Warner Bros. Discovery, Inc. $WBD Stake Increased by Zurcher Kantonalbank Zurich Cantonalbank

Key Points

• Zurcher Kantonalbank increased its stake in Warner Bros. Discovery by 8.8% in Q4 to 577,099 shares (about $16.63M), and institutional investors now hold roughly 59.95% of the company.
• Company insiders have sold heavily recently: CEO David Zaslav sold 4,004,149 shares (~$113.16M) and Gerhard Zeiler sold 600,000 shares, with insiders offloading 8,206,827 shares (~$230.7M) last quarter, leaving insiders with 1.90% ownership.
• An imminent shareholder vote on Paramount’s acquisition offer, amid protests and reports that Netflix is trying to block the deal, creates significant deal uncertainty and near-term volatility for WBD.

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 8.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 577,099 shares of the company's stock after buying an additional 46,823 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Warner Bros. Discovery were worth $16,632,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in WBD. Pacer Advisors Inc. increased its stake in shares of Warner Bros. Discovery by 4,639.8% in the third quarter. Pacer Advisors Inc. now owns 22,788,847 shares of the company's stock worth $445,066,000 after buying an additional 22,308,046 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Warner Bros. Discovery by 7.1% in the third quarter. Vanguard Group Inc. now owns 281,214,155 shares of the company's stock worth $5,492,112,000 after buying an additional 18,736,600 shares during the last quarter. Jericho Capital Asset Management L.P. increased its stake in shares of Warner Bros. Discovery by 108.9% in the third quarter. Jericho Capital Asset Management L.P. now owns 35,095,390 shares of the company's stock worth $685,413,000 after buying an additional 18,291,865 shares during the last quarter. Duquesne Family Office LLC bought a new stake in Warner Bros. Discovery during the second quarter valued at $74,916,000. Finally, Allianz Asset Management GmbH increased its stake in Warner Bros. Discovery by 170.1% during the third quarter. Allianz Asset Management GmbH now owns 9,326,978 shares of the company's stock valued at $182,156,000 after purchasing an additional 5,873,183 shares during the last quarter. Institutional investors own 59.95% of the company's stock.

Insider Activity at Warner Bros. Discovery

In other news, insider Gerhard Zeiler sold 600,000 shares of the business's stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $28.02, for a total transaction of $16,812,000.00. Following the completion of the transaction, the insider owned 672,649 shares of the company's stock, valued at approximately $18,847,624.98. The trade was a 47.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO David Zaslav sold 4,004,149 shares of the business's stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $28.26, for a total transaction of $113,157,250.74. Following the transaction, the chief executive officer directly owned 7,200,627 shares of the company's stock, 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 quarter, insiders have sold 8,206,827 shares of company stock valued at $230,674,025. Company insiders own 1.90% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on WBD shares. Arete Research reiterated a "neutral" rating and set a $31.25 target price on shares of Warner Bros. Discovery in a research note on Friday, February 27th. Sanford C. Bernstein boosted their target price on shares of Warner Bros. Discovery from $23.50 to $27.75 and gave the company a "market perform" rating in a research note on Tuesday, February 24th. Rothschild & Co Redburn set a $31.00 target price on shares of Warner Bros. Discovery and gave the company a "neutral" rating in a research note on Tuesday, February 17th. Wells Fargo & Company started coverage on shares of Warner Bros. Discovery in a research note on Monday, March 9th. They set an "equal weight" rating and a $31.00 target price for the company. Finally, Moffett Nathanson upgraded shares of Warner Bros. Discovery from a "hold" rating to a "strong-buy" rating in a research note on Sunday, March 8th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, fifteen have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $26.30.

Warner Bros. Discovery Stock Up 0.1%

WBD stock opened at $27.33 on Thursday. Warner Bros. Discovery, Inc. has a 1-year low of $8.06 and a 1-year high of $30.00. The firm has a market cap of $67.78 billion, a price-to-earnings ratio of 94.24 and a beta of 1.63. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.06 and a quick ratio of 1.06. The firm has a fifty day moving average price of $27.76 and a two-hundred day moving average price of $26.03.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last announced its quarterly earnings results 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 for the quarter, compared to analyst estimates of $9.33 billion. During the same period last year, the firm posted ($0.20) EPS. The business's revenue was down 5.7% compared to the same quarter last year. Research analysts predict that Warner Bros. Discovery, Inc. will post -0.1 EPS for the current year.

Key Headlines Impacting Warner Bros. Discovery

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

• Positive Sentiment: WBD locked in long-term sports content with an extension of Giro d’Italia rights, supporting steady recurring distribution and ad/subscription revenue opportunities. WBD extends Giro d’Italia rights
• Neutral Sentiment: Shareholders are set to vote imminently on Paramount’s aggressive acquisition offer — the outcome is binary and will materially revalue WBD, but until the vote result is known it fuels uncertainty rather than clear upside or downside. Warner Bros. Discovery's shareholders to vote on Paramount's offer tomorrow
• Neutral Sentiment: Analysts and investors are focused on upcoming earnings guidance and subscriber metrics; previews emphasize interest in margins, streaming trends and whether recent initiatives move the needle. Expect short-term price moves around the report. Warner Bros. Discovery earnings preview: What to expect
• Neutral Sentiment: WBD is rolling out customer-facing experiences (e.g., branded attractions) and direct-to-consumer plays aimed at boosting engagement—positive strategically but with unclear immediate financial impact. Warner Bros. makes a bold play for customers
• Negative Sentiment: Protests and organized opposition have surfaced ahead of the shareholder vote, increasing the risk of delays, litigation or a narrower approval margin — heightening near-term volatility. Flurry Of Protests As WBD Shareholders Set To Vote On Paramount Merger
• Negative Sentiment: Reports that Netflix is quietly trying to block or influence the deal add another layer of risk and potential deal friction, which could reduce deal certainty and pressure the stock. Netflix reportedly quietly interfering with Warner Bros.-Paramount merger
• Negative Sentiment: Coverage about executive payouts and leadership exits tied to a potential sale (including reported big payouts) may stoke governance concerns among some investors. Inside David Zaslav's $500 million Warner Bros exit after Paramount sale

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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