Warner Bros. Discovery (NASDAQ:WBD) Given New $9.00 Price Target at Evercore ISI

Warner Bros. Discovery (NASDAQ:WBD) had its price objective cut by Evercore ISI from $10.00 to $9.00 in a report published on Thursday morning, Benzinga reports. They currently have an outperform rating on the stock.

Several other brokerages have also recently commented on WBD. Wolfe Research cut shares of Warner Bros. Discovery from a peer perform rating to an underperform rating and set a $7.00 price target on the stock. in a research report on Tuesday, April 23rd. Sanford C. Bernstein reduced their target price on Warner Bros. Discovery from $11.00 to $10.00 and set an outperform rating on the stock in a report on Friday, May 10th. Benchmark reiterated a buy rating and issued a $20.00 price target on shares of Warner Bros. Discovery in a report on Wednesday, July 17th. Morgan Stanley reduced their price objective on Warner Bros. Discovery from $10.00 to $9.00 and set an equal weight rating on the stock in a research note on Monday, July 29th. Finally, Needham & Company LLC reaffirmed a hold rating on shares of Warner Bros. Discovery in a report on Thursday. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $11.48.

Warner Bros. Discovery Price Performance

Shares of NASDAQ WBD opened at $7.03 on Thursday. The business has a 50 day moving average price of $7.74 and a two-hundred day moving average price of $8.37. Warner Bros. Discovery has a fifty-two week low of $6.73 and a fifty-two week high of $14.52. The firm has a market cap of $17.23 billion, a PE ratio of -5.67 and a beta of 1.49. 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 (NASDAQ:WBD) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($4.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($3.89). Warner Bros. Discovery had a negative return on equity of 6.58% and a negative net margin of 7.45%. The company had revenue of $9.71 billion during the quarter, compared to the consensus estimate of $10.07 billion. During the same quarter last year, the firm posted ($0.51) EPS. The firm’s quarterly revenue was down 6.2% on a year-over-year basis. Sell-side analysts expect that Warner Bros. Discovery will post -0.44 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. The Manufacturers Life Insurance Company grew its position in Warner Bros. Discovery by 17.0% in the 4th quarter. The Manufacturers Life Insurance Company now owns 25,534,218 shares of the company’s stock valued at $290,579,000 after buying an additional 3,710,343 shares in the last quarter. EdgePoint Investment Group Inc. lifted its stake in shares of Warner Bros. Discovery by 14.6% in the 1st quarter. EdgePoint Investment Group Inc. now owns 20,620,335 shares of the company’s stock worth $180,016,000 after acquiring an additional 2,621,582 shares during the period. Norges Bank bought a new position in shares of Warner Bros. Discovery in the fourth quarter valued at approximately $198,916,000. Boston Partners boosted its holdings in shares of Warner Bros. Discovery by 9.9% in the fourth quarter. Boston Partners now owns 15,640,771 shares of the company’s stock valued at $177,384,000 after acquiring an additional 1,414,952 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of 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 valued at $105,595,000 after acquiring an additional 719,869 shares during the period. 59.95% of the stock is owned by institutional investors and hedge funds.

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.