Armstrong Fleming & Moore Inc Acquires New Holdings in Warner Bros. Discovery, Inc. $WBD

Armstrong Fleming & Moore Inc purchased a new stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 15,858 shares of the company’s stock, valued at approximately $182,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in WBD. WPG Advisers LLC purchased a new position in shares of Warner Bros. Discovery in the first quarter worth about $26,000. Financial Gravity Asset Management Inc. purchased a new position in Warner Bros. Discovery during the first quarter valued at approximately $27,000. North Capital Inc. purchased a new position in Warner Bros. Discovery during the first quarter valued at approximately $28,000. Smallwood Wealth Investment Management LLC purchased a new position in Warner Bros. Discovery during the first quarter valued at approximately $29,000. Finally, Golden State Wealth Management LLC raised its position in Warner Bros. Discovery by 448.0% during the first quarter. Golden State Wealth Management LLC now owns 2,877 shares of the company’s stock valued at $31,000 after acquiring an additional 2,352 shares in the last quarter. 59.95% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Bank of America raised their price objective on Warner Bros. Discovery from $16.00 to $24.00 and gave the company a “buy” rating in a report on Tuesday, September 30th. Sanford C. Bernstein raised their price objective on Warner Bros. Discovery from $13.00 to $16.00 and gave the company a “market perform” rating in a report on Monday, September 22nd. Weiss Ratings raised Warner Bros. Discovery from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday. Guggenheim raised their price objective on Warner Bros. Discovery from $14.00 to $22.00 and gave the company a “buy” rating in a report on Wednesday. Finally, TD Cowen reissued a “hold” rating and issued a $14.00 price objective on shares of Warner Bros. Discovery in a report on Tuesday, September 16th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and sixteen have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $16.61.

Warner Bros. Discovery Price Performance

WBD stock opened at $17.89 on Thursday. Warner Bros. Discovery, Inc. has a 12-month low of $7.25 and a 12-month high of $20.24. The company has a market capitalization of $44.29 billion, a PE ratio of 59.64, a P/E/G ratio of 2.18 and a beta of 1.73. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.92. The business’s fifty day moving average price is $14.76 and its 200 day moving average price is $11.69.

Warner Bros. Discovery (NASDAQ:WBD) last released its earnings results on Thursday, August 7th. The company reported $0.63 EPS for the quarter, topping the consensus estimate of ($0.16) by $0.79. Warner Bros. Discovery had a return on equity of 2.14% and a net margin of 2.00%.The firm had revenue of $9.81 billion during the quarter, compared to analysts’ expectations of $9.73 billion. During the same period in the previous year, the firm posted ($4.07) EPS. Warner Bros. Discovery’s revenue for the quarter was up 1.0% on a year-over-year basis. On average, sell-side analysts anticipate that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current year.

Insider Transactions at Warner Bros. Discovery

In other news, Director Anton J. Levy bought 250,000 shares of the firm’s stock in a transaction that occurred on Monday, August 11th. The stock was purchased at an average cost of $10.90 per share, with a total value of $2,725,000.00. Following the transaction, the director directly owned 874,000 shares in the company, valued at $9,526,600. This trade represents a 40.06% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Gunnar Wiedenfels sold 530,793 shares of the company’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $19.50, for a total value of $10,350,463.50. Following the completion of the sale, the chief financial officer directly owned 1,141,150 shares of the company’s stock, valued at approximately $22,252,425. This trade represents a 31.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 970,115 shares of company stock valued at $17,818,490. 1.90% of the stock is currently owned by corporate 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.