Warner Bros. Discovery, Inc. $WBD is West Tower Group LLC's 2nd Largest Position

Key Points

• West Tower Group LLC increased its stake in Warner Bros. Discovery by 7.6%, now owning 275,170 shares, making it the firm's second largest position worth approximately $3.15 million.
• Insider Bruce Campbell sold 289,322 shares of Warner Bros. Discovery, decreasing his ownership by 41.82%, while Director Anton J. Levy acquired 250,000 shares, increasing his stake by 40.06%.
• Warner Bros. Discovery reported a strong quarterly earnings, with an EPS of $0.63, exceeding expectations, and a revenue of $9.81 billion, signifying a 1% year-over-year increase.

West Tower Group LLC boosted its position in Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 7.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 275,170 shares of the company's stock after buying an additional 19,425 shares during the quarter. Warner Bros. Discovery makes up approximately 6.8% of West Tower Group LLC's portfolio, making the stock its 2nd biggest position. West Tower Group LLC's holdings in Warner Bros. Discovery were worth $3,153,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Cidel Asset Management Inc. boosted its stake in Warner Bros. Discovery by 28.5% in the second quarter. Cidel Asset Management Inc. now owns 37,010 shares of the company's stock worth $424,000 after buying an additional 8,218 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Warner Bros. Discovery in the second quarter valued at approximately $7,340,000. Chevy Chase Trust Holdings LLC lifted its position in Warner Bros. Discovery by 1.6% in the second quarter. Chevy Chase Trust Holdings LLC now owns 1,195,417 shares of the company's stock valued at $13,699,000 after purchasing an additional 18,706 shares during the last quarter. Arista Wealth Management LLC bought a new stake in Warner Bros. Discovery in the second quarter valued at approximately $115,000. Finally, Nordea Investment Management AB lifted its position in Warner Bros. Discovery by 7.9% in the second quarter. Nordea Investment Management AB now owns 199,117 shares of the company's stock valued at $2,281,000 after purchasing an additional 14,538 shares during the last quarter. Hedge funds and other institutional investors own 59.95% of the company's stock.

Insiders Place Their Bets

In other Warner Bros. Discovery news, insider Bruce Campbell sold 289,322 shares of the stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $16.48, for a total value of $4,768,026.56. Following the completion of the transaction, the insider owned 402,464 shares in the company, valued at approximately $6,632,606.72. This represents a 41.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Anton J. Levy acquired 250,000 shares of the firm's stock in a transaction on Monday, August 11th. The stock was purchased at an average price of $10.90 per share, with a total value of $2,725,000.00. Following the acquisition, the director owned 874,000 shares of the company's stock, valued at $9,526,600. This represents a 40.06% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 970,115 shares of company stock worth $17,818,490. 1.80% of the stock is owned by corporate insiders.

Warner Bros. Discovery Price Performance

Shares of Warner Bros. Discovery stock opened at $18.19 on Monday. The business has a 50 day moving average of $15.52 and a 200 day moving average of $12.07. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.92. The company has a market cap of $45.03 billion, a PE ratio of 60.64, a P/E/G ratio of 2.22 and a beta of 1.73. Warner Bros. Discovery, Inc. has a 52 week low of $7.25 and a 52 week high of $20.24.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.63 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.16) by $0.79. The business had revenue of $9.81 billion during 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 quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($4.07) earnings per share. As a group, equities research analysts forecast that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Benchmark reiterated a "buy" rating and issued a $18.00 price objective on shares of Warner Bros. Discovery in a research report on Monday, July 14th. Bank of America boosted their price objective on Warner Bros. Discovery from $16.00 to $24.00 and gave the company a "buy" rating in a research report on Tuesday, September 30th. TD Cowen reiterated a "hold" rating and issued a $14.00 price objective on shares of Warner Bros. Discovery in a research report on Tuesday, September 16th. Sanford C. Bernstein upped their target price on Warner Bros. Discovery from $13.00 to $16.00 and gave the company a "market perform" rating in a report on Monday, September 22nd. Finally, Seaport Global Securities upped their target price on Warner Bros. Discovery from $15.00 to $24.00 and gave the company a "buy" rating in a report on Friday, October 3rd. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and sixteen have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $17.00.

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.

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