Pacer Advisors Inc. Sells 127,370 Shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Key Points

• Pacer Advisors Inc. reduced its stake in Warner Bros. Discovery by 35%, selling 127,370 shares during the first quarter, resulting in ownership of 236,613 shares valued at approximately $2.54 million.
• Warner Bros. Discovery's recent earnings report revealed a loss of $0.18 EPS, missing estimates by $0.06, and a 9.8% decline in revenue year-over-year, totaling $8.98 billion.
• Institutional investors control 59.95% of Warner Bros. Discovery's stock, with analysts holding a consensus rating of "Moderate Buy" and an average price target of $12.41.

Pacer Advisors Inc. trimmed its stake in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 35.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 236,613 shares of the company's stock after selling 127,370 shares during the quarter. Pacer Advisors Inc.'s holdings in Warner Bros. Discovery were worth $2,539,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Prudential PLC boosted its holdings in shares of Warner Bros. Discovery by 31.1% in the 4th quarter. Prudential PLC now owns 135,163 shares of the company's stock worth $1,429,000 after purchasing an additional 32,102 shares in the last quarter. GF Fund Management CO. LTD. purchased a new position in shares of Warner Bros. Discovery in the 4th quarter worth about $4,914,000. Polar Asset Management Partners Inc. purchased a new position in shares of Warner Bros. Discovery in the 4th quarter worth about $3,022,000. Hi Line Capital Management LLC boosted its holdings in shares of Warner Bros. Discovery by 17.8% in the 1st quarter. Hi Line Capital Management LLC now owns 597,478 shares of the company's stock worth $6,411,000 after purchasing an additional 90,462 shares in the last quarter. Finally, KBC Group NV boosted its holdings in shares of Warner Bros. Discovery by 682.8% in the 1st quarter. KBC Group NV now owns 7,145,308 shares of the company's stock worth $76,669,000 after purchasing an additional 6,232,561 shares in the last quarter. 59.95% of the stock is currently owned by institutional investors.

Warner Bros. Discovery Price Performance

Shares of Warner Bros. Discovery stock traded down $0.09 during trading hours on Thursday, hitting $13.17. The company's stock had a trading volume of 55,433,759 shares, compared to its average volume of 74,120,952. The business has a 50 day moving average price of $11.19 and a two-hundred day moving average price of $10.22. Warner Bros. Discovery, Inc. has a 12-month low of $6.64 and a 12-month high of $13.86. The company has a market cap of $32.33 billion, a PE ratio of -2.99 and a beta of 1.54. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.84 and a current ratio of 0.84.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.06). Warner Bros. Discovery had a negative return on equity of 30.56% and a negative net margin of 28.16%. The firm had revenue of $8.98 billion during the quarter, compared to the consensus estimate of $9.66 billion. During the same period last year, the firm posted ($0.40) earnings per share. The company's revenue for the quarter was down 9.8% compared to the same quarter last year. Analysts expect that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

WBD has been the subject of several analyst reports. Bank of America increased their target price on Warner Bros. Discovery from $14.00 to $16.00 and gave the company a "buy" rating in a report on Tuesday, July 1st. Huber Research upgraded Warner Bros. Discovery from a "strong sell" rating to a "strong-buy" rating in a research report on Monday, June 9th. Benchmark restated a "buy" rating and set a $18.00 target price on shares of Warner Bros. Discovery in a report on Monday, July 14th. KeyCorp raised their price target on Warner Bros. Discovery from $13.00 to $18.00 and gave the stock an "overweight" rating in a research note on Wednesday. Finally, Guggenheim reaffirmed a "buy" rating on shares of Warner Bros. Discovery in a research note on Tuesday, June 10th. Twelve research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $12.66.

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.