Pictet Asset Management Holding SA Acquires 170,802 Shares of Warner Bros. Discovery, Inc. $WBD

Key Points

• Pictet Asset Management raised its stake in Warner Bros. Discovery by 16.4%, buying 170,802 shares to own 1,212,473 shares valued at about $34.94 million per its latest 13F filing.
• Insider selling has been heavy recently — Gerhard Zeiler sold 600,000 shares and Bruce Campbell sold 1,580,331 shares on March 4, and insiders have sold 8,206,827 shares worth $230.7 million over the past 90 days.
• Warner Bros. Discovery missed quarterly EPS estimates (loss of $0.10 vs. $0.09 expected) while revenue of $9.46 billion slightly beat estimates but was down 5.7% YoY; analysts' consensus is a Hold with an average target of $26.30.

Pictet Asset Management Holding SA grew its holdings in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 16.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,212,473 shares of the company's stock after buying an additional 170,802 shares during the period. Pictet Asset Management Holding SA's holdings in Warner Bros. Discovery were worth $34,943,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Warner Bros. Discovery by 7.1% during the 3rd quarter. Vanguard Group Inc. now owns 281,214,155 shares of the company's stock valued at $5,492,112,000 after acquiring an additional 18,736,600 shares during the period. Jericho Capital Asset Management L.P. grew 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 worth $685,413,000 after purchasing an additional 18,291,865 shares during the period. Duquesne Family Office LLC bought a new stake in Warner Bros. Discovery in the second quarter valued at $74,916,000. Allianz Asset Management GmbH raised its holdings in shares of Warner Bros. Discovery by 170.1% during the third quarter. Allianz Asset Management GmbH now owns 9,326,978 shares of the company's stock valued at $182,156,000 after purchasing an additional 5,873,183 shares during the period. Finally, Amundi raised its holdings in shares of Warner Bros. Discovery by 59.6% during 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 during the period. Institutional investors and hedge funds own 59.95% of the company's stock.

Warner Bros. Discovery Trading Up 0.4%

WBD opened at $27.05 on Thursday. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.06 and a quick ratio of 1.06. Warner Bros. Discovery, Inc. has a fifty-two week low of $8.06 and a fifty-two week high of $30.00. The firm has a market capitalization of $67.08 billion, a PE ratio of 93.28 and a beta of 1.63. The company's 50-day moving average is $27.62 and its 200 day moving average is $26.34.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last released its quarterly earnings results on Thursday, February 26th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.09 by ($0.19). The company had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. Warner Bros. Discovery had a net margin of 1.95% and a return on equity of 1.98%. Warner Bros. Discovery's revenue for the quarter was down 5.7% on a year-over-year basis. During the same quarter last year, the firm posted ($0.20) EPS. As a group, research analysts predict that Warner Bros. Discovery, Inc. will post -0.1 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 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 in the company, valued at approximately $18,847,624.98. This represents a 47.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Bruce Campbell sold 1,580,331 shares of the company's stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $28.00, for a total value of $44,249,268.00. Following the sale, the insider owned 690,028 shares of the company's stock, valued at $19,320,784. This trade represents a 69.61% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 8,206,827 shares of company stock valued at $230,674,025 over the last 90 days. Corporate insiders own 1.80% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on WBD. Benchmark restated a "hold" rating on shares of Warner Bros. Discovery in a research note on Friday, February 27th. Huber Research downgraded Warner Bros. Discovery from a "strong-buy" rating to a "strong sell" rating in a research note on Friday, February 27th. Deutsche Bank Aktiengesellschaft lowered Warner Bros. Discovery from a "buy" rating to a "hold" rating and increased their price target for the stock from $29.50 to $31.00 in a report on Friday, February 27th. Wells Fargo & Company began coverage on Warner Bros. Discovery in a report on Monday, March 9th. They set an "equal weight" rating and a $31.00 price objective for the company. Finally, Rothschild & Co Redburn set a $31.00 target price on Warner Bros. Discovery and gave the stock a "neutral" rating in a research report on Tuesday, February 17th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Warner Bros. Discovery presently has an average rating of "Hold" and an average target price of $26.30.

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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