Gabelli Funds LLC Has $29.58 Million Stock Position in Warner Bros. Discovery, Inc. $WBD

Key Points

• Gabelli Funds LLC increased its stake in Warner Bros. Discovery by 3.2%, acquiring an additional 84,500 shares during the 1st quarter, bringing its total ownership to approximately 2.76 million shares valued at about $29.58 million.
• Multiple institutional investors, including KBC Group NV, raised their stakes significantly, with KBC Group increasing its holdings by 682.8% in the same period, now owning over 7.14 million shares worth $76.67 million.
• Warner Bros. Discovery reported earnings of $0.63 per share for the last quarter, significantly exceeding analysts' expectations, while revenue reached $9.81 billion, showcasing a slight year-over-year growth of 1.0%.

Gabelli Funds LLC increased its position in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 3.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,756,650 shares of the company's stock after acquiring an additional 84,500 shares during the period. Gabelli Funds LLC owned about 0.11% of Warner Bros. Discovery worth $29,579,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the company. Financial Gravity Asset Management Inc. purchased a new stake in shares of Warner Bros. Discovery during the 1st quarter worth about $27,000. North Capital Inc. bought a new stake in shares of Warner Bros. Discovery in the 1st quarter valued at approximately $28,000. Smallwood Wealth Investment Management LLC bought a new stake in shares of Warner Bros. Discovery in the 1st quarter valued at approximately $29,000. Ameriflex Group Inc. acquired a new position in Warner Bros. Discovery in the fourth quarter worth approximately $30,000. Finally, Golden State Wealth Management LLC raised its position in Warner Bros. Discovery by 448.0% during the first quarter. Golden State Wealth Management LLC now owns 2,877 shares of the company's stock valued at $31,000 after acquiring an additional 2,352 shares in the last quarter. Institutional investors and hedge funds own 59.95% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. KeyCorp reduced their price objective on shares of Warner Bros. Discovery from $18.00 to $16.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. Bank of America upped their price target on Warner Bros. Discovery from $14.00 to $16.00 and gave the stock a "buy" rating in a research note on Tuesday, July 1st. Argus raised Warner Bros. Discovery to a "hold" rating in a report on Tuesday, May 27th. UBS Group boosted their target price on Warner Bros. Discovery from $9.00 to $10.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Finally, Citigroup decreased their target price on Warner Bros. Discovery from $15.00 to $14.00 and set a "buy" rating for the company in a research report on Thursday, May 29th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat, Warner Bros. Discovery currently has a consensus rating of "Moderate Buy" and an average price target of $13.14.

Warner Bros. Discovery Stock Performance

WBD traded down $0.42 during midday trading on Friday, reaching $11.64. The company's stock had a trading volume of 60,181,031 shares, compared to its average volume of 46,981,516. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.92. The company has a fifty day simple moving average of $11.99 and a 200 day simple moving average of $10.48. The stock has a market cap of $28.82 billion, a P/E ratio of 38.80, a PEG ratio of 1.61 and a beta of 1.57. Warner Bros. Discovery, Inc. has a twelve month low of $6.78 and a twelve month high of $13.86.

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 for the quarter, beating the consensus estimate of ($0.16) by $0.79. The company had revenue of $9.81 billion during the quarter, compared to analysts' expectations of $9.73 billion. Warner Bros. Discovery had a return on equity of 2.14% and a net margin of 2.00%.Warner Bros. Discovery's revenue for the quarter was up 1.0% compared to the same quarter last year. During the same period in the prior year, the business earned ($4.07) earnings per share. Research analysts expect that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Anton J. Levy purchased 75,000 shares of the firm's stock in a transaction on Tuesday, August 12th. The shares were bought at an average cost of $11.00 per share, for a total transaction of $825,000.00. Following the transaction, the director directly owned 949,000 shares of the company's stock, valued at approximately $10,439,000. This trade represents a 8.58% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 1.90% of the stock is currently owned by company insiders.

Warner Bros. Discovery Profile

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.