Raymond James Financial Inc. Increases Position in Warner Bros. Discovery, Inc. $WBD

Key Points

• Raymond James Financial Inc. has increased its holdings in Warner Bros. Discovery by 5.1%, now owning 2,041,662 shares valued at approximately $21.91 million.
• Warner Bros. Discovery reported earnings per share of $0.63, significantly exceeding analysts' expectations of ($0.16), with revenue of $9.81 billion for the quarter.
• The stock's target prices vary among analysts, with recommendations including a target price cut by KeyCorp from $18.00 to $16.00 and an increase by Morgan Stanley from $10.00 to $13.00.

Raymond James Financial Inc. raised its stake in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 5.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,041,662 shares of the company's stock after buying an additional 98,296 shares during the quarter. Raymond James Financial Inc. owned about 0.08% of Warner Bros. Discovery worth $21,907,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of WBD. Financial Gravity Asset Management Inc. bought a new position in shares of Warner Bros. Discovery in the first quarter worth approximately $27,000. North Capital Inc. bought a new stake in Warner Bros. Discovery during the first quarter valued at approximately $28,000. Smallwood Wealth Investment Management LLC bought a new stake in shares of Warner Bros. Discovery during the 1st quarter valued at $29,000. Ameriflex Group Inc. purchased a new stake in Warner Bros. Discovery in the fourth quarter worth about $30,000. Finally, Golden State Wealth Management LLC increased its holdings in Warner Bros. Discovery by 448.0% in the 1st quarter. Golden State Wealth Management LLC now owns 2,877 shares of the company's stock worth $31,000 after acquiring an additional 2,352 shares in the last quarter. 59.95% of the stock is currently owned by institutional investors.

Warner Bros. Discovery Stock Performance

Shares of NASDAQ:WBD traded down $0.42 during trading on Friday, hitting $11.64. The stock had a trading volume of 60,181,031 shares, compared to its average volume of 46,981,516. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.92. Warner Bros. Discovery, Inc. has a 12-month low of $6.78 and a 12-month high of $13.86. The stock has a 50-day simple moving average of $11.99 and a two-hundred day simple moving average of $10.48. The stock has a market capitalization of $28.82 billion, a price-to-earnings ratio of 40.18, a price-to-earnings-growth ratio of 1.61 and a beta of 1.57.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.79. The firm had revenue of $9.81 billion during the quarter, compared to analysts' expectations of $9.73 billion. Warner Bros. Discovery had a net margin of 2.00% and a return on equity of 2.14%. The firm's revenue was up 1.0% compared to the same quarter last year. During the same quarter last year, the company posted ($4.07) earnings per share. On average, equities research analysts expect that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on WBD shares. Raymond James Financial decreased their price target on Warner Bros. Discovery from $14.00 to $13.00 and set an "outperform" rating on the stock in a report on Friday, August 8th. Morgan Stanley increased their price objective on shares of Warner Bros. Discovery from $10.00 to $13.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 6th. Benchmark reiterated a "buy" rating and issued a $18.00 target price on shares of Warner Bros. Discovery in a report on Monday, July 14th. Needham & Company LLC reaffirmed a "hold" rating on shares of Warner Bros. Discovery in a research note on Tuesday, June 10th. Finally, Barclays upped their price objective on Warner Bros. Discovery from $9.00 to $13.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $13.14.

Insider Transactions at Warner Bros. Discovery

In other Warner Bros. Discovery news, Director Anton J. Levy bought 250,000 shares of Warner Bros. Discovery stock in a transaction dated Monday, August 11th. The stock was acquired at an average cost of $10.90 per share, with a total value of $2,725,000.00. Following the purchase, the director directly owned 874,000 shares in the company, valued at $9,526,600. This represents a 40.06% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 1.90% of the company's stock.

About Warner Bros. Discovery

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.