Bank of New York Mellon Corp Reduces Stock Holdings in Warner Bros. Discovery, Inc. $WBD

Bank of New York Mellon Corp lowered its holdings in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 9.7% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 12,685,281 shares of the company’s stock after selling 1,360,283 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.52% of Warner Bros. Discovery worth $145,373,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. iA Global Asset Management Inc. increased its holdings in Warner Bros. Discovery by 1.4% during the second quarter. iA Global Asset Management Inc. now owns 273,996 shares of the company’s stock valued at $3,140,000 after buying an additional 3,781 shares during the last quarter. Plato Investment Management Ltd grew its position in shares of Warner Bros. Discovery by 341.5% during the 2nd quarter. Plato Investment Management Ltd now owns 51,049 shares of the company’s stock valued at $583,000 after acquiring an additional 39,487 shares during the period. Kovack Advisors Inc. increased its stake in shares of Warner Bros. Discovery by 37.0% in the 2nd quarter. Kovack Advisors Inc. now owns 42,730 shares of the company’s stock worth $490,000 after purchasing an additional 11,534 shares in the last quarter. Terril Brothers Inc. raised its holdings in Warner Bros. Discovery by 90.3% in the 2nd quarter. Terril Brothers Inc. now owns 1,399,979 shares of the company’s stock worth $16,044,000 after purchasing an additional 664,417 shares during the period. Finally, Strs Ohio raised its holdings in Warner Bros. Discovery by 39.7% in the 2nd quarter. Strs Ohio now owns 1,779,871 shares of the company’s stock worth $20,397,000 after purchasing an additional 505,864 shares during the period. Hedge funds and other institutional investors own 59.95% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Bank of America boosted their price target on Warner Bros. Discovery from $16.00 to $24.00 and gave the company a “buy” rating in a report on Tuesday, September 30th. KeyCorp reaffirmed a “sector weight” rating on shares of Warner Bros. Discovery in a research report on Friday, September 26th. Arete Research upgraded shares of Warner Bros. Discovery to a “strong-buy” rating in a research note on Tuesday, October 28th. Arete increased their price objective on shares of Warner Bros. Discovery from $24.00 to $30.00 and gave the stock a “buy” rating in a research note on Tuesday, October 28th. Finally, Cowen cut shares of Warner Bros. Discovery from a “buy” rating to a “hold” rating in a research note on Tuesday, September 16th. Three analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and fifteen have given a Hold rating to the stock. According to data from MarketBeat, Warner Bros. Discovery presently has an average rating of “Moderate Buy” and an average price target of $19.91.

Insider Buying and Selling

In other news, insider Bruce Campbell sold 289,322 shares of the firm’s stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $16.48, for a total value of $4,768,026.56. Following the completion of the sale, the insider directly owned 402,464 shares of the company’s stock, valued at $6,632,606.72. This trade represents a 41.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Gunnar Wiedenfels sold 530,793 shares of Warner Bros. Discovery stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $19.50, for a total value of $10,350,463.50. Following the completion of the transaction, the chief financial officer 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 position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 1,192,325 shares of company stock worth $22,818,215. Corporate insiders own 1.80% of the company’s stock.

Warner Bros. Discovery Trading Down 1.5%

Shares of WBD opened at $22.42 on Friday. The stock has a market capitalization of $55.51 billion, a PE ratio of 74.74, a P/E/G ratio of 2.56 and a beta of 1.73. The company’s fifty day moving average is $18.22 and its 200 day moving average is $13.32. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.04 and a current ratio of 1.04. Warner Bros. Discovery, Inc. has a fifty-two week low of $7.52 and a fifty-two week high of $23.06.

Warner Bros. Discovery (NASDAQ:WBD) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.02). Warner Bros. Discovery had a return on equity of 2.14% and a net margin of 2.00%.The business had revenue of $9.05 billion during the quarter, compared to analysts’ expectations of $9.17 billion. During the same period in the previous year, the business earned $0.05 earnings per share. The business’s quarterly revenue was down 6.0% on a year-over-year basis. Sell-side analysts expect that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current fiscal year.

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.