Warner Bros. Discovery, Inc. $WBD Shares Bought by NEOS Investment Management LLC

Key Points

• NEOS Investment Management increased its Warner Bros. Discovery stake by 12.6% in the second quarter, adding 211,256 shares for a total holding of 1.89 million shares valued at approximately $50.5 million.
• Warner Bros. Discovery reported quarterly EPS of $0.06, beating estimates of a $0.14 loss, but revenue fell 11.2% year over year to $8.72 billion and the company remained unprofitable.
• Insiders sold significant shares, including 591,038 shares sold by Gerhard Zeiler and 71,539 by Director Fazal Merchant; insiders sold 1.75 million shares worth $48.3 million over the past 90 days. Analysts maintain an average “Hold” rating with a $27.69 price target.

NEOS Investment Management LLC lifted its holdings in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 12.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,893,473 shares of the company's stock after acquiring an additional 211,256 shares during the quarter. NEOS Investment Management LLC owned 0.08% of Warner Bros. Discovery worth $50,480,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the business. Venturi Wealth Management LLC increased its holdings in Warner Bros. Discovery by 4.5% during the 1st quarter. Venturi Wealth Management LLC now owns 8,462 shares of the company's stock worth $232,000 after purchasing an additional 367 shares during the last quarter. Krilogy Financial LLC boosted its stake in shares of Warner Bros. Discovery by 2.6% during the 1st quarter. Krilogy Financial LLC now owns 14,809 shares of the company's stock valued at $406,000 after buying an additional 369 shares during the last quarter. Cromwell Holdings LLC boosted its stake in shares of Warner Bros. Discovery by 7.6% during the 2nd quarter. Cromwell Holdings LLC now owns 5,467 shares of the company's stock valued at $146,000 after buying an additional 386 shares during the last quarter. Elevation Wealth Partners LLC grew its position in shares of Warner Bros. Discovery by 64.3% during the second quarter. Elevation Wealth Partners LLC now owns 1,009 shares of the company's stock worth $27,000 after buying an additional 395 shares in the last quarter. Finally, Optas LLC grew its position in shares of Warner Bros. Discovery by 2.7% during the first quarter. Optas LLC now owns 15,529 shares of the company's stock worth $426,000 after buying an additional 409 shares in the last quarter. Institutional investors and hedge funds own 59.95% of the company's stock.

Insider Activity

In other Warner Bros. Discovery news, insider Gerhard Zeiler sold 591,038 shares of the firm's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $27.05, for a total value of $15,987,577.90. Following the sale, the insider owned 537,436 shares in the company, valued at approximately $14,537,643.80. This trade represents a 52.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Fazal F. Merchant sold 71,539 shares of Warner Bros. Discovery stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $27.75, for a total value of $1,985,207.25. Following the sale, the director directly owned 33,067 shares in the company, valued at approximately $917,609.25. This trade represents a 68.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 1,750,749 shares of company stock valued at $48,329,633. Company insiders own 0.70% of the company's stock.

Warner Bros. Discovery Stock Performance

WBD stock opened at $28.37 on Friday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market capitalization of $71.23 billion, a price-to-earnings ratio of -22.34 and a beta of 1.57. Warner Bros. Discovery, Inc. has a 1 year low of $11.54 and a 1 year high of $30.00. The stock's fifty day moving average is $27.06 and its two-hundred day moving average is $27.25.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.20. Warner Bros. Discovery had a negative net margin of 8.77% and a negative return on equity of 8.91%. The company had revenue of $8.72 billion during the quarter, compared to the consensus estimate of $9.25 billion. During the same quarter in the previous year, the company posted $0.63 earnings per share. The company's revenue for the quarter was down 11.2% compared to the same quarter last year. On average, research analysts predict that Warner Bros. Discovery, Inc. will post -1.11 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on WBD shares. Guggenheim reissued a "neutral" rating on shares of Warner Bros. Discovery in a report on Thursday, May 7th. UBS Group upped their target price on shares of Warner Bros. Discovery from $30.00 to $31.00 and gave the company a "neutral" rating in a research note on Thursday, May 7th. Freedom Capital raised shares of Warner Bros. Discovery from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 10th. Zacks Research upgraded Warner Bros. Discovery from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 25th. Finally, Huber Research raised Warner Bros. Discovery from an "underweight" rating to an "overweight" rating in a report on Monday, June 1st. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $27.69.

About Warner Bros. Discovery

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.

Want to see what other hedge funds are holding WBD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source