Warner Bros. Discovery, Inc. $WBD Shares Purchased by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp boosted its Warner Bros. Discovery stake by 334.5% in the first quarter, ending with 421,832 shares worth about $11.6 million.
• Warner Bros. Discovery shares were trading around $27.48, near the company’s 52-week high of $30.00, with a market cap of about $68.9 billion.
• The company recently reported a much wider-than-expected loss of $1.17 per share and revenue that was flat versus estimates, while analysts currently have a Hold consensus and a price target of $27.04.

Fifth Third Bancorp grew its stake in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 334.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 421,832 shares of the company's stock after acquiring an additional 324,742 shares during the quarter. Fifth Third Bancorp's holdings in Warner Bros. Discovery were worth $11,584,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Private Advisory Group LLC purchased a new position in Warner Bros. Discovery in the fourth quarter valued at approximately $3,438,000. Triad Investment Management purchased a new stake in Warner Bros. Discovery during the fourth quarter worth approximately $9,383,000. Mn Services Vermogensbeheer B.V. increased its position in shares of Warner Bros. Discovery by 4.3% in the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 916,705 shares of the company's stock worth $26,419,000 after acquiring an additional 38,105 shares in the last quarter. Handelsbanken Fonder AB increased its position in shares of Warner Bros. Discovery by 130.8% in the fourth quarter. Handelsbanken Fonder AB now owns 1,008,638 shares of the company's stock worth $29,069,000 after acquiring an additional 571,612 shares in the last quarter. Finally, Brighton Jones LLC increased its position in shares of Warner Bros. Discovery by 304.9% in the fourth quarter. Brighton Jones LLC now owns 68,950 shares of the company's stock worth $729,000 after acquiring an additional 51,920 shares in the last quarter. 59.95% of the stock is currently owned by hedge funds and other institutional investors.

Warner Bros. Discovery Trading Up 1.4%

NASDAQ WBD opened at $27.48 on Wednesday. Warner Bros. Discovery, Inc. has a 12 month low of $10.76 and a 12 month high of $30.00. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.73 and a quick ratio of 0.73. The company has a market capitalization of $68.90 billion, a price-to-earnings ratio of -39.26 and a beta of 1.54. The company's fifty day moving average price is $26.85 and its two-hundred day moving average price is $27.52.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last issued 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). Warner Bros. Discovery had a negative return on equity of 4.77% and a negative net margin of 4.67%.The firm had revenue of $8.89 billion during the quarter, compared to analyst estimates of $8.89 billion. During the same quarter in the previous year, the business posted ($0.18) EPS. Warner Bros. Discovery's revenue was down 1.0% compared to the same quarter last year. As a group, research analysts predict that Warner Bros. Discovery, Inc. will post -1.07 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Huber Research raised shares of Warner Bros. Discovery from an "underweight" rating to an "overweight" rating in a research report on Monday, June 1st. KeyCorp reiterated an "overweight" rating on shares of Warner Bros. Discovery in a report on Friday, April 24th. 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 research report on Thursday, May 7th. Seaport Research Partners upgraded Warner Bros. Discovery from a "neutral" rating to a "buy" rating and set a $31.00 price objective on the stock in a research note on Monday, June 29th. Finally, Weiss Ratings downgraded Warner Bros. Discovery from a "hold (c-)" rating to a "sell (d-)" rating in a research report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, Warner Bros. Discovery has a consensus rating of "Hold" and a consensus price target of $27.04.

Warner Bros. Discovery News Summary

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

• Positive Sentiment: WBD continues to trade with takeover-related optimism, as Paramount says it still intends to close the deal by the end of September despite the new lawsuits. Paramount still plans to close WBD merger by end of September despite lawsuit
• Neutral Sentiment: The stock has also seen unusually heavy call-option activity, suggesting traders are positioning for continued merger volatility. Paramount Skydance (PSKY) Stock Faces New Risk as 12 States Sue to Block $110 Billion Warner Bros. Deal
• Negative Sentiment: The merger now faces multiple antitrust challenges from state officials and the Writers Guild, which could delay or block the deal and pressure WBD if the takeover premium fades. Hollywood Writers Sue to Block Paramount-Warner Deal

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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