Park Avenue Securities LLC Increases Stock Holdings in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Park Avenue Securities LLC increased its stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 14.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 40,111 shares of the company’s stock after acquiring an additional 5,212 shares during the quarter. Park Avenue Securities LLC’s holdings in Warner Bros. Discovery were worth $350,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in WBD. The Manufacturers Life Insurance Company increased its position in shares of Warner Bros. Discovery by 17.0% during the fourth quarter. The Manufacturers Life Insurance Company now owns 25,534,218 shares of the company’s stock worth $290,579,000 after purchasing an additional 3,710,343 shares in the last quarter. Norges Bank acquired a new stake in shares of Warner Bros. Discovery in the fourth quarter valued at about $198,916,000. Boston Partners lifted its stake in shares of Warner Bros. Discovery by 9.9% in the fourth quarter. Boston Partners now owns 15,640,771 shares of the company’s stock worth $177,384,000 after buying an additional 1,414,952 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Warner Bros. Discovery by 4.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 13,672,632 shares of the company’s stock worth $155,594,000 after acquiring an additional 575,123 shares during the last quarter. Finally, Artisan Partners Limited Partnership boosted its position in Warner Bros. Discovery by 1.5% during the fourth quarter. Artisan Partners Limited Partnership now owns 8,504,716 shares of the company’s stock worth $96,784,000 after acquiring an additional 123,693 shares during the last quarter. 59.95% of the stock is currently owned by institutional investors and hedge funds.

Warner Bros. Discovery Price Performance

WBD opened at $7.44 on Monday. The stock’s 50-day moving average price is $7.86 and its 200 day moving average price is $9.08. Warner Bros. Discovery, Inc. has a 12-month low of $6.94 and a 12-month high of $14.76. The firm has a market cap of $18.23 billion, a price-to-earnings ratio of -6.00 and a beta of 1.53. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.87.

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

Analysts Set New Price Targets

A number of research analysts have weighed in on WBD shares. KeyCorp raised shares of Warner Bros. Discovery from a “sector weight” rating to an “overweight” rating and set a $11.00 target price on the stock in a research note on Friday, May 10th. Rosenblatt Securities raised Warner Bros. Discovery from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $7.00 to $10.00 in a research note on Thursday, March 21st. The Goldman Sachs Group started coverage on Warner Bros. Discovery in a research note on Tuesday, June 25th. They issued a “neutral” rating and a $8.50 target price for the company. Wolfe Research cut shares of Warner Bros. Discovery from a “peer perform” rating to an “underperform” rating and set a $7.00 price target on the stock. in a research report on Tuesday, April 23rd. Finally, Sanford C. Bernstein cut their price objective on shares of Warner Bros. Discovery from $11.00 to $10.00 and set an “outperform” rating for the company in a research report on Friday, May 10th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Warner Bros. Discovery currently has a consensus rating of “Hold” and an average price target of $12.82.

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.