Warner Bros. Discovery, Inc. $WBD Shares Sold by Sanctuary Advisors LLC

Key Points

• Sanctuary Advisors LLC cut its Warner Bros. Discovery stake by 24.5% in Q1, selling 51,707 shares and leaving it with 159,408 shares worth about $4.38 million.
• Warner Bros. Discovery reported a larger-than-expected loss in its latest quarter, with EPS of -$1.17 versus estimates of -$0.10, even as revenue came in at $8.89 billion and matched forecasts.
• The stock is also being weighed down by merger-related legal uncertainty, as California and other state attorneys general try to pause Paramount’s $111 billion takeover of Warner Bros. Discovery, potentially delaying the deal.

Sanctuary Advisors LLC lowered its position in Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 24.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 159,408 shares of the company's stock after selling 51,707 shares during the quarter. Sanctuary Advisors LLC's holdings in Warner Bros. Discovery were worth $4,377,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Swiss RE Ltd. purchased a new stake in Warner Bros. Discovery in the 4th quarter valued at $26,000. Fideuram Asset Management Ireland dac purchased a new position in Warner Bros. Discovery during the 4th quarter worth $29,000. MV Capital Management Inc. acquired a new position in Warner Bros. Discovery in the fourth quarter valued at $30,000. Rakuten Securities Inc. raised its holdings in shares of Warner Bros. Discovery by 81.5% in the fourth quarter. Rakuten Securities Inc. now owns 1,160 shares of the company's stock valued at $33,000 after buying an additional 521 shares during the last quarter. Finally, TOWER TRUST & INVESTMENT Co raised its holdings in shares of Warner Bros. Discovery by 4,730.8% in the fourth quarter. TOWER TRUST & INVESTMENT Co now owns 1,256 shares of the company's stock valued at $36,000 after buying an additional 1,230 shares during the last quarter. 59.95% of the stock is owned by institutional investors and hedge funds.

Warner Bros. Discovery Price Performance

Shares of NASDAQ:WBD opened at $26.87 on Monday. Warner Bros. Discovery, Inc. has a fifty-two week low of $10.76 and a fifty-two week high of $30.00. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.92. The firm's 50-day simple moving average is $26.85 and its 200-day simple moving average is $27.48. The company has a market cap of $67.37 billion, a price-to-earnings ratio of -38.39 and a beta of 1.54.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($1.17) earnings per share (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 for the quarter, compared to analysts' expectations of $8.89 billion. During the same period in the prior year, the company earned ($0.18) earnings per share. The company's revenue for the quarter was down 1.0% on a year-over-year basis. As a group, equities research analysts predict that Warner Bros. Discovery, Inc. will post -1.07 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on WBD shares. Weiss Ratings lowered Warner Bros. Discovery from a "hold (c-)" rating to a "sell (d-)" rating in a report on Thursday, May 7th. Guggenheim reaffirmed a "neutral" rating on shares of Warner Bros. Discovery in a research note on Thursday, May 7th. UBS Group increased their price objective on Warner Bros. Discovery from $30.00 to $31.00 and gave the stock a "neutral" rating in a research report on Thursday, May 7th. KeyCorp reiterated an "overweight" rating on shares of Warner Bros. Discovery in a research note on Friday, April 24th. Finally, Huber Research raised Warner Bros. Discovery from an "underweight" rating to an "overweight" rating in a report on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $27.04.

Warner Bros. Discovery News Roundup

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

• Negative Sentiment: A federal judge will rule by July 22 on California’s request to temporarily freeze Paramount’s $111 billion takeover of Warner Bros. Discovery, increasing the risk of a near-term delay to the deal. Judge delays ruling on California's bid to freeze Paramount's $111B takeover of Warner Bros. Discovery
• Negative Sentiment: California and 11 other Democratic state attorneys general are pushing an antitrust case to pause the merger, and media reports suggest Warner Bros. Discovery and Paramount may have to delay closing while the legal fight plays out. Warner Bros. Discovery (WBD) Faces State Lawsuit Over $110 Billion Merger Pause
• Neutral Sentiment: Paramount has publicly argued the states’ antitrust case is unusually weak, but that defense does not remove the immediate legal uncertainty around the transaction. Paramount Calls the States’ Antitrust Case Against Warner Bros. Merger ‘One of the Weakest’ in Modern History
• Neutral Sentiment: Several shareholder lawsuits and related responses have added more headlines, but these appear secondary to the main issue: whether regulators or the court will block or delay the deal. Paramount and Warner Bros expect a delay in closing the deal

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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