Warner Bros. Discovery, Inc. $WBD Shares Sold by Truist Financial Corp

Key Points

• Truist Financial Corp reduced its stake in Warner Bros. Discovery by 15.3%, selling over 19,000 shares during the second quarter.
• Multiple analysts have recently increased their target prices for Warner Bros. Discovery, with estimates reaching as high as $24.00.
• Insider sales of Warner Bros. Discovery stock amounted to nearly 970,115 shares worth approximately $17.8 million over the last ninety days.

Truist Financial Corp decreased its holdings in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 15.3% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 105,508 shares of the company's stock after selling 19,104 shares during the quarter. Truist Financial Corp's holdings in Warner Bros. Discovery were worth $1,209,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in WBD. Brighton Jones LLC boosted its holdings in shares of Warner Bros. Discovery by 304.9% during the fourth quarter. Brighton Jones LLC now owns 68,950 shares of the company's stock worth $729,000 after purchasing an additional 51,920 shares during the last quarter. Park Avenue Securities LLC raised its position in shares of Warner Bros. Discovery by 10.1% in the 1st quarter. Park Avenue Securities LLC now owns 50,446 shares of the company's stock worth $541,000 after buying an additional 4,625 shares during the period. Farther Finance Advisors LLC raised its position in shares of Warner Bros. Discovery by 17.0% in the 1st quarter. Farther Finance Advisors LLC now owns 11,853 shares of the company's stock worth $121,000 after buying an additional 1,720 shares during the period. GAMMA Investing LLC raised its position in shares of Warner Bros. Discovery by 16.1% in the 1st quarter. GAMMA Investing LLC now owns 45,942 shares of the company's stock worth $493,000 after buying an additional 6,354 shares during the period. Finally, CX Institutional raised its position in shares of Warner Bros. Discovery by 5.7% in the 1st quarter. CX Institutional now owns 27,324 shares of the company's stock worth $293,000 after buying an additional 1,465 shares during the period. Institutional investors and hedge funds own 59.95% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on WBD. Raymond James Financial increased their target price on Warner Bros. Discovery from $13.00 to $22.00 and gave the stock an "outperform" rating in a research report on Thursday, October 2nd. Seaport Global Securities increased their target price on Warner Bros. Discovery from $15.00 to $24.00 and gave the stock a "buy" rating in a research report on Friday, October 3rd. Benchmark reaffirmed a "buy" rating and issued a $18.00 target price on shares of Warner Bros. Discovery in a research report on Monday, July 14th. Moffett Nathanson increased their target price on Warner Bros. Discovery from $14.00 to $23.00 and gave the stock a "buy" rating in a research report on Monday, September 22nd. Finally, Sanford C. Bernstein increased their target price on Warner Bros. Discovery from $13.00 to $16.00 and gave the stock a "market perform" rating in a research report on Monday, September 22nd. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and sixteen have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $16.61.

Insider Transactions at Warner Bros. Discovery

In other news, CFO Gunnar Wiedenfels sold 530,793 shares of Warner Bros. Discovery stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $19.50, for a total transaction of $10,350,463.50. Following the sale, the chief financial officer directly owned 1,141,150 shares of the company's stock, valued at approximately $22,252,425. The trade was a 31.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Bruce Campbell sold 150,000 shares of Warner Bros. Discovery stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $18.00, for a total value of $2,700,000.00. Following the completion of the transaction, the insider owned 252,464 shares of the company's stock, valued at $4,544,352. This trade represents a 37.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 970,115 shares of company stock valued at $17,818,490. 1.80% of the stock is currently owned by insiders.

Warner Bros. Discovery Stock Down 3.2%

Shares of NASDAQ WBD opened at $17.10 on Monday. Warner Bros. Discovery, Inc. has a 1 year low of $7.25 and a 1 year high of $20.24. The firm has a market cap of $42.34 billion, a price-to-earnings ratio of 57.00, a PEG ratio of 2.00 and a beta of 1.73. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.04 and a current ratio of 1.04. The stock's 50-day simple moving average is $14.93 and its 200-day simple moving average is $11.79.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.63 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.16) by $0.79. Warner Bros. Discovery had a return on equity of 2.14% and a net margin of 2.00%.The business had revenue of $9.81 billion for the quarter, compared to analyst estimates of $9.73 billion. During the same period in the previous year, the company earned ($4.07) earnings per share. The company's revenue for the quarter was up 1.0% compared to the same quarter last year. As a group, equities analysts anticipate that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current fiscal year.

Warner Bros. Discovery Company 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.

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