Equitable Trust Co. Makes New Investment in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Equitable Trust Co. acquired a new stake in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 48,068 shares of the company’s stock, valued at approximately $358,000.

Several other large investors have also recently made changes to their positions in WBD. Norges Bank purchased a new position in Warner Bros. Discovery during the 4th quarter valued at approximately $198,916,000. Retirement Systems of Alabama boosted its position in shares of Warner Bros. Discovery by 781.3% during the 2nd quarter. Retirement Systems of Alabama now owns 4,316,498 shares of the company’s stock valued at $32,115,000 after acquiring an additional 3,826,715 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Warner Bros. Discovery by 17.0% in the fourth quarter. The Manufacturers Life Insurance Company now owns 25,534,218 shares of the company’s stock valued at $290,579,000 after purchasing an additional 3,710,343 shares in the last quarter. EdgePoint Investment Group Inc. raised its stake in Warner Bros. Discovery by 14.6% during the first quarter. EdgePoint Investment Group Inc. now owns 20,620,335 shares of the company’s stock valued at $180,016,000 after purchasing an additional 2,621,582 shares in the last quarter. Finally, Drexel Morgan & Co. grew its stake in shares of Warner Bros. Discovery by 97.6% in the 1st quarter. Drexel Morgan & Co. now owns 4,600,463 shares of the company’s stock worth $40,162,000 after buying an additional 2,272,245 shares in the last quarter. 59.95% of the stock is owned by institutional investors.

Warner Bros. Discovery Trading Up 1.4 %

WBD opened at $7.84 on Tuesday. 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 capitalization of $19.21 billion, a P/E ratio of -6.32 and a beta of 1.49. The stock’s fifty day moving average is $7.72 and its two-hundred day moving average is $8.09. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 1.06.

Warner Bros. Discovery (NASDAQ:WBD) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($4.07) EPS for the quarter, missing the consensus estimate of ($0.18) by ($3.89). Warner Bros. Discovery had a negative net margin of 29.47% and a negative return on equity of 27.28%. The firm had revenue of $9.71 billion for the quarter, compared to analysts’ expectations of $10.07 billion. During the same quarter in the prior year, the business posted ($0.51) EPS. The business’s quarterly revenue was down 6.2% on a year-over-year basis. Analysts forecast that Warner Bros. Discovery, Inc. will post -3.65 earnings per share for the current year.

Wall Street Analyst Weigh In

WBD has been the subject of a number of analyst reports. JPMorgan Chase & Co. lowered their price target on shares of Warner Bros. Discovery from $10.00 to $8.00 and set a “neutral” rating for the company in a report on Friday, August 9th. Deutsche Bank Aktiengesellschaft lowered their price objective on Warner Bros. Discovery from $16.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Evercore ISI cut their target price on Warner Bros. Discovery from $10.00 to $9.00 and set an “outperform” 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 decreased their price target for the company from $10.00 to $8.00 in a report on Tuesday, August 13th. Finally, The Goldman Sachs Group dropped their price objective on shares of Warner Bros. Discovery from $8.50 to $7.50 and set a “neutral” rating for the company in a research note on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Warner Bros. Discovery has an average rating of “Hold” and an average price target of $11.25.

Warner Bros. Discovery Company 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.