Prestige Wealth Management Group LLC Sells 42,718 Shares of Warner Bros. Discovery, Inc. $WBD

Prestige Wealth Management Group LLC trimmed its holdings in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 94.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,686 shares of the company’s stock after selling 42,718 shares during the period. Prestige Wealth Management Group LLC’s holdings in Warner Bros. Discovery were worth $77,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Fideuram Asset Management Ireland dac bought a new stake in shares of Warner Bros. Discovery during the fourth quarter worth approximately $29,000. Rakuten Securities Inc. raised its stake in shares of Warner Bros. Discovery by 81.5% during the fourth quarter. Rakuten Securities Inc. now owns 1,160 shares of the company’s stock worth $33,000 after buying an additional 521 shares during the last quarter. TOWER TRUST & INVESTMENT Co raised its stake in shares of Warner Bros. Discovery by 4,730.8% during the fourth quarter. TOWER TRUST & INVESTMENT Co now owns 1,256 shares of the company’s stock worth $36,000 after buying an additional 1,230 shares during the last quarter. Concord Wealth Partners raised its stake in shares of Warner Bros. Discovery by 49.9% during the third quarter. Concord Wealth Partners now owns 1,321 shares of the company’s stock worth $26,000 after buying an additional 440 shares during the last quarter. Finally, Elyxium Wealth LLC bought a new stake in shares of Warner Bros. Discovery during the fourth quarter worth approximately $44,000. 59.95% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Paul A. Gould sold 600,000 shares of the company’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $27.35, for a total value of $16,410,000.00. Following the completion of the transaction, the director owned 244,357 shares in the company, valued at $6,683,163.95. This represents a 71.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bruce Campbell sold 41,784 shares of the company’s stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $27.82, for a total transaction of $1,162,430.88. Following the completion of the transaction, the insider owned 604,666 shares of the company’s stock, valued at $16,821,808.12. This trade represents a 6.46% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 676,784 shares of company stock worth $18,534,231 over the last quarter. 1.90% of the stock is currently owned by company insiders.

Warner Bros. Discovery News Summary

Here are the key news stories impacting Warner Bros. Discovery this week:

• Positive Sentiment: Warner Bros. Discovery signed a World Series of Poker broadcast deal, which adds another content partnership and could support its media and sports programming strategy. WBD signs World Series of Poker broadcast deal
• Neutral Sentiment: Analysts noted WBD has been little changed since its last earnings report, with investors still waiting for a clearer operational turnaround. Warner Bros. Discovery (WBD) Down 0.4% Since Last Earnings Report: Can It Rebound?
• Neutral Sentiment: Paramount is seeking to dismiss a lawsuit aimed at blocking the Warner Bros. Discovery transaction, while other reports say states are preparing their own legal challenge, keeping the deal in limbo. U.S. states are preparing a lawsuit to block Paramount’s acquisition of Warner Bros
• Negative Sentiment: State attorneys general planning a lawsuit to block the Paramount Skydance acquisition of Warner Bros. Discovery is the biggest near-term concern, since it raises the odds of delay or even failure of the deal. Stock Market Today, June 5: Warner Bros. Discovery Falls on Reports of State Antitrust Challenge to Paramount Deal
• Negative Sentiment: Political scrutiny is increasing, with Senator Elizabeth Warren calling for a foreign-ownership review of the Paramount-WBD deal, adding another potential hurdle. Elizabeth Warren Calls For Foreign Ownership Review Of Paramount-WBD

Wall Street Analysts Forecast Growth

WBD has been the subject of a number of recent research reports. Argus dropped their price target on shares of Warner Bros. Discovery from $32.00 to $31.00 and set a “buy” rating for the company in a research note on Tuesday, March 3rd. Weiss Ratings downgraded shares of Warner Bros. Discovery from a “hold (c-)” rating to a “sell (d-)” rating in a research note on Thursday, May 7th. Guggenheim reaffirmed a “neutral” rating on shares of Warner Bros. Discovery in a research note on Thursday, May 7th. Sanford C. Bernstein upped their target price on shares of Warner Bros. Discovery from $23.50 to $27.75 and gave the company a “market perform” rating in a research note on Tuesday, February 24th. Finally, Rothschild & Co Redburn set a $31.00 target price on shares of Warner Bros. Discovery and gave the company a “neutral” rating in a research note on Tuesday, February 17th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Warner Bros. Discovery currently has a consensus rating of “Hold” and a consensus target price of $27.04.

Warner Bros. Discovery Stock Down 2.8%

Shares of NASDAQ:WBD opened at $26.24 on Friday. Warner Bros. Discovery, Inc. has a 52 week low of $9.11 and a 52 week high of $30.00. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.73 and a current ratio of 0.73. The company has a market capitalization of $65.79 billion, a PE ratio of -37.49 and a beta of 1.54. The company has a 50 day moving average price of $27.18 and a two-hundred day moving average price of $27.40.

Warner Bros. Discovery (NASDAQ:WBD) last issued its earnings results on Wednesday, May 6th. The company reported ($1.17) EPS for the quarter, missing the consensus estimate of ($0.10) by ($1.07). The firm had revenue of $8.89 billion during the quarter, compared to the consensus estimate of $8.89 billion. Warner Bros. Discovery had a negative net margin of 4.67% and a negative return on equity of 4.77%. The firm’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same period in the previous year, the company posted ($0.18) EPS. Analysts forecast that Warner Bros. Discovery, Inc. will post -0.93 earnings per share for the current year.

Warner Bros. Discovery Company Profile

Warner Bros. Discovery (NASDAQ: WBD) is a global media and entertainment company formed when WarnerMedia and Discovery, Inc combined their businesses in 2022. Headquartered in New York City, the company assembles a broad portfolio of film and television production, linear and cable networks, streaming services and consumer distribution operations. Its assets span well-known studio brands, premium scripted and unscripted programming, news and factual entertainment, and licensed franchise properties.

The company’s core activities include film and television production and distribution through units such as Warner Bros.