 65.04, a P/E/G ratio of 2.58 and a beta of 1.59. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.04 and a current ratio of 1.04. The stock's 50-day simple moving average is $13.85 and its 200-day simple moving average is $11.23.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last issued 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 analyst estimates of $9.73 billion. During the same quarter in the prior year, the firm earned ($4.07) earnings per share. Warner Bros. Discovery's revenue for the quarter was up 1.0% on a year-over-year basis. Equities analysts expect that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current year.

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.

Want to see what other hedge funds are holding WBD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.