Wealth Enhancement Advisory Services LLC Sells 17,312 Shares of Warner Bros. Discovery, Inc. $WBD

Key Points

• Wealth Enhancement Advisory Services LLC has decreased its stake in Warner Bros. Discovery by 7.8%, now holding 204,462 shares valued at approximately $2.29 million after selling 17,312 shares.
• Several institutional investors, including Brighton Jones LLC and GAMMA Investing LLC, have significantly increased their positions in Warner Bros. Discovery, indicating growing confidence in the company.
• Wall Street analysts have varying ratings on Warner Bros. Discovery with a consensus rating of “Hold” and a target price of $14.07, reflecting mixed expectations for the company's future performance.

Wealth Enhancement Advisory Services LLC trimmed its position in Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 7.8% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 204,462 shares of the company's stock after selling 17,312 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Warner Bros. Discovery were worth $2,294,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC boosted its stake in Warner Bros. Discovery by 304.9% in the fourth quarter. Brighton Jones LLC now owns 68,950 shares of the company's stock valued at $729,000 after acquiring an additional 51,920 shares during the last quarter. Central Pacific Bank Trust Division boosted its stake in Warner Bros. Discovery by 9.8% in the first quarter. Central Pacific Bank Trust Division now owns 27,536 shares of the company's stock valued at $295,000 after acquiring an additional 2,456 shares during the last quarter. Versant Capital Management Inc boosted its stake in Warner Bros. Discovery by 225.6% in the first quarter. Versant Capital Management Inc now owns 5,991 shares of the company's stock valued at $64,000 after acquiring an additional 4,151 shares during the last quarter. GAMMA Investing LLC boosted its stake in Warner Bros. Discovery by 1,145.2% in the first quarter. GAMMA Investing LLC now owns 492,958 shares of the company's stock valued at $5,289,000 after acquiring an additional 453,370 shares during the last quarter. Finally, Parallel Advisors LLC boosted its stake in Warner Bros. Discovery by 14.2% in the first quarter. Parallel Advisors LLC now owns 14,881 shares of the company's stock valued at $160,000 after acquiring an additional 1,856 shares during the last quarter. 59.95% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on WBD. Sanford C. Bernstein boosted their target price on shares of Warner Bros. Discovery from $13.00 to $16.00 and gave the company a "market perform" rating in a research note on Monday, September 22nd. UBS Group boosted their target price on shares of Warner Bros. Discovery from $9.00 to $10.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. TD Cowen reiterated a "hold" rating and issued a $14.00 target price on shares of Warner Bros. Discovery in a research note on Tuesday, September 16th. Wells Fargo & Company upped their price target on shares of Warner Bros. Discovery from $13.00 to $14.00 and gave the company an "equal weight" rating in a research note on Thursday, September 11th. Finally, KeyCorp restated a "sector weight" rating on shares of Warner Bros. Discovery in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and fifteen have issued a Hold rating to the stock. Based on data from MarketBeat, Warner Bros. Discovery currently has a consensus rating of "Hold" and a consensus price target of $14.07.

Insider Buying and Selling

In other news, Director Anton J. Levy bought 75,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The shares were acquired at an average price of $11.00 per share, with a total value of $825,000.00. Following the acquisition, the director owned 949,000 shares of the company's stock, valued at approximately $10,439,000. The trade was a 8.58% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Bruce Campbell sold 150,000 shares of the company's stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $18.00, for a total transaction of $2,700,000.00. Following the sale, the insider directly owned 252,464 shares in the company, valued at $4,544,352. This trade represents a 37.27% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 970,115 shares of company stock valued at $17,818,490. Company insiders own 1.80% of the company's stock.

Warner Bros. Discovery Stock Performance

Warner Bros. Discovery stock opened at $19.51 on Monday. The firm's 50 day simple moving average is $13.85 and its 200 day simple moving average is $11.24. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.92. The firm has a market capitalization of $48.30 billion, a PE ratio of 65.04, a price-to-earnings-growth ratio of 2.54 and a beta of 1.59. Warner Bros. Discovery, Inc. has a 1-year low of $7.25 and a 1-year high of $20.24.

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 for the quarter, topping analysts' consensus estimates of ($0.16) by $0.79. The business had revenue of $9.81 billion for the quarter, compared to analyst estimates of $9.73 billion. Warner Bros. Discovery had a net margin of 2.00% and a return on equity of 2.14%. Warner Bros. Discovery's revenue was up 1.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($4.07) EPS. As a group, analysts expect 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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