Warner Bros. Discovery, Inc. $WBD Shares Sold by Massachusetts Financial Services Co. MA

Key Points

• Massachusetts Financial Services trimmed its stake in Warner Bros. Discovery by 26.4%, selling 641,595 shares and leaving it with 1,792,191 shares worth about $51.65 million.
• Significant insider selling has occurred: CEO David Zaslav sold 4,004,149 shares (~$113.2M) and insiders sold a total of 8,206,827 shares worth roughly $230.7M, leaving insiders with about 1.8% ownership.
• WBD posted a Q4 EPS miss (‑$0.10 vs. $0.09 expected) with revenue of $9.46B (down 5.7% YoY), and analysts’ consensus is a Hold with a $26.30 target amid regulatory and merger-related headwinds.

Massachusetts Financial Services Co. MA decreased its stake in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 26.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,792,191 shares of the company's stock after selling 641,595 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.07% of Warner Bros. Discovery worth $51,651,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of WBD. Pacer Advisors Inc. increased its holdings in Warner Bros. Discovery by 4,639.8% during the 3rd quarter. Pacer Advisors Inc. now owns 22,788,847 shares of the company's stock worth $445,066,000 after purchasing an additional 22,308,046 shares during the period. Vanguard Group Inc. increased its holdings in Warner Bros. Discovery by 7.1% during the 3rd quarter. Vanguard Group Inc. now owns 281,214,155 shares of the company's stock worth $5,492,112,000 after purchasing an additional 18,736,600 shares during the period. Jericho Capital Asset Management L.P. increased its holdings in Warner Bros. Discovery by 108.9% during the 3rd quarter. Jericho Capital Asset Management L.P. now owns 35,095,390 shares of the company's stock worth $685,413,000 after purchasing an additional 18,291,865 shares during the period. Duquesne Family Office LLC purchased a new stake in Warner Bros. Discovery during the 2nd quarter worth about $74,916,000. Finally, Allianz Asset Management GmbH increased its holdings in Warner Bros. Discovery by 170.1% during the 3rd quarter. Allianz Asset Management GmbH now owns 9,326,978 shares of the company's stock worth $182,156,000 after purchasing an additional 5,873,183 shares during the period. Hedge funds and other institutional investors own 59.95% of the company's stock.

Warner Bros. Discovery Trading Down 0.1%

WBD opened at $27.37 on Wednesday. Warner Bros. Discovery, Inc. has a one year low of $7.75 and a one year high of $30.00. The company has a market cap of $67.88 billion, a P/E ratio of 94.38 and a beta of 1.63. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.06 and a current ratio of 1.06. The business's 50-day simple moving average is $27.76 and its 200-day simple moving average is $25.74.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last released its quarterly earnings data on Thursday, February 26th. The company reported ($0.10) EPS for the quarter, missing analysts' consensus estimates 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 business had revenue of $9.46 billion during the quarter, compared to analysts' expectations of $9.33 billion. During the same quarter in the previous year, the company posted ($0.20) EPS. The company's revenue was down 5.7% compared to the same quarter last year. As a group, equities research analysts expect that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. TD Cowen upped their price target on Warner Bros. Discovery from $22.00 to $26.00 and gave the stock a "hold" rating in a report on Friday, February 27th. Argus cut their price target on Warner Bros. Discovery from $32.00 to $31.00 and set a "buy" rating on the stock in a report on Tuesday, March 3rd. Weiss Ratings upgraded Warner Bros. Discovery from a "sell (d+)" rating to a "hold (c-)" rating in a report on Monday, February 23rd. Arete Research restated a "neutral" rating and set a $31.25 price target on shares of Warner Bros. Discovery in a report on Friday, February 27th. Finally, Guggenheim downgraded Warner Bros. Discovery from a "buy" rating to a "neutral" rating and upped their price target for the stock from $25.00 to $30.00 in a report on Wednesday, January 14th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Warner Bros. Discovery currently has an average rating of "Hold" and a consensus target price of $26.30.

Warner Bros. Discovery News Summary

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

• Positive Sentiment: Paramount and allies have publicly tried to reassure talent and investors by pledging to preserve studio brands and greenlight a steady slate of films, an attempt to limit creative departures and reassure WBD’s content pipeline. Paramount Responds To Letter From Hollywood Figures
• Neutral Sentiment: Macro/sector context: Wall Street remains focused on streaming dynamics (pricing, ads, password sharing) that can reshape competitive positioning — a mixed backdrop for WBD that could amplify either upside or downside depending on execution. Wall Street still loves streaming, but are its affections well placed?
• Negative Sentiment: A major theater trade group warned the merger would concentrate too much power and harm cinemas, signaling distribution and exhibition pushback that could reduce theatrical revenue for the combined company. Theater group says Paramount, Warner Bros merger 'harmful' to industry
• Negative Sentiment: More than 1,000 Hollywood professionals and dozens of top stars have publicly opposed the deal via open letters and media coverage, warning of reduced competition and creative risk — a talent revolt that could depress future content output and brand value. Top Hollywood stars come out swinging against the Paramount-WBD deal
• Negative Sentiment: UK regulators have initiated a review and are seeking views ahead of a formal CMA probe; a protracted or adverse ruling (remedies or block) would materially change deal economics and cross-border strategy. Paramount-Warner: UK Competition Watchdog Seeks Views UK to probe Paramount-Warner Bros deal in coming weeks
• Negative Sentiment: Shareholder governance and proxy advisors are pushing back on large executive payouts tied to the transaction, adding another governance headwind and complicating support for deal-related incentives. Hollywood Pushback And Regulators Test Warner Bros. Discovery Deal Risks
• Negative Sentiment: Market and company-specific warning signs: WBD posted a Q4 EPS miss and year-over-year revenue decline, insiders have sold stock, and short interest has risen — all signals investors cite as higher downside risk if the deal falters. (See recent analyst commentary and coverage for details.)

Insiders Place Their Bets

In other news, Director Paul A. Gould sold 600,000 shares of the stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $27.35, for a total value of $16,410,000.00. Following the transaction, the director owned 244,357 shares in the company, valued at approximately $6,683,163.95. This represents a 71.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO David Zaslav sold 4,004,149 shares of the firm's stock in a transaction that occurred on 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 transaction, the chief executive officer owned 7,200,627 shares in the company, valued at $203,489,719.02. This represents a 35.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 8,206,827 shares of company stock worth $230,674,025. 1.80% of the stock is currently owned by company insiders.

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.

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