Prosperitas Financial LLC Trims Holdings in Warner Bros. Discovery, Inc. $WBD

Key Points

• Prosperitas Financial reduced its Warner Bros. Discovery stake by 35.7% in the second quarter, selling 60,521 shares and retaining 108,844 shares valued at approximately $2.9 million.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $27.69; institutional investors collectively own 59.95% of WBD.
• WBD reported quarterly EPS of $0.06, beating estimates, but revenue fell 11.2% year over year to $8.72 billion, while insiders sold roughly $48.3 million of stock over the past 90 days.

Prosperitas Financial LLC lowered its position in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 35.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 108,844 shares of the company's stock after selling 60,521 shares during the quarter. Prosperitas Financial LLC's holdings in Warner Bros. Discovery were worth $2,902,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of WBD. Brighton Jones LLC increased its stake in Warner Bros. Discovery by 304.9% in the 4th quarter. Brighton Jones LLC now owns 68,950 shares of the company's stock worth $729,000 after buying an additional 51,920 shares in the last quarter. NewEdge Advisors LLC grew its position in shares of Warner Bros. Discovery by 50.5% during the first quarter. NewEdge Advisors LLC now owns 63,254 shares of the company's stock worth $679,000 after purchasing an additional 21,228 shares in the last quarter. Empowered Funds LLC grew its position in shares of Warner Bros. Discovery by 6.2% during the first quarter. Empowered Funds LLC now owns 65,082 shares of the company's stock worth $698,000 after purchasing an additional 3,779 shares in the last quarter. Focus Partners Wealth raised its stake in Warner Bros. Discovery by 91.6% during the 1st quarter. Focus Partners Wealth now owns 116,821 shares of the company's stock valued at $1,254,000 after purchasing an additional 55,837 shares during the period. Finally, Baird Financial Group Inc. lifted its holdings in Warner Bros. Discovery by 3.8% in the 2nd quarter. Baird Financial Group Inc. now owns 111,450 shares of the company's stock worth $1,277,000 after purchasing an additional 4,062 shares in the last quarter. 59.95% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Guggenheim reiterated a "neutral" rating on shares of Warner Bros. Discovery in a research report on Thursday, May 7th. Zacks Research raised shares of Warner Bros. Discovery from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 25th. Huber Research upgraded shares of Warner Bros. Discovery from an "underweight" rating to an "overweight" rating in a report on Monday, June 1st. Seaport Research Partners cut shares of Warner Bros. Discovery from a "buy" rating to a "neutral" rating in a research note on Monday, July 27th. Finally, Freedom Capital raised shares of Warner Bros. Discovery from a "hold" rating to a "strong-buy" rating in a report on Monday, August 10th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $27.69.

Warner Bros. Discovery Price Performance

WBD stock opened at $28.37 on Friday. Warner Bros. Discovery, Inc. has a 52 week low of $11.54 and a 52 week high of $30.00. The firm has a market capitalization of $71.23 billion, a P/E ratio of -22.34 and a beta of 1.57. The company has a fifty day simple moving average of $27.06 and a two-hundred day simple moving average of $27.25. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.90.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported $0.06 earnings per share for the quarter, topping analysts' consensus estimates of ($0.14) by $0.20. The firm had revenue of $8.72 billion for the quarter, compared to the consensus estimate of $9.25 billion. Warner Bros. Discovery had a negative net margin of 8.77% and a negative return on equity of 8.91%. The business's quarterly revenue was down 11.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.63 EPS. Analysts anticipate that Warner Bros. Discovery, Inc. will post -1.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Warner Bros. Discovery news, Director Kenneth Lowe sold 120,000 shares of the company's stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $26.97, for a total transaction of $3,236,400.00. Following the sale, the director directly owned 990,108 shares in the company, valued at $26,703,212.76. This represents a 10.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Gerhard Zeiler sold 591,038 shares of the firm's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $27.05, for a total value of $15,987,577.90. Following the completion of the sale, the insider directly owned 537,436 shares of the company's stock, valued at $14,537,643.80. The trade was a 52.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 1,750,749 shares of company stock valued at $48,329,633. Insiders own 0.70% of the company's stock.

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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