PNC Financial Services Group Inc. Purchases 108,652 Shares of Warner Bros. Discovery, Inc. $WBD

Key Points

• PNC Financial Services boosted its stake in Warner Bros. Discovery by 21.7% in the fourth quarter, buying 108,652 additional shares and bringing its total holdings to 608,849 shares worth about $17.5 million.
• Institutional ownership remains significant, with multiple other hedge funds also increasing positions in WBD; overall, institutional investors own 59.95% of the company.
• Wall Street sentiment is mixed: the stock carries a consensus Hold rating and a $26.36 average price target, while recent insider selling and a weak earnings report added pressure.

PNC Financial Services Group Inc. increased its stake in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 21.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 608,849 shares of the company's stock after buying an additional 108,652 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Warner Bros. Discovery were worth $17,547,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. JFS Wealth Advisors LLC lifted its position in shares of Warner Bros. Discovery by 12.4% during the 4th quarter. JFS Wealth Advisors LLC now owns 3,425 shares of the company's stock worth $99,000 after buying an additional 378 shares during the period. Salomon & Ludwin LLC lifted its position in shares of Warner Bros. Discovery by 20.2% during the 4th quarter. Salomon & Ludwin LLC now owns 2,494 shares of the company's stock worth $71,000 after buying an additional 419 shares during the period. Optas LLC lifted its position in shares of Warner Bros. Discovery by 3.0% during the 4th quarter. Optas LLC now owns 15,120 shares of the company's stock worth $436,000 after buying an additional 435 shares during the period. Armstrong Advisory Group Inc. lifted its position in shares of Warner Bros. Discovery by 7.7% during the 4th quarter. Armstrong Advisory Group Inc. now owns 6,095 shares of the company's stock worth $176,000 after buying an additional 436 shares during the period. Finally, Concord Wealth Partners lifted its position in shares of Warner Bros. Discovery by 49.9% during the 3rd quarter. Concord Wealth Partners now owns 1,321 shares of the company's stock worth $26,000 after buying an additional 440 shares during the period. Institutional investors own 59.95% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on WBD. Raymond James Financial restated an "underperform" rating on shares of Warner Bros. Discovery in a research report on Friday, February 27th. Wells Fargo & Company began coverage on Warner Bros. Discovery in a research report on Monday, March 9th. They set an "equal weight" rating and a $31.00 target price for the company. Moffett Nathanson upgraded Warner Bros. Discovery from a "hold" rating to a "strong-buy" rating in a research report on Sunday, March 8th. UBS Group raised their target price on Warner Bros. Discovery from $30.00 to $31.00 and gave the stock a "neutral" rating in a research report on Thursday, May 7th. Finally, Guggenheim reiterated a "neutral" rating on shares of Warner Bros. Discovery in a research report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, thirteen have assigned a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $26.36.

Insider Transactions at Warner Bros. Discovery

In other news, insider Gerhard Zeiler sold 600,000 shares of Warner Bros. Discovery stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $28.02, for a total value of $16,812,000.00. Following the completion of the sale, the insider directly owned 672,649 shares of the company's stock, valued at approximately $18,847,624.98. This trade represents a 47.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Gunnar Wiedenfels sold 617,580 shares of Warner Bros. Discovery stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $28.25, for a total value of $17,446,635.00. Following the completion of the sale, the chief financial officer directly owned 691,570 shares of the company's stock, valued at $19,536,852.50. This trade represents a 47.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 8,206,827 shares of company stock worth $230,674,025. 1.90% of the stock is owned by company insiders.

Warner Bros. Discovery Trading Down 0.3%

Shares of WBD opened at $27.03 on Friday. The stock has a fifty day moving average price of $27.26 and a two-hundred day moving average price of $27.10. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.73 and a current ratio of 0.73. Warner Bros. Discovery, Inc. has a 52-week low of $8.84 and a 52-week high of $30.00. The company has a market cap of $67.77 billion, a price-to-earnings ratio of -38.61 and a beta of 1.57.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $8.89 billion during the quarter, compared to the consensus estimate of $8.89 billion. During the same quarter in the previous year, the firm posted ($0.18) EPS. The company's revenue for the quarter was down 1.0% compared to the same quarter last year. Analysts predict that Warner Bros. Discovery, Inc. will post -0.71 EPS for the current fiscal year.

Warner Bros. Discovery 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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