HB Wealth Management LLC Cuts Stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

HB Wealth Management LLC cut its stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 8.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 212,432 shares of the company’s stock after selling 18,954 shares during the quarter. HB Wealth Management LLC’s holdings in Warner Bros. Discovery were worth $1,580,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Family Firm Inc. purchased a new position in shares of Warner Bros. Discovery in the second quarter valued at approximately $26,000. Crewe Advisors LLC acquired a new position in Warner Bros. Discovery in the 1st quarter valued at $27,000. OFI Invest Asset Management lifted its holdings in Warner Bros. Discovery by 45.9% in the 2nd quarter. OFI Invest Asset Management now owns 3,879 shares of the company’s stock valued at $27,000 after purchasing an additional 1,221 shares in the last quarter. First Financial Corp IN grew its holdings in shares of Warner Bros. Discovery by 577.4% during the first quarter. First Financial Corp IN now owns 3,387 shares of the company’s stock worth $30,000 after buying an additional 2,887 shares in the last quarter. Finally, University of Texas Texas AM Investment Managment Co. acquired a new stake in shares of Warner Bros. Discovery in the fourth quarter valued at about $33,000. 59.95% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Wells Fargo & Company lowered their price target on shares of Warner Bros. Discovery from $9.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 8th. Sanford C. Bernstein lowered Warner Bros. Discovery from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $10.00 to $8.00 in a research note on Tuesday, August 13th. Evercore ISI dropped their target price on Warner Bros. Discovery from $10.00 to $9.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Macquarie lowered their price target on shares of Warner Bros. Discovery from $9.00 to $8.00 and set a “neutral” rating on the stock in a research report on Monday, August 12th. Finally, TD Cowen reduced their target price on shares of Warner Bros. Discovery from $15.00 to $14.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Warner Bros. Discovery currently has a consensus rating of “Hold” and an average price target of $11.25.

Warner Bros. Discovery Stock Down 3.0 %

WBD opened at $7.73 on Friday. The business has a 50 day moving average price of $7.70 and a two-hundred day moving average price of $8.14. Warner Bros. Discovery, Inc. has a 52 week low of $6.64 and a 52 week high of $13.31. The company has a market cap of $18.94 billion, a PE ratio of -6.23 and a beta of 1.49. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.87.

Warner Bros. Discovery (NASDAQ:WBD) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($4.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($3.89). The business had revenue of $9.71 billion during the quarter, compared to analysts’ expectations of $10.07 billion. Warner Bros. Discovery had a negative return on equity of 6.58% and a negative net margin of 7.45%. The company’s revenue was down 6.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.51) EPS. As a group, research analysts anticipate that Warner Bros. Discovery, Inc. will post -0.44 EPS for the current 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.