Kodai Capital Management LP Reduces Position in Warner Bros. Discovery, Inc. $WBD

Key Points

• Kodai Capital Management LP reduced its stake in Warner Bros. Discovery by 46.1%, now holding approximately 1,023,033 shares valued at around $10.98 million after selling 876,360 shares.
• Various institutional investors have adjusted their holdings, with Independent Franchise Partners LLP and Nuveen LLC acquiring significant new positions in the first quarter worth approximately $140.2 million and $96.9 million respectively.
• Warner Bros. Discovery reported a quarterly earnings surprise with $0.63 earnings per share, significantly exceeding analysts' expectations of ($0.16), alongside a revenue of $9.81 billion.

Kodai Capital Management LP trimmed its position in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 46.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,023,033 shares of the company's stock after selling 876,360 shares during the quarter. Kodai Capital Management LP's holdings in Warner Bros. Discovery were worth $10,977,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC grew its stake 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 during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Warner Bros. Discovery by 2.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,184,016 shares of the company's stock valued at $33,656,000 after buying an additional 85,825 shares during the period. Coldstream Capital Management Inc. lifted its holdings in shares of Warner Bros. Discovery by 14.6% during the 4th quarter. Coldstream Capital Management Inc. now owns 30,155 shares of the company's stock valued at $319,000 after buying an additional 3,848 shares during the period. Quarry LP raised its holdings in Warner Bros. Discovery by 2,281.5% in the 4th quarter. Quarry LP now owns 3,096 shares of the company's stock worth $33,000 after purchasing an additional 2,966 shares during the period. Finally, Northern Trust Corp raised its holdings in Warner Bros. Discovery by 13.5% in the 4th quarter. Northern Trust Corp now owns 22,996,874 shares of the company's stock worth $243,077,000 after purchasing an additional 2,735,196 shares during the period. Hedge funds and other institutional investors own 59.95% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on WBD shares. Raymond James Financial cut their price target on Warner Bros. Discovery from $14.00 to $13.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. Needham & Company LLC reiterated a "hold" rating on shares of Warner Bros. Discovery in a research report on Tuesday, June 10th. Bank of America raised their price objective on shares of Warner Bros. Discovery from $14.00 to $16.00 and gave the stock a "buy" rating in a research note on Tuesday, July 1st. Barclays lifted their price target on shares of Warner Bros. Discovery from $9.00 to $13.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 9th. Finally, Wells Fargo & Company boosted their price target on Warner Bros. Discovery from $11.00 to $13.00 and gave the company an "equal weight" rating in a report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $13.14.

Warner Bros. Discovery Stock Performance

NASDAQ WBD traded down $0.42 on Monday, reaching $11.64. 60,181,031 shares of the company's stock traded hands, compared to its average volume of 47,022,940. The firm has a market cap of $28.82 billion, a price-to-earnings ratio of 38.80, a P/E/G ratio of 1.55 and a beta of 1.59. The stock has a 50 day moving average price of $11.99 and a 200-day moving average price of $10.49. Warner Bros. Discovery, Inc. has a fifty-two week low of $6.78 and a fifty-two week high of $13.86. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.04 and a current ratio of 1.04.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.63 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.16) by $0.79. The company had revenue of $9.81 billion during the quarter, compared to the consensus estimate of $9.73 billion. Warner Bros. Discovery had a net margin of 2.00% and a return on equity of 2.14%. The firm's quarterly revenue was up 1.0% on a year-over-year basis. During the same period in the previous year, the firm posted ($4.07) earnings per share. Equities research analysts predict that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current fiscal year.

Insider Buying and Selling at Warner Bros. Discovery

In other news, Director Anton J. Levy acquired 250,000 shares of the firm's stock in a transaction on Monday, August 11th. The stock was acquired at an average price of $10.90 per share, for a total transaction of $2,725,000.00. Following the completion of the transaction, the director owned 874,000 shares in the company, valued at approximately $9,526,600. The trade was a 40.06% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.80% of the company's stock.

About Warner Bros. Discovery

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.