Sachem Head Capital Management LP Invests $64.85 Million in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Sachem Head Capital Management LP purchased a new position in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,135,000 shares of the company's stock, valued at approximately $64,847,000. Warner Bros. Discovery comprises 3.6% of Sachem Head Capital Management LP's investment portfolio, making the stock its 11th biggest holding. Sachem Head Capital Management LP owned about 0.25% of Warner Bros. Discovery at the end of the most recent quarter.

Several other large investors have also modified their holdings of WBD. Colonial Trust Advisors raised its position in Warner Bros. Discovery by 71.8% in the fourth quarter. Colonial Trust Advisors now owns 2,383 shares of the company's stock worth $25,000 after acquiring an additional 996 shares in the last quarter. Stonebridge Financial Group LLC purchased a new position in Warner Bros. Discovery in the fourth quarter worth $26,000. SRS Capital Advisors Inc. raised its position in Warner Bros. Discovery by 313.4% in the fourth quarter. SRS Capital Advisors Inc. now owns 2,559 shares of the company's stock worth $27,000 after acquiring an additional 1,940 shares in the last quarter. Graney & King LLC purchased a new position in Warner Bros. Discovery in the fourth quarter worth $28,000. Finally, Ethos Financial Group LLC purchased a new position in Warner Bros. Discovery in the fourth quarter worth $29,000. Hedge funds and other institutional investors own 59.95% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on WBD shares. KeyCorp dropped their price target 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. Barclays raised their price target on Warner Bros. Discovery from $7.00 to $9.00 and gave the company an "equal weight" rating in a research report on Friday, May 9th. Benchmark restated a "buy" rating and issued a $18.00 price target on shares of Warner Bros. Discovery in a research report on Wednesday, February 26th. Wells Fargo & Company increased their price objective on Warner Bros. Discovery from $9.00 to $10.00 and gave the company an "equal weight" rating in a research note on Friday, May 9th. Finally, Rosenblatt Securities reissued a "neutral" rating and issued a $13.00 price target on shares of Warner Bros. Discovery in a research note on Friday, March 7th. Ten equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $12.22.

Warner Bros. Discovery Price Performance

WBD stock opened at $9.16 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.03. Warner Bros. Discovery, Inc. has a 52-week low of $6.64 and a 52-week high of $12.70. The stock's 50 day moving average is $9.18 and its two-hundred day moving average is $9.88. The company has a market capitalization of $22.49 billion, a PE ratio of -2.00, a P/E/G ratio of 8.64 and a beta of 1.46.

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

Insiders Place Their Bets

In other news, Director Piazza Samuel A. Jr. Di bought 17,346 shares of the firm's stock in a transaction dated Monday, March 3rd. The stock was bought at an average price of $11.41 per share, for a total transaction of $197,917.86. Following the transaction, the director now owns 159,932 shares in the company, valued at $1,824,824.12. The trade was a 12.17% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 1.90% of the stock is owned by company insiders.

Warner Bros. Discovery 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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