State of Michigan Retirement System Sells 94,984 Shares of Warner Bros. Discovery, Inc. $WBD

Key Points

• State of Michigan Retirement System cut its stake in Warner Bros. Discovery by 12.8% in Q4, selling 94,984 shares and leaving it with 648,741 shares valued at about $18.7 million.
• Heavy insider selling has occurred recently — Director Paul A. Gould sold 600,000 shares ($16.41M) and Bruce Campbell sold 1,580,331 shares ($44.25M), with insiders offloading 8,206,827 shares worth $230.67M in the last three months and now owning 1.90% of the stock.
• Analysts are mixed: MarketBeat shows a consensus rating of "Hold" with a $26.30 price target, and the company recently reported a quarterly EPS miss of ($0.10) versus a $0.09 estimate while delivering $9.46B in revenue.

State of Michigan Retirement System decreased its position in Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 12.8% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 648,741 shares of the company's stock after selling 94,984 shares during the period. State of Michigan Retirement System's holdings in Warner Bros. Discovery were worth $18,697,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Concord Wealth Partners lifted its stake in Warner Bros. Discovery by 49.9% in the 3rd quarter. Concord Wealth Partners now owns 1,321 shares of the company's stock valued at $26,000 after acquiring an additional 440 shares in the last quarter. Physician Wealth Advisors Inc. lifted its stake in Warner Bros. Discovery by 152.1% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 1,404 shares of the company's stock valued at $27,000 after acquiring an additional 847 shares in the last quarter. Rakuten Securities Inc. lifted its stake in Warner Bros. Discovery by 81.5% in the 4th quarter. Rakuten Securities Inc. now owns 1,160 shares of the company's stock valued at $33,000 after acquiring an additional 521 shares in the last quarter. JPL Wealth Management LLC bought a new stake in Warner Bros. Discovery in the 3rd quarter valued at approximately $33,000. Finally, Crews Bank & Trust grew its stake in Warner Bros. Discovery by 1,242.2% in the third quarter. Crews Bank & Trust now owns 1,718 shares of the company's stock valued at $34,000 after purchasing an additional 1,590 shares in the last quarter. Institutional investors own 59.95% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on WBD. Weiss Ratings upgraded Warner Bros. Discovery from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Monday, February 23rd. Deutsche Bank Aktiengesellschaft downgraded Warner Bros. Discovery from a "buy" rating to a "hold" rating and raised their price target for the company from $29.50 to $31.00 in a research note on Friday, February 27th. Argus lowered their target price on shares of Warner Bros. Discovery from $32.00 to $31.00 and set a "buy" rating on the stock in a report on Tuesday, March 3rd. Moffett Nathanson upgraded shares of Warner Bros. Discovery from a "hold" rating to a "strong-buy" rating in a report on Sunday, March 8th. Finally, Guggenheim restated a "buy" rating on shares of Warner Bros. Discovery in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Warner Bros. Discovery has a consensus rating of "Hold" and a consensus price target of $26.30.

Warner Bros. Discovery Price Performance

NASDAQ:WBD opened at $26.82 on Tuesday. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.87. The stock's 50 day moving average price is $27.69 and its two-hundred day moving average price is $26.27. The firm has a market capitalization of $66.51 billion, a price-to-earnings ratio of 92.49 and a beta of 1.63. Warner Bros. Discovery, Inc. has a 12-month low of $8.06 and a 12-month high of $30.00.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last issued its earnings results on Thursday, February 26th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of $0.09 by ($0.19). Warner Bros. Discovery had a return on equity of 1.98% and a net margin of 1.95%.The business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter in the prior year, the firm posted ($0.20) earnings per share. The business's revenue was down 5.7% compared to the same quarter last year. On average, analysts anticipate that Warner Bros. Discovery, Inc. will post -0.1 earnings per share for the current year.

Insider Activity at Warner Bros. Discovery

In other news, Director Paul A. Gould sold 600,000 shares of Warner Bros. Discovery stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $27.35, for a total transaction of $16,410,000.00. Following the completion of the transaction, the director directly owned 244,357 shares in the company, valued at approximately $6,683,163.95. The trade was a 71.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Bruce Campbell sold 1,580,331 shares of Warner Bros. Discovery stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $28.00, for a total value of $44,249,268.00. Following the transaction, the insider owned 690,028 shares of the company's stock, valued at $19,320,784. This represents a 69.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 8,206,827 shares of company stock worth $230,674,025 in the last three months. 1.90% of the stock is owned by company insiders.

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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