Warner Bros. Discovery (NASDAQ:WBD) Downgraded to “Neutral” at Macquarie

Warner Bros. Discovery (NASDAQ:WBD) was downgraded by stock analysts at Macquarie from an “outperform” rating to a “neutral” rating in a research report issued to clients and investors on Thursday, Marketbeat.com reports. They presently have a $9.00 target price on the stock. Macquarie’s price objective indicates a potential upside of 8.30% from the stock’s current price.

WBD has been the subject of several other research reports. Evercore ISI decreased their price target on shares of Warner Bros. Discovery from $12.00 to $10.00 and set an “outperform” rating for the company in a research report on Tuesday, July 16th. Sanford C. Bernstein reduced their price objective on shares of Warner Bros. Discovery from $11.00 to $10.00 and set an “outperform” rating on the stock in a report on Friday, May 10th. Barrington Research restated an “outperform” rating and issued a $12.00 price objective on shares of Warner Bros. Discovery in a report on Tuesday. The Goldman Sachs Group assumed coverage on shares of Warner Bros. Discovery in a report on Tuesday, June 25th. They issued a “neutral” rating and a $8.50 price objective on the stock. Finally, Needham & Company LLC restated a “hold” rating on shares of Warner Bros. Discovery in a report on Friday, May 10th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $11.87.

Warner Bros. Discovery Stock Performance

Shares of WBD stock opened at $8.31 on Thursday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.87. Warner Bros. Discovery has a 52 week low of $6.94 and a 52 week high of $14.76. The stock has a market capitalization of $20.36 billion, a PE ratio of -6.56 and a beta of 1.49. The firm has a 50 day moving average of $7.72 and a two-hundred day moving average of $8.60.

Warner Bros. Discovery (NASDAQ:WBD) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.40) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.16). Warner Bros. Discovery had a negative net margin of 7.45% and a negative return on equity of 6.58%. The business had revenue of $9.96 billion during the quarter, compared to analysts’ expectations of $10.22 billion. During the same period in the prior year, the business earned $0.18 EPS. The business’s quarterly revenue was down 6.9% on a year-over-year basis. On average, research analysts predict that Warner Bros. Discovery will post -0.4 EPS for the current fiscal year.

Institutional Trading of Warner Bros. Discovery

Several hedge funds and other institutional investors have recently made changes to their positions in WBD. Patriot Financial Group Insurance Agency LLC boosted its holdings in Warner Bros. Discovery by 53.8% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 25,451 shares of the company’s stock worth $189,000 after buying an additional 8,905 shares in the last quarter. State of Michigan Retirement System boosted its holdings in Warner Bros. Discovery by 3.0% during the second quarter. State of Michigan Retirement System now owns 782,025 shares of the company’s stock worth $5,818,000 after buying an additional 23,100 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Warner Bros. Discovery by 5.3% during the second quarter. Bank of New York Mellon Corp now owns 14,192,814 shares of the company’s stock worth $105,595,000 after buying an additional 719,869 shares in the last quarter. IMA Advisory Services Inc. purchased a new stake in Warner Bros. Discovery during the second quarter worth about $804,000. Finally, Harbor Island Capital LLC boosted its holdings in Warner Bros. Discovery by 54.5% during the second quarter. Harbor Island Capital LLC now owns 1,068,338 shares of the company’s stock worth $7,948,000 after buying an additional 377,030 shares in the last quarter. Hedge funds and other institutional investors own 59.95% of the company’s stock.

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.