Insider Selling: Warner Bros. Discovery (NASDAQ:WBD) CFO Sells 374,323 Shares of Stock

Key Points

• CFO Gunnar Wiedenfels sold 374,323 shares on March 4 at an average price of $28.05 for about $10.5 million, leaving him with 663,380 shares (≈$18.6M) — a reported 36.07% decline in his ownership stake.
• The March 4 sale is part of multiple recent large disposals by the CFO, including 617,580 shares on March 3 (~$17.45M) and 242,994 shares on December 10 (~$7.17M), indicating significant insider selling activity.
• For context, WBD trades near $28 after a recent quarterly EPS miss (‑$0.10 vs. $0.09 expected) and 5.7% revenue decline year‑over‑year; analysts' consensus is a Hold with an average target of $25.34, while the Paramount‑Skydance deal and other executive sales add deal and regulatory uncertainty.

Warner Bros. Discovery, Inc. (NASDAQ:WBD - Get Free Report) CFO Gunnar Wiedenfels sold 374,323 shares of Warner Bros. Discovery stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $28.05, for a total value of $10,499,760.15. Following the completion of the transaction, the chief financial officer directly owned 663,380 shares in the company, valued at approximately $18,607,809. This represents a 36.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Gunnar Wiedenfels also recently made the following trade(s):

• On Tuesday, March 3rd, Gunnar Wiedenfels sold 617,580 shares of Warner Bros. Discovery stock. The stock was sold at an average price of $28.25, for a total transaction of $17,446,635.00.
• On Wednesday, December 10th, Gunnar Wiedenfels sold 242,994 shares of Warner Bros. Discovery stock. The shares were sold at an average price of $29.50, for a total transaction of $7,168,323.00.

Warner Bros. Discovery Stock Performance

Shares of NASDAQ:WBD traded up $0.05 on Thursday, hitting $28.00. 25,035,719 shares of the company were exchanged, compared to its average volume of 25,729,393. The company's 50 day moving average price is $28.32 and its two-hundred day moving average price is $23.08. The firm has a market capitalization of $69.38 billion, a price-to-earnings ratio of 96.56 and a beta of 1.60. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.07 and a current ratio of 1.06. Warner Bros. Discovery, Inc. has a one year low of $7.52 and a one year high of $30.00.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last posted its quarterly earnings results on Thursday, February 26th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of $0.09 by ($0.19). The firm had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. Warner Bros. Discovery had a net margin of 1.95% and a return on equity of 1.98%. The company's revenue was down 5.7% on a year-over-year basis. During the same period last year, the company earned ($0.20) EPS. Research analysts expect that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on WBD shares. Weiss Ratings raised Warner Bros. Discovery from a "sell (d+)" rating to a "hold (c-)" rating in a report on Monday, February 23rd. Huber Research cut Warner Bros. Discovery from a "strong-buy" rating to a "strong sell" rating in a report on Friday, February 27th. The Goldman Sachs Group upped their target price on shares of Warner Bros. Discovery from $13.00 to $14.75 and gave the stock a "buy" rating in a report on Friday, November 7th. Arete Research reissued a "neutral" rating and set a $31.25 price target on shares of Warner Bros. Discovery in a report on Friday, February 27th. Finally, Wells Fargo & Company upped their price objective on shares of Warner Bros. Discovery from $21.00 to $25.00 and gave the stock an "equal weight" rating in a research note on Friday, November 7th. Six equities research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Warner Bros. Discovery has an average rating of "Hold" and an average target price of $25.34.

Institutional Trading of Warner Bros. Discovery

Hedge funds have recently modified their holdings of the stock. Norges Bank acquired a new stake in shares of Warner Bros. Discovery in the 4th quarter valued at approximately $1,123,807,000. Pacer Advisors Inc. raised its holdings in 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 purchasing an additional 22,308,046 shares during the period. Vanguard Group Inc. boosted its position in shares of Warner Bros. Discovery by 7.1% during the third quarter. Vanguard Group Inc. now owns 281,214,155 shares of the company's stock worth $5,492,112,000 after purchasing an additional 18,736,600 shares in the last quarter. Jericho Capital Asset Management L.P. grew its holdings in shares of Warner Bros. Discovery by 108.9% in the 3rd quarter. Jericho Capital Asset Management L.P. now owns 35,095,390 shares of the company's stock valued at $685,413,000 after buying an additional 18,291,865 shares during the period. Finally, Sound Shore Management Inc CT bought a new stake in shares of Warner Bros. Discovery in the 2nd quarter valued at $97,951,000. 59.95% of the stock is owned by institutional investors.

More Warner Bros. Discovery News

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

• Positive Sentiment: Definitive Paramount Skydance acquisition agreement provides deal certainty and a strategic path to combine streaming and content assets—primary driver supporting the stock’s uptick. Paramount Skydance Deal Reshapes Warner Bros Discovery Outlook After Netflix Exit
• Positive Sentiment: David Ellison (Paramount) says CNN will operate independently, an explicit reassurance aimed at reducing political/regulatory pushback that could otherwise derail the deal. David Ellison Vows CNN Will Operate Independently as Paramount Buys Warner Bros.: ‘We Want to Be in the Truth Business’
• Positive Sentiment: Commentary and M&A write-ups frame the deal as a decisive outcome after months of uncertainty, which can support multiple bids for WBD assets and improve valuation clarity. Paramount Skydance Stole The Show With Its Warner Bros. Discovery Purchase
• Neutral Sentiment: Netflix formally walked away from the bidding process — this removes a high-profile bidder but also ends a prolonged auction; outcome is mixed for WBD valuation dynamics. The Art of the Walk-Away: Netflix Wins by Losing the WBD Deal (WBD)
• Neutral Sentiment: Political and deal-theatre noise continues (e.g., high-profile purchases of Netflix debt), creating headline volatility but unclear direct impact on WBD fundamentals. Trump Bought Netflix Debt Amid Paramount’s Fight for Warner Bros.
• Negative Sentiment: CEO David Zaslav and other executives sold large blocks of WBD stock after the deal announcement; insider selling can worry investors about post-deal confidence or lockup/vesting-related dilution. David Zaslav Sells $114 Million Worth of Warner Bros. Discovery Stock After WBD Clinches Paramount Skydance Deal
• Negative Sentiment: Analyst skepticism: Argus issued a pessimistic forecast for WBD’s stock price, which could cap enthusiasm and influence short-term selling or reduced buy-side conviction. Argus Issues Pessimistic Forecast for Warner Bros. Discovery NASDAQ: WBD Stock Price
• Negative Sentiment: Reports highlight likely regulatory review, potential job cuts and integration costs—risks that could pressure near-term margins and slow deal-related synergies. Paramount Skydance Deal Reshapes Warner Bros Discovery Outlook After Netflix Exit

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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