QVT Financial LP Takes Position in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

QVT Financial LP bought a new position in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 457,850 shares of the company's stock, valued at approximately $4,839,000. Warner Bros. Discovery accounts for approximately 0.4% of QVT Financial LP's portfolio, making the stock its 23rd largest holding.

Other hedge funds and other institutional investors have also modified their holdings of the company. Wilmington Savings Fund Society FSB bought a new stake in Warner Bros. Discovery in the 3rd quarter valued at $1,545,000. Tidal Investments LLC lifted its holdings in shares of Warner Bros. Discovery by 89.5% during the 3rd quarter. Tidal Investments LLC now owns 142,649 shares of the company's stock worth $1,177,000 after acquiring an additional 67,355 shares during the period. Synovus Financial Corp lifted its holdings in shares of Warner Bros. Discovery by 17.3% during the 3rd quarter. Synovus Financial Corp now owns 69,192 shares of the company's stock worth $571,000 after acquiring an additional 10,199 shares during the period. Franklin Resources Inc. lifted its holdings in shares of Warner Bros. Discovery by 111.0% during the 3rd quarter. Franklin Resources Inc. now owns 375,462 shares of the company's stock worth $2,831,000 after acquiring an additional 197,528 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in shares of Warner Bros. Discovery by 3.1% during the 3rd quarter. Principal Financial Group Inc. now owns 2,579,571 shares of the company's stock worth $21,281,000 after acquiring an additional 78,653 shares during the period. Institutional investors and hedge funds own 59.95% of the company's stock.

Insider Activity

In other Warner Bros. Discovery news, Director Piazza Samuel A. Jr. Di purchased 17,346 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was bought at an average price of $11.41 per share, with a total value of $197,917.86. Following the transaction, the director now directly owns 159,932 shares of the company's stock, valued at approximately $1,824,824.12. This represents a 12.17 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.80% of the company's stock.

Analyst Ratings Changes

WBD has been the subject of a number of recent analyst reports. Wells Fargo & Company dropped their target price on shares of Warner Bros. Discovery from $11.00 to $9.00 and set an "equal weight" rating for the company in a research report on Thursday, April 17th. KeyCorp reduced their target price on shares of Warner Bros. Discovery from $14.00 to $13.00 and set an "overweight" rating on the stock in a research note on Monday, April 14th. Citigroup increased their price target on Warner Bros. Discovery from $13.00 to $15.00 and gave the company a "buy" rating in a research note on Wednesday, March 5th. Barrington Research reiterated an "outperform" rating and set a $16.00 target price on shares of Warner Bros. Discovery in a report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. lifted their price target on Warner Bros. Discovery from $9.00 to $10.00 and gave the company a "neutral" rating in a research note on Tuesday, January 14th. Ten equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat, Warner Bros. Discovery currently has a consensus rating of "Moderate Buy" and an average price target of $12.01.

Warner Bros. Discovery Stock Performance

Shares of Warner Bros. Discovery stock traded down $0.29 during midday trading on Thursday, hitting $8.39. The company had a trading volume of 27,171,952 shares, compared to its average volume of 37,397,918. The stock has a market cap of $20.58 billion, a price-to-earnings ratio of -1.83, a PEG ratio of 8.64 and a beta of 1.43. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.03. The company has a fifty day simple moving average of $9.68 and a 200 day simple moving average of $9.78. Warner Bros. Discovery, Inc. has a 12-month low of $6.64 and a 12-month high of $12.70.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.10 by ($0.30). The business had revenue of $10.03 billion for the quarter, compared to analysts' expectations of $10.16 billion. Warner Bros. Discovery had a negative return on equity of 27.56% and a negative net margin of 28.34%. As a group, analysts predict that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current fiscal year.

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.