RNC Capital Management LLC Sells 270,585 Shares of Warner Bros. Discovery, Inc. $WBD

Key Points

• RNC Capital Management LLC significantly reduced its stake in Warner Bros. Discovery by selling 270,585 shares, resulting in a 95.9% decrease in its holdings during the first quarter.
• Institutional investors now own 59.95% of Warner Bros. Discovery stock, with several funds like Brighton Jones LLC and Ameriprise Financial increasing their positions in the fourth quarter.
• Warner Bros. Discovery reported $0.63 earnings per share for the last quarter, surpassing analysts' expectations, and its stock has seen a price rise of 2.0% recently.

RNC Capital Management LLC lowered its position in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 95.9% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 11,493 shares of the company's stock after selling 270,585 shares during the period. RNC Capital Management LLC's holdings in Warner Bros. Discovery were worth $123,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of WBD. Brighton Jones LLC grew its position in Warner Bros. Discovery by 304.9% during the 4th quarter. Brighton Jones LLC now owns 68,950 shares of the company's stock worth $729,000 after acquiring an additional 51,920 shares during the last quarter. Ameriprise Financial Inc. grew its position in Warner Bros. Discovery by 4.0% during the 4th quarter. Ameriprise Financial Inc. now owns 1,140,842 shares of the company's stock worth $12,061,000 after acquiring an additional 43,682 shares during the last quarter. Captrust Financial Advisors grew its position in Warner Bros. Discovery by 1.5% during the 4th quarter. Captrust Financial Advisors now owns 132,426 shares of the company's stock worth $1,400,000 after acquiring an additional 1,950 shares during the last quarter. EP Wealth Advisors LLC grew its position in Warner Bros. Discovery by 61.8% during the 4th quarter. EP Wealth Advisors LLC now owns 29,351 shares of the company's stock worth $310,000 after acquiring an additional 11,209 shares during the last quarter. Finally, Deutsche Bank AG grew its position in Warner Bros. Discovery by 2.7% during the 4th quarter. Deutsche Bank AG now owns 9,321,575 shares of the company's stock worth $98,529,000 after acquiring an additional 247,319 shares during the last quarter. Institutional investors own 59.95% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Guggenheim restated a "buy" rating on shares of Warner Bros. Discovery in a research report on Tuesday, June 10th. KeyCorp cut their target price on Warner Bros. Discovery from $18.00 to $16.00 and set an "overweight" rating on the stock in a report on Friday, August 8th. Huber Research raised Warner Bros. Discovery from a "strong sell" rating to a "strong-buy" rating in a report on Monday, June 9th. Barrington Research reaffirmed an "outperform" rating and set a $16.00 target price on shares of Warner Bros. Discovery in a report on Wednesday, July 30th. Finally, Benchmark reaffirmed a "buy" rating and set a $18.00 target price on shares of Warner Bros. Discovery in a report on Monday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $13.14.

Warner Bros. Discovery Stock Up 2.0%

Shares of NASDAQ:WBD opened at $12.35 on Tuesday. The company has a market capitalization of $30.58 billion, a price-to-earnings ratio of 41.17, a P/E/G ratio of 1.61 and a beta of 1.59. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.04 and a quick ratio of 1.04. The business's 50-day moving average is $12.09 and its 200-day moving average is $10.54. Warner Bros. Discovery, Inc. has a 1 year low of $6.78 and a 1 year high of $13.86.

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 (EPS) for the quarter, beating analysts' consensus estimates of ($0.16) by $0.79. The company had revenue of $9.81 billion for the quarter, compared to the consensus estimate of $9.73 billion. Warner Bros. Discovery had a return on equity of 2.14% and a net margin of 2.00%.The firm's revenue was up 1.0% compared to the same quarter last year. During the same period in the previous year, the business earned ($4.07) EPS. Equities research analysts predict that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current year.

Insider Activity

In other Warner Bros. Discovery news, Director Anton J. Levy acquired 250,000 shares of the company's stock in a transaction dated Monday, August 11th. The shares were bought 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 of the company's stock, valued at $9,526,600. This trade represents a 40.06% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.80% of the stock is owned by corporate insiders.

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.

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