Warner Bros. Discovery (NASDAQ:WBD) Director Sells $9,652,600.00 in Stock

Key Points

• Director Anton Levy sold 340,000 Warner Bros. Discovery shares at an average price of $28.39, generating $9.65 million and reducing his ownership by 35.49% to 618,067 shares.
• WBD shares traded near $28.12, close to their 52-week high of $30.00. The company exceeded quarterly EPS expectations at $0.06 but missed revenue estimates, with sales down 11.2% year over year and analysts forecasting a full-year loss.
• Institutional investors own 59.95% of the stock, while Wall Street’s consensus rating remains “Hold” with an average price target of $27.69.

Warner Bros. Discovery, Inc. (NASDAQ:WBD - Get Free Report) Director Anton Levy sold 340,000 shares of Warner Bros. Discovery stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $28.39, for a total transaction of $9,652,600.00. Following the completion of the sale, the director owned 618,067 shares of the company's stock, valued at $17,546,922.13. This trade represents a 35.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Warner Bros. Discovery Stock Performance

NASDAQ:WBD traded down $0.13 during trading hours on Tuesday, hitting $28.12. 14,127,320 shares of the company were exchanged, compared to its average volume of 22,622,756. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.78 and a quick ratio of 0.78. Warner Bros. Discovery, Inc. has a 52-week low of $12.00 and a 52-week high of $30.00. The stock has a market capitalization of $70.60 billion, a price-to-earnings ratio of -22.14 and a beta of 1.57. The company's 50 day moving average price is $27.12 and its 200-day moving average price is $27.25.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $0.06 EPS for the quarter, topping analysts' consensus estimates of ($0.14) by $0.20. The firm had revenue of $8.72 billion during the quarter, compared to the consensus estimate of $9.25 billion. Warner Bros. Discovery had a negative return on equity of 8.91% and a negative net margin of 8.77%.The company's revenue was down 11.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.63 earnings per share. As a group, research analysts forecast that Warner Bros. Discovery, Inc. will post -1.11 earnings per share for the current year.

Hedge Funds Weigh In On Warner Bros. Discovery

Hedge funds and other institutional investors have recently modified their holdings of the business. California State Teachers Retirement System lifted its stake in Warner Bros. Discovery by 2,593.6% in the 2nd quarter. California State Teachers Retirement System now owns 96,581,582 shares of the company's stock worth $2,574,865,000 after purchasing an additional 92,996,028 shares in the last quarter. Geode Capital Management LLC lifted its position in Warner Bros. Discovery by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 66,597,575 shares of the company's stock worth $1,912,634,000 after buying an additional 1,028,346 shares in the last quarter. Norges Bank acquired a new position in Warner Bros. Discovery during the fourth quarter worth $1,123,807,000. Morgan Stanley grew its holdings in Warner Bros. Discovery by 4.8% in the 4th quarter. Morgan Stanley now owns 27,462,742 shares of the company's stock valued at $791,476,000 after buying an additional 1,254,813 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in Warner Bros. Discovery by 3.9% in the 3rd quarter. Northern Trust Corp now owns 23,496,725 shares of the company's stock valued at $458,891,000 after buying an additional 876,869 shares in the last quarter. 59.95% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on WBD shares. Huber Research raised shares of Warner Bros. Discovery from an "underweight" rating to an "overweight" rating in a research note on Monday, June 1st. Freedom Capital raised shares of Warner Bros. Discovery from a "hold" rating to a "strong-buy" rating in a report on Monday, August 10th. Zacks Research raised shares of Warner Bros. Discovery from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 25th. Seaport Research Partners downgraded Warner Bros. Discovery from a "buy" rating to a "neutral" rating in a research note on Monday, July 27th. Finally, Weiss Ratings raised shares of Warner Bros. Discovery from a "sell (d-)" rating to a "sell (d+)" rating in a research note on Tuesday, August 18th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Warner Bros. Discovery presently has an average rating of "Hold" and an average price target of $27.69.

Warner Bros. Discovery Company Profile

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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