First Manhattan CO. LLC. Reduces Holdings in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

First Manhattan CO. LLC. reduced its stake in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 23.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 144,266 shares of the company's stock after selling 43,220 shares during the quarter. First Manhattan CO. LLC.'s holdings in Warner Bros. Discovery were worth $1,525,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Franklin Resources Inc. boosted its position in Warner Bros. Discovery by 111.0% during the third quarter. Franklin Resources Inc. now owns 375,462 shares of the company's stock worth $2,831,000 after purchasing an additional 197,528 shares during the period. Principal Financial Group Inc. lifted its position in Warner Bros. Discovery by 3.1% in the third quarter. Principal Financial Group Inc. now owns 2,579,571 shares of the company's stock worth $21,281,000 after purchasing an additional 78,653 shares during the period. Nordea Investment Management AB lifted its position in Warner Bros. Discovery by 5.1% in the fourth quarter. Nordea Investment Management AB now owns 183,888 shares of the company's stock worth $1,958,000 after purchasing an additional 8,875 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in Warner Bros. Discovery by 0.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 183,462 shares of the company's stock worth $1,939,000 after acquiring an additional 1,387 shares in the last quarter. Finally, Czech National Bank increased its stake in shares of Warner Bros. Discovery by 6.5% in the fourth quarter. Czech National Bank now owns 484,024 shares of the company's stock valued at $5,116,000 after buying an additional 29,498 shares in the last quarter. 59.95% of the stock is currently owned by institutional investors.

Warner Bros. Discovery Stock Performance

NASDAQ WBD traded down $0.05 on Tuesday, reaching $9.18. 35,663,642 shares of the company's stock traded hands, compared to its average volume of 33,179,518. The stock has a 50 day moving average price of $9.27 and a 200-day moving average price of $9.86. The firm has a market cap of $22.53 billion, a price-to-earnings ratio of -2.00, a P/E/G ratio of 8.64 and a beta of 1.46. Warner Bros. Discovery, Inc. has a fifty-two week low of $6.64 and a fifty-two week high of $12.70. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.80 and a current ratio of 0.80.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.06). The firm had revenue of $8.98 billion during the quarter, compared to analysts' expectations of $9.66 billion. Warner Bros. Discovery had a negative net margin of 28.34% and a negative return on equity of 27.56%. The business's quarterly revenue was down 9.8% on a year-over-year basis. During the same period last year, the company earned ($0.40) EPS. Equities research analysts predict that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on WBD. Barrington Research restated an "outperform" rating and set a $16.00 target price on shares of Warner Bros. Discovery in a report on Tuesday. Wells Fargo & Company boosted their target price on Warner Bros. Discovery from $9.00 to $10.00 and gave the stock an "equal weight" rating in a report on Friday. Moffett Nathanson raised Warner Bros. Discovery from a "neutral" rating to a "buy" rating and upped their price objective for the company from $9.00 to $13.00 in a report on Tuesday, January 21st. KeyCorp dropped their price objective on Warner Bros. Discovery from $14.00 to $13.00 and set an "overweight" rating for the company in a research report on Monday, April 14th. Finally, Morgan Stanley dropped their price objective on Warner Bros. Discovery from $12.00 to $10.00 and set an "equal weight" rating for the company in a research report on Tuesday, May 6th. Ten equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, Warner Bros. Discovery currently has an average rating of "Moderate Buy" and an average price target of $12.22.

Insiders Place Their Bets

In other news, Director Piazza Samuel A. Jr. Di acquired 17,346 shares of Warner Bros. Discovery stock in a transaction dated Monday, March 3rd. The shares were acquired at an average cost of $11.41 per share, for a total transaction of $197,917.86. Following the acquisition, the director now owns 159,932 shares of the company's stock, valued at $1,824,824.12. This trade represents a 12.17% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.90% of the stock is owned by company insiders.

About Warner Bros. Discovery

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.