Pinnacle Associates Ltd. Sells 34,547 Shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Pinnacle Associates Ltd. cut its position in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 3.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,006,183 shares of the company's stock after selling 34,547 shares during the quarter. Pinnacle Associates Ltd.'s holdings in Warner Bros. Discovery were worth $10,796,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Colonial Trust Advisors grew its stake in Warner Bros. Discovery by 71.8% in the fourth quarter. Colonial Trust Advisors now owns 2,383 shares of the company's stock valued at $25,000 after purchasing an additional 996 shares in the last quarter. Financial Gravity Asset Management Inc. bought a new position in shares of Warner Bros. Discovery during the 1st quarter worth approximately $27,000. North Capital Inc. bought a new position in shares of Warner Bros. Discovery during the 1st quarter worth approximately $28,000. Graney & King LLC bought a new position in shares of Warner Bros. Discovery during the 4th quarter worth approximately $28,000. Finally, Smallwood Wealth Investment Management LLC bought a new position in shares of Warner Bros. Discovery during the 1st quarter worth approximately $29,000. 59.95% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on WBD. Barrington Research reiterated an "outperform" rating and set a $16.00 target price on shares of Warner Bros. Discovery in a research note on Monday, June 9th. Morgan Stanley reduced their target price on Warner Bros. Discovery from $12.00 to $10.00 and set an "equal weight" rating for the company in a research note on Tuesday, May 6th. Argus raised Warner Bros. Discovery to a "hold" rating in a report on Tuesday, May 27th. Needham & Company LLC reissued a "hold" rating on shares of Warner Bros. Discovery in a report on Tuesday, June 10th. Finally, Citigroup dropped their price target on Warner Bros. Discovery from $15.00 to $14.00 and set a "buy" rating for the company in a report on Thursday, May 29th. Twelve analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $12.41.

Warner Bros. Discovery Price Performance

WBD stock traded down $0.01 during midday trading on Friday, reaching $13.49. 74,364,318 shares of the stock were exchanged, compared to its average volume of 72,897,584. The stock has a market capitalization of $33.11 billion, a PE ratio of -3.07 and a beta of 1.54. Warner Bros. Discovery, Inc. has a 52 week low of $6.64 and a 52 week high of $13.68. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.84 and a quick ratio of 0.84. The company has a fifty day moving average price of $10.76 and a 200 day moving average price of $10.10.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.18) earnings per share for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.06). The firm had revenue of $8.98 billion for the quarter, compared to the consensus estimate of $9.66 billion. Warner Bros. Discovery had a negative return on equity of 30.56% and a negative net margin of 28.16%. The company's revenue was down 9.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.40) EPS. As a group, analysts expect that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current fiscal 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.