Pinnacle Associates Ltd. Reduces Holdings in Warner Bros. Discovery, Inc. $WBD

Pinnacle Associates Ltd. cut its position in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 19.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 810,368 shares of the company’s stock after selling 195,815 shares during the period. Pinnacle Associates Ltd.’s holdings in Warner Bros. Discovery were worth $9,287,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of WBD. WPG Advisers LLC purchased a new position in Warner Bros. Discovery in the first quarter worth about $26,000. Financial Gravity Asset Management Inc. purchased a new position in Warner Bros. Discovery in the first quarter worth about $27,000. North Capital Inc. purchased a new position in Warner Bros. Discovery in the first quarter worth about $28,000. Trifecta Capital Advisors LLC purchased a new position in Warner Bros. Discovery in the second quarter worth about $34,000. Finally, N.E.W. Advisory Services LLC purchased a new position in Warner Bros. Discovery in the first quarter worth about $36,000. 59.95% of the stock is owned by hedge funds and other institutional investors.

Warner Bros. Discovery Stock Up 3.8%

WBD opened at $22.45 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.92. The firm has a 50 day moving average price of $17.38 and a 200-day moving average price of $12.92. Warner Bros. Discovery, Inc. has a twelve month low of $7.52 and a twelve month high of $22.56. The stock has a market capitalization of $55.58 billion, a price-to-earnings ratio of 74.84, a PEG ratio of 2.56 and a beta of 1.73.

Warner Bros. Discovery (NASDAQ:WBD) last announced its earnings results on Thursday, August 7th. The company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.79. The company had revenue of $9.81 billion during the quarter, compared to analyst estimates of $9.73 billion. Warner Bros. Discovery had a net margin of 2.00% and a return on equity of 2.14%. The firm’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same period in the previous year, the business posted ($4.07) earnings per share. Equities research analysts forecast that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Bank of America lifted their target price on shares of Warner Bros. Discovery from $16.00 to $24.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th. Argus set a $27.00 target price on shares of Warner Bros. Discovery in a report on Tuesday. Weiss Ratings upgraded shares of Warner Bros. Discovery from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, October 8th. Rothschild & Co Redburn raised shares of Warner Bros. Discovery from a “neutral” rating to a “buy” rating and set a $28.00 price objective for the company in a report on Thursday. Finally, Raymond James Financial boosted their price objective on shares of Warner Bros. Discovery from $13.00 to $22.00 and gave the company an “outperform” rating in a report on Thursday, October 2nd. Three investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and fifteen have issued a Hold rating to the stock. Based on data from MarketBeat.com, Warner Bros. Discovery has an average rating of “Moderate Buy” and an average price target of $19.91.

Insider Activity at Warner Bros. Discovery

In related news, insider Bruce Campbell sold 150,000 shares of the business’s stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $18.00, for a total transaction of $2,700,000.00. Following the completion of the sale, the insider directly owned 252,464 shares in the company, valued at approximately $4,544,352. The trade was a 37.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Anton J. Levy bought 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 12th. The shares were acquired at an average price of $11.00 per share, with a total value of $825,000.00. Following the completion of the transaction, 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. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders sold 970,115 shares of company stock worth $17,818,490. 1.90% of the stock is owned by company insiders.

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.