Senator Investment Group LP Sells 3,029,183 Shares of Warner Bros. Discovery, Inc. $WBD

Senator Investment Group LP reduced its holdings in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 99.3% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 20,061 shares of the company’s stock after selling 3,029,183 shares during the quarter. Senator Investment Group LP’s holdings in Warner Bros. Discovery were worth $535,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. Harbor Investment Advisory LLC increased its holdings in Warner Bros. Discovery by 111.2% in the second quarter. Harbor Investment Advisory LLC now owns 942 shares of the company’s stock valued at $25,000 after purchasing an additional 496 shares during the period. Field & Main Bank acquired a new position in Warner Bros. Discovery during the 2nd quarter worth about $26,000. Swiss RE Ltd. acquired a new position in Warner Bros. Discovery during the 4th quarter worth about $26,000. Elevation Wealth Partners LLC grew its position in shares of Warner Bros. Discovery by 64.3% in the 2nd quarter. Elevation Wealth Partners LLC now owns 1,009 shares of the company’s stock valued at $27,000 after buying an additional 395 shares during the last quarter. Finally, Archer Investment Corp bought a new stake in shares of Warner Bros. Discovery in the 2nd quarter valued at about $27,000. Institutional investors own 59.95% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on WBD. UBS Group raised their price objective on Warner Bros. Discovery from $30.00 to $31.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Weiss Ratings raised shares of Warner Bros. Discovery from a “sell (d-)” rating to a “sell (d+)” rating in a research report on Tuesday, August 18th. Huber Research upgraded shares of Warner Bros. Discovery from an “underweight” rating to an “overweight” rating in a report on Monday, June 1st. Freedom Capital upgraded shares of Warner Bros. Discovery from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 10th. Finally, Zacks Research upgraded shares of Warner Bros. Discovery from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 25th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $27.69.

Warner Bros. Discovery Stock Performance

Shares of WBD stock opened at $28.77 on Monday. The company has a market cap of $72.23 billion, a P/E ratio of -22.65 and a beta of 1.55. The stock has a 50 day simple moving average of $26.95 and a two-hundred day simple moving average of $27.24. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.78 and a current ratio of 0.78. Warner Bros. Discovery, Inc. has a fifty-two week low of $11.25 and a fifty-two week high of $30.00.

Warner Bros. Discovery (NASDAQ:WBD) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.20. The firm had revenue of $8.72 billion for the quarter, compared to analyst estimates of $9.25 billion. Warner Bros. Discovery had a negative return on equity of 8.91% and a negative net margin of 8.77%.The company’s revenue was down 11.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.63 earnings per share. Research analysts forecast that Warner Bros. Discovery, Inc. will post -1.11 earnings per share for the current year.

Insider Activity at Warner Bros. Discovery

In other Warner Bros. Discovery news, insider Gerhard Zeiler sold 591,038 shares of the firm’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $27.05, for a total value of $15,987,577.90. Following the completion of the sale, the insider directly owned 537,436 shares in the company, valued at approximately $14,537,643.80. This trade represents a 52.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Fazal F. Merchant sold 71,539 shares of Warner Bros. Discovery stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $27.75, for a total transaction of $1,985,207.25. Following the completion of the sale, the director directly owned 33,067 shares of the company’s stock, valued at approximately $917,609.25. This trade represents a 68.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 1,750,749 shares of company stock valued at $48,329,633. Company insiders own 0.70% of the company’s stock.

About Warner Bros. Discovery

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.