Warner Bros. Discovery (NASDAQ:WBD) Price Target Raised to $14.00 at Wells Fargo & Company

Key Points

• Wells Fargo & Company has raised the price target for Warner Bros. Discovery (NASDAQ: WBD) from $13.00 to $14.00, indicating a potential upside of 11.64% from its previous close and maintaining an "equal weight" rating on the stock.
• Warner Bros. Discovery reported $0.63 EPS in its latest quarterly earnings, exceeding expectations by $0.79, with revenue of $9.81 billion for the quarter, which is up 1.0% year-over-year.
• Institutional investors like Vanguard Group and Invesco Ltd. have recently increased their stakes, reflecting ongoing confidence in the company's potential, with 59.95% of shares currently owned by hedge funds and institutional investors.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) had its price objective lifted by analysts at Wells Fargo & Company from $13.00 to $14.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Wells Fargo & Company's price objective indicates a potential upside of 11.64% from the company's previous close.

A number of other research firms have also weighed in on WBD. KeyCorp reduced their target price on Warner Bros. Discovery from $18.00 to $16.00 and set an "overweight" rating on the stock in a research note on Friday, August 8th. Barrington Research reiterated an "outperform" rating and issued a $16.00 target price on shares of Warner Bros. Discovery in a research note on Wednesday, July 30th. Needham & Company LLC reiterated a "hold" rating on shares of Warner Bros. Discovery in a research note on Tuesday, June 10th. UBS Group increased their target price on Warner Bros. Discovery from $9.00 to $10.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Finally, Benchmark reiterated a "buy" rating and issued a $18.00 target price on shares of Warner Bros. Discovery in a research note on Monday, July 14th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $13.20.

Warner Bros. Discovery Stock Up 2.3%

NASDAQ WBD opened at $12.54 on Thursday. The stock's 50 day moving average is $12.14 and its 200 day moving average is $10.57. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.92. Warner Bros. Discovery has a 12 month low of $6.78 and a 12 month high of $13.86. The stock has a market cap of $31.05 billion, a PE ratio of 41.80, a P/E/G ratio of 1.63 and a beta of 1.59.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.79. The business had revenue of $9.81 billion for the quarter, compared to analysts' expectations of $9.73 billion. Warner Bros. Discovery had a return on equity of 2.14% and a net margin of 2.00%.The company's revenue for the quarter was up 1.0% on a year-over-year basis. During the same period in the prior year, the firm earned ($4.07) EPS. Research analysts predict that Warner Bros. Discovery will post -4.33 EPS for the current fiscal year.

Insider Buying and Selling at Warner Bros. Discovery

In related news, Director Anton J. Levy acquired 75,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The stock was purchased at an average cost of $11.00 per share, for a total transaction of $825,000.00. Following the purchase, the director directly owned 949,000 shares of the company's stock, valued at $10,439,000. This trade represents a 8.58% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. 1.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Warner Bros. Discovery

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Warner Bros. Discovery by 2.2% in the second quarter. Vanguard Group Inc. now owns 262,477,555 shares of the company's stock valued at $3,007,993,000 after purchasing an additional 5,657,524 shares during the period. Geode Capital Management LLC grew its holdings in Warner Bros. Discovery by 0.9% during the second quarter. Geode Capital Management LLC now owns 60,091,463 shares of the company's stock worth $685,798,000 after acquiring an additional 551,548 shares during the period. Invesco Ltd. grew its holdings in Warner Bros. Discovery by 2.8% in the second quarter. Invesco Ltd. now owns 44,574,492 shares of the company's stock valued at $510,824,000 after purchasing an additional 1,233,195 shares during the period. Sessa Capital IM L.P. grew its holdings in Warner Bros. Discovery by 4.0% in the first quarter. Sessa Capital IM L.P. now owns 29,555,277 shares of the company's stock valued at $317,128,000 after purchasing an additional 1,144,849 shares during the period. Finally, Norges Bank acquired a new stake in Warner Bros. Discovery in the second quarter valued at approximately $306,848,000. 59.95% of the stock is currently owned by hedge funds and other institutional investors.

Warner Bros. Discovery Company 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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