Warner Bros. Discovery, Inc. $WBD Shares Bought by Allstate Corp

Key Points

• Allstate Corp more than doubled its position in Warner Bros. Discovery in the fourth quarter, increasing its stake by 107.3% to 176,870 shares valued at about $5.1 million.
• Warner Bros. Discovery’s latest earnings came in weak, with EPS of -$1.17 versus expectations of -$0.10, while revenue of $8.89 billion matched estimates and fell 1% year over year.
• Wall Street remains cautious on WBD: the stock has a consensus Hold rating with an average price target of $26.36, even as some analysts adjusted targets and ratings in recent reports.

Allstate Corp grew its stake in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 107.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 176,870 shares of the company's stock after acquiring an additional 91,536 shares during the quarter. Allstate Corp's holdings in Warner Bros. Discovery were worth $5,097,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Concord Wealth Partners increased its stake in shares of Warner Bros. Discovery by 49.9% during 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 during the last quarter. Physician Wealth Advisors Inc. increased its stake in shares of Warner Bros. Discovery by 152.1% during 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 during the last quarter. Rakuten Securities Inc. increased its stake in shares of Warner Bros. Discovery by 81.5% during 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 during the last quarter. JPL Wealth Management LLC acquired a new stake in Warner Bros. Discovery during the 3rd quarter worth approximately $33,000. Finally, TOWER TRUST & INVESTMENT Co increased its position in Warner Bros. Discovery by 4,730.8% during the 4th quarter. TOWER TRUST & INVESTMENT Co now owns 1,256 shares of the company's stock worth $36,000 after purchasing an additional 1,230 shares in the last quarter. Institutional investors and hedge funds own 59.95% of the company's stock.

Warner Bros. Discovery Stock Performance

Warner Bros. Discovery stock opened at $27.00 on Wednesday. The stock has a market cap of $67.69 billion, a P/E ratio of -38.57 and a beta of 1.57. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.92. The stock has a 50 day moving average of $27.25 and a 200-day moving average of $27.19. Warner Bros. Discovery, Inc. has a 52 week low of $9.11 and a 52 week high of $30.00.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported ($1.17) EPS for the quarter, missing the consensus estimate of ($0.10) by ($1.07). The business had revenue of $8.89 billion for the quarter, compared to analysts' expectations of $8.89 billion. Warner Bros. Discovery had a negative net margin of 4.67% and a negative return on equity of 4.77%. The business's quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter last year, the company posted ($0.18) earnings per share. On average, analysts expect that Warner Bros. Discovery, Inc. will post -0.71 EPS for the current fiscal year.

Wall Street Analyst Weigh In

WBD has been the subject of a number of research analyst reports. Sanford C. Bernstein increased their target price on shares of Warner Bros. Discovery from $23.50 to $27.75 and gave the stock a "market perform" rating in a research report on Tuesday, February 24th. Weiss Ratings downgraded shares of Warner Bros. Discovery from a "hold (c-)" rating to a "sell (d-)" rating in a research report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft downgraded shares of Warner Bros. Discovery from a "buy" rating to a "hold" rating and increased their price objective for the company from $29.50 to $31.00 in a research report on Friday, February 27th. Benchmark reaffirmed a "hold" rating on shares of Warner Bros. Discovery in a research report on Friday, February 27th. Finally, Argus lowered their price objective on shares of Warner Bros. Discovery from $32.00 to $31.00 and set a "buy" rating for the company in a research report on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, thirteen have assigned a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $26.36.

Insider Activity at Warner Bros. Discovery

In related news, insider Gerhard Zeiler sold 600,000 shares of the firm's stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $28.02, for a total transaction of $16,812,000.00. Following the transaction, the insider directly owned 672,649 shares in the company, valued at $18,847,624.98. This trade represents a 47.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Paul A. Gould sold 600,000 shares of the firm's stock in a transaction on Monday, March 16th. The stock was sold at an average price of $27.35, for a total value of $16,410,000.00. Following the transaction, the director owned 244,357 shares in the company, valued at $6,683,163.95. This trade represents a 71.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 8,206,827 shares of company stock worth $230,674,025. 1.90% of the stock is currently owned by insiders.

Warner Bros. Discovery Company 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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