Public Employees Retirement System of Ohio Sells 54,946 Shares of Warner Bros. Discovery, Inc. $WBD

Key Points

• The Public Employees Retirement System of Ohio reduced its stake in Warner Bros. Discovery, selling 54,946 shares or 7.4% of its holdings, now worth approximately $7.94 million.
• In the latest quarterly earnings, Warner Bros. Discovery reported $0.63 earnings per share, surpassing analysts' expectations by $0.79, with a total revenue of $9.81 billion.
• Warner Bros. Discovery shares currently hold a market cap of $48.30 billion with a 12-month price range between $7.25 and $20.24.

Public Employees Retirement System of Ohio trimmed its stake in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 7.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 692,559 shares of the company's stock after selling 54,946 shares during the period. Public Employees Retirement System of Ohio's holdings in Warner Bros. Discovery were worth $7,937,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of WBD. WPG Advisers LLC purchased a new position in Warner Bros. Discovery during the first quarter valued at $26,000. Financial Gravity Asset Management Inc. purchased a new position in Warner Bros. Discovery during the first quarter valued at $27,000. North Capital Inc. purchased a new position in Warner Bros. Discovery during the first quarter valued at $28,000. Smallwood Wealth Investment Management LLC purchased a new position in Warner Bros. Discovery during the first quarter valued at $29,000. Finally, Golden State Wealth Management LLC grew its stake in Warner Bros. Discovery by 448.0% during the first quarter. Golden State Wealth Management LLC now owns 2,877 shares of the company's stock valued at $31,000 after acquiring an additional 2,352 shares in the last quarter. 59.95% of the stock is owned by hedge funds and other institutional investors.

Warner Bros. Discovery Price Performance

Warner Bros. Discovery stock opened at $19.51 on Friday. The firm has a 50-day moving average price of $13.85 and a 200-day moving average price of $11.23. The firm has a market capitalization of $48.30 billion, a PE ratio of 65.04, a price-to-earnings-growth ratio of 2.54 and a beta of 1.59. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.92. Warner Bros. Discovery, Inc. has a 12-month low of $7.25 and a 12-month high of $20.24.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.63 earnings per share for the quarter, beating analysts' consensus estimates of ($0.16) by $0.79. Warner Bros. Discovery had a net margin of 2.00% and a return on equity of 2.14%. The company had revenue of $9.81 billion during the quarter, compared to analyst estimates of $9.73 billion. During the same quarter last year, the business posted ($4.07) EPS. The firm's revenue for the quarter was up 1.0% on a year-over-year basis. As a group, equities research analysts forecast that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current year.

Insider Activity

In other news, CFO Gunnar Wiedenfels sold 530,793 shares of the business's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $19.50, for a total value of $10,350,463.50. Following the completion of the sale, the chief financial officer owned 1,141,150 shares in the company, valued at approximately $22,252,425. The trade was a 31.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Bruce Campbell sold 150,000 shares of the business's stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $18.00, for a total transaction of $2,700,000.00. Following the completion of the sale, the insider owned 252,464 shares of the company's stock, valued at approximately $4,544,352. This represents a 37.27% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 970,115 shares of company stock worth $17,818,490. 1.90% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Huber Research raised shares of Warner Bros. Discovery from a "strong sell" rating to a "strong-buy" rating in a research note on Monday, June 9th. Bank of America lifted their price objective on shares of Warner Bros. Discovery from $14.00 to $16.00 and gave the stock a "buy" rating in a research note on Tuesday, July 1st. Cowen cut shares of Warner Bros. Discovery from a "buy" rating to a "hold" rating in a research note on Tuesday, September 16th. Morgan Stanley lifted their price objective on shares of Warner Bros. Discovery from $13.00 to $15.00 and gave the stock an "equal weight" rating in a research note on Thursday. Finally, Moffett Nathanson lifted their price objective on shares of Warner Bros. Discovery from $14.00 to $23.00 and gave the stock a "buy" rating in a research note on Monday, September 22nd. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and fifteen have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $14.07.

Warner Bros. Discovery 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.

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