PNC Financial Services Group Inc. Sells 70,379 Shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD)

PNC Financial Services Group Inc. decreased its holdings in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 11.2% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 559,169 shares of the company’s stock after selling 70,379 shares during the period. PNC Financial Services Group Inc.’s holdings in Warner Bros. Discovery were worth $6,363,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of WBD. Fortis Group Advisors LLC bought a new position in shares of Warner Bros. Discovery during the third quarter worth approximately $25,000. Pacifica Partners Inc. increased its stake in shares of Warner Bros. Discovery by 118.2% during the fourth quarter. Pacifica Partners Inc. now owns 2,483 shares of the company’s stock worth $27,000 after purchasing an additional 1,345 shares during the period. Headinvest LLC bought a new position in shares of Warner Bros. Discovery during the third quarter worth approximately $28,000. University of Texas Texas AM Investment Managment Co. bought a new position in shares of Warner Bros. Discovery during the fourth quarter worth approximately $33,000. Finally, FinTrust Capital Advisors LLC increased its stake in shares of Warner Bros. Discovery by 56.3% during the fourth quarter. FinTrust Capital Advisors LLC now owns 3,066 shares of the company’s stock worth $35,000 after purchasing an additional 1,105 shares during the period. Institutional investors own 59.95% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on WBD shares. Rosenblatt Securities raised Warner Bros. Discovery from a “sell” rating to a “neutral” rating and raised their target price for the company from $7.00 to $10.00 in a report on Thursday, March 21st. Benchmark reissued a “buy” rating and set a $20.00 price objective on shares of Warner Bros. Discovery in a report on Monday. Barclays cut their price objective on Warner Bros. Discovery from $10.00 to $9.00 and set an “equal weight” rating on the stock in a report on Thursday, February 29th. Wolfe Research downgraded Warner Bros. Discovery from a “peer perform” rating to an “underperform” rating and set a $7.00 price objective on the stock. in a report on Tuesday, April 23rd. Finally, Sanford C. Bernstein cut their price objective on Warner Bros. Discovery from $11.00 to $10.00 and set an “outperform” rating on the stock in a report on Friday, May 10th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $13.16.

Warner Bros. Discovery Stock Performance

Shares of NASDAQ WBD opened at $7.16 on Tuesday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.82 and a current ratio of 0.82. The stock’s 50 day moving average price is $8.07 and its 200-day moving average price is $9.33. Warner Bros. Discovery, Inc. has a twelve month low of $7.11 and a twelve month high of $14.76.

Warner Bros. Discovery (NASDAQ:WBD) last posted its quarterly earnings results on Thursday, May 9th. The company reported ($0.40) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.16). Warner Bros. Discovery had a negative return on equity of 6.58% and a negative net margin of 7.45%. The company had revenue of $9.96 billion during the quarter, compared to the consensus estimate of $10.22 billion. During the same period last year, the firm posted $0.18 EPS. The company’s revenue for the quarter was down 6.9% compared to the same quarter last year. As a group, equities analysts predict that Warner Bros. Discovery, Inc. will post -0.38 EPS for the current year.

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.