Vestcor Inc Has $7.13 Million Stake in Warner Bros. Discovery, Inc. $WBD

Key Points

• Vestcor Inc dramatically increased its stake in Warner Bros. Discovery by 423.2% in the fourth quarter, ending with 247,260 shares valued at about $7.13 million.
• Several other institutional investors also adjusted their WBD holdings, and overall institutional ownership stands at 59.95% of the company’s stock.
• Warner Bros. Discovery reported a recent quarterly EPS miss of -$1.17 versus a -$0.10 estimate, while analysts currently rate the stock a consensus "Hold" with an average price target of $27.04.

Vestcor Inc raised its position in Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 423.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 247,260 shares of the company's stock after purchasing an additional 200,000 shares during the quarter. Vestcor Inc's holdings in Warner Bros. Discovery were worth $7,126,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of WBD. Concord Wealth Partners raised its stake in shares of 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 purchasing an additional 440 shares during the period. Fideuram Asset Management Ireland dac acquired a new stake in shares of Warner Bros. Discovery in the 4th quarter valued at about $29,000. JPL Wealth Management LLC acquired a new stake in shares of Warner Bros. Discovery in the 3rd quarter valued at about $33,000. Rakuten Securities Inc. raised its stake in shares of 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 purchasing an additional 521 shares during the period. Finally, TOWER TRUST & INVESTMENT Co raised its stake in shares of Warner Bros. Discovery by 4,730.8% in the 4th quarter. TOWER TRUST & INVESTMENT Co now owns 1,256 shares of the company's stock valued at $36,000 after purchasing an additional 1,230 shares during the period. Institutional investors and hedge funds own 59.95% of the company's stock.

Insider Activity

In other news, Director Fazal F. Merchant sold 35,000 shares of the firm's stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $27.48, for a total value of $961,800.00. Following the completion of the transaction, the director owned 95,539 shares in the company, valued at $2,625,411.72. This trade represents a 26.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bruce Campbell sold 41,784 shares of the firm's stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $27.82, for a total value of $1,162,430.88. Following the completion of the transaction, the insider owned 604,666 shares of the company's stock, valued at $16,821,808.12. The trade was a 6.46% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 676,784 shares of company stock worth $18,534,231 in the last quarter. Corporate insiders own 1.90% of the company's stock.

Warner Bros. Discovery Price Performance

Shares of NASDAQ WBD opened at $26.24 on Friday. The stock has a market capitalization of $65.79 billion, a price-to-earnings ratio of -37.49 and a beta of 1.54. The business has a 50-day moving average of $27.18 and a 200-day moving average of $27.40. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.73 and a quick ratio of 0.73. Warner Bros. Discovery, Inc. has a fifty-two week low of $9.11 and a fifty-two week high of $30.00.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($1.17) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($1.07). The company had revenue of $8.89 billion during the quarter, compared to the consensus estimate of $8.89 billion. Warner Bros. Discovery had a negative net margin of 4.67% and a negative return on equity of 4.77%. Warner Bros. Discovery's revenue was down 1.0% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.18) EPS. As a group, sell-side analysts predict that Warner Bros. Discovery, Inc. will post -0.93 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have issued reports on WBD. KeyCorp reissued an "overweight" rating on shares of Warner Bros. Discovery in a research note on Friday, April 24th. Sanford C. Bernstein lifted their price target on Warner Bros. Discovery from $23.50 to $27.75 and gave the company a "market perform" rating in a research note on Tuesday, February 24th. Rothschild & Co Redburn set a $31.00 price target on Warner Bros. Discovery and gave the company a "neutral" rating in a research note on Tuesday, February 17th. Guggenheim reissued a "neutral" rating on shares of Warner Bros. Discovery in a research note on Thursday, May 7th. Finally, UBS Group raised their price objective on Warner Bros. Discovery from $30.00 to $31.00 and gave the company a "neutral" rating in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $27.04.

Trending Headlines about Warner Bros. Discovery

Here are the key news stories impacting Warner Bros. Discovery this week:

• Positive Sentiment: Warner Bros. Discovery signed a World Series of Poker broadcast deal, which adds another content partnership and could support its media and sports programming strategy. WBD signs World Series of Poker broadcast deal
• Neutral Sentiment: Analysts noted WBD has been little changed since its last earnings report, with investors still waiting for a clearer operational turnaround. Warner Bros. Discovery (WBD) Down 0.4% Since Last Earnings Report: Can It Rebound?
• Neutral Sentiment: Paramount is seeking to dismiss a lawsuit aimed at blocking the Warner Bros. Discovery transaction, while other reports say states are preparing their own legal challenge, keeping the deal in limbo. U.S. states are preparing a lawsuit to block Paramount's acquisition of Warner Bros
• Negative Sentiment: State attorneys general planning a lawsuit to block the Paramount Skydance acquisition of Warner Bros. Discovery is the biggest near-term concern, since it raises the odds of delay or even failure of the deal. Stock Market Today, June 5: Warner Bros. Discovery Falls on Reports of State Antitrust Challenge to Paramount Deal
• Negative Sentiment: Political scrutiny is increasing, with Senator Elizabeth Warren calling for a foreign-ownership review of the Paramount-WBD deal, adding another potential hurdle. Elizabeth Warren Calls For Foreign Ownership Review Of Paramount-WBD

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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