Warner Bros. Discovery, Inc. $WBD Shares Sold by Chiron Capital Management LLC

Key Points

• Chiron Capital cut its stake in Warner Bros. Discovery by 56.9% in Q3, selling 49,068 shares and leaving 37,222 shares valued at about $727,000.
• Insiders have been selling heavily — CEO David Zaslav sold 4,004,149 shares for roughly $113.2 million, and insiders disposed of 7,571,827 shares worth $213.3 million in the past 90 days.
• WBD trades with a market cap of about $67.3 billion and a high PE of 93.6; the company missed quarterly EPS estimates and saw revenue decline year-over-year, while analysts' consensus is a Hold with an average target of $26.30.

Chiron Capital Management LLC reduced its position in Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 56.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 37,222 shares of the company's stock after selling 49,068 shares during the quarter. Chiron Capital Management LLC's holdings in Warner Bros. Discovery were worth $727,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in WBD. Vanguard Group Inc. grew its position in Warner Bros. Discovery by 7.1% during the third quarter. Vanguard Group Inc. now owns 281,214,155 shares of the company's stock valued at $5,492,112,000 after acquiring an additional 18,736,600 shares during the period. Geode Capital Management LLC raised its holdings in shares of Warner Bros. Discovery by 0.9% in the 2nd quarter. Geode Capital Management LLC now owns 60,091,463 shares of the company's stock worth $685,798,000 after purchasing an additional 551,548 shares during the period. Invesco Ltd. raised its holdings in shares of Warner Bros. Discovery by 2.8% in the 2nd quarter. Invesco Ltd. now owns 44,574,492 shares of the company's stock worth $510,824,000 after purchasing an additional 1,233,195 shares during the period. Norges Bank acquired a new position in shares of Warner Bros. Discovery in the 2nd quarter valued at about $306,848,000. Finally, Pacer Advisors Inc. lifted its stake in shares of Warner Bros. Discovery by 4,639.8% in the 3rd quarter. Pacer Advisors Inc. now owns 22,788,847 shares of the company's stock valued at $445,066,000 after purchasing an additional 22,308,046 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 $27.14 on Friday. The firm has a market capitalization of $67.25 billion, a PE ratio of 93.59 and a beta of 1.60. Warner Bros. Discovery, Inc. has a one year low of $7.52 and a one year high of $30.00. The stock's 50 day moving average price is $28.15 and its 200 day moving average price is $23.86. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.06 and a current ratio of 1.06.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last issued its quarterly earnings data on Thursday, February 26th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.19). Warner Bros. Discovery had a net margin of 1.95% and a return on equity of 1.98%. The firm had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. During the same period last year, the business earned ($0.20) EPS. The firm's revenue was down 5.7% compared to the same quarter last year. As a group, sell-side analysts expect that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently issued reports on WBD. 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. TD Cowen lifted their price target on shares of Warner Bros. Discovery from $22.00 to $26.00 and gave the company a "hold" rating in a research report on Friday, February 27th. Guggenheim downgraded shares of Warner Bros. Discovery from a "buy" rating to a "neutral" rating and boosted their price objective for the stock from $25.00 to $30.00 in a research note on Wednesday, January 14th. Barrington Research lowered shares of Warner Bros. Discovery from an "outperform" rating to a "hold" rating in a research report on Friday, December 5th. Finally, Morgan Stanley set a $29.00 target price on shares of Warner Bros. Discovery in a research note on Thursday, December 18th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, fifteen have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $26.30.

Insider Buying and Selling at Warner Bros. Discovery

In other Warner Bros. Discovery news, insider Priya Aiyar sold 223,512 shares of the business's stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $28.24, for a total value of $6,311,978.88. Following the transaction, the insider owned 919,252 shares in the company, valued at $25,959,676.48. The trade was a 19.56% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO David Zaslav sold 4,004,149 shares of the business's stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $28.26, for a total value of $113,157,250.74. Following the completion of the transaction, the chief executive officer owned 7,200,627 shares in the company, valued at approximately $203,489,719.02. This trade represents a 35.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 7,571,827 shares of company stock worth $213,302,225. 1.90% of the stock is currently owned by insiders.

Warner Bros. Discovery 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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