Bank of New York Mellon Corp Sells 238,597 Shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Bank of New York Mellon Corp trimmed its holdings in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 1.7% in the 4th quarter, HoldingsChannel reports. The firm owned 14,174,173 shares of the company’s stock after selling 238,597 shares during the quarter. Bank of New York Mellon Corp’s holdings in Warner Bros. Discovery were worth $149,821,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Golden State Equity Partners boosted its stake in Warner Bros. Discovery by 6.5% in the 4th quarter. Golden State Equity Partners now owns 16,124 shares of the company’s stock worth $170,000 after purchasing an additional 986 shares during the period. Deseret Mutual Benefit Administrators boosted its position in shares of Warner Bros. Discovery by 12.0% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 9,925 shares of the company’s stock valued at $105,000 after acquiring an additional 1,066 shares during the last quarter. Cornerstone Wealth Management LLC boosted its position in shares of Warner Bros. Discovery by 7.4% during the 4th quarter. Cornerstone Wealth Management LLC now owns 15,995 shares of the company’s stock valued at $169,000 after acquiring an additional 1,101 shares during the last quarter. Avestar Capital LLC boosted its position in shares of Warner Bros. Discovery by 9.4% during the 4th quarter. Avestar Capital LLC now owns 14,337 shares of the company’s stock valued at $152,000 after acquiring an additional 1,228 shares during the last quarter. Finally, Commerce Bank boosted its position in shares of Warner Bros. Discovery by 2.4% during the 3rd quarter. Commerce Bank now owns 55,963 shares of the company’s stock valued at $462,000 after acquiring an additional 1,286 shares during the last quarter. 59.95% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on WBD. Moffett Nathanson upgraded Warner Bros. Discovery from a “neutral” rating to a “buy” rating and increased their target price for the company from $9.00 to $13.00 in a research report on Tuesday, January 21st. Rosenblatt Securities increased their target price on Warner Bros. Discovery from $9.00 to $13.00 and gave the company a “neutral” rating in a research report on Friday, December 13th. Raymond James increased their target price on Warner Bros. Discovery from $11.00 to $12.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Macquarie increased their target price on Warner Bros. Discovery from $8.00 to $9.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Finally, Guggenheim increased their target price on Warner Bros. Discovery from $11.00 to $12.50 and gave the company a “buy” rating in a research report on Thursday, December 12th. Ten investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $11.75.

Warner Bros. Discovery Stock Performance

WBD stock opened at $11.46 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. The business’s fifty day simple moving average is $10.32 and its two-hundred day simple moving average is $9.22. Warner Bros. Discovery, Inc. has a twelve month low of $6.64 and a twelve month high of $12.70. The firm has a market cap of $28.11 billion, a price-to-earnings ratio of -2.50, a PEG ratio of 8.64 and a beta of 1.49.

Warner Bros. Discovery (NASDAQ:WBD) last released its earnings results on Thursday, February 27th. The company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.30). 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 $10.03 billion during the quarter, compared to analysts’ expectations of $10.16 billion. Analysts predict that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current year.

Insider Activity

In other news, insider Savalle Sims sold 169,436 shares of the firm’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $12.36, for a total transaction of $2,094,228.96. Following the transaction, the insider now owns 599,317 shares in the company, valued at approximately $7,407,558.12. This trade represents a 22.04 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.80% of the company’s stock.

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.