Allstate Corp Takes Position in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Allstate Corp bought a new stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD) during the fourth quarter, HoldingsChannel reports. The fund bought 68,731 shares of the company’s stock, valued at approximately $726,000.

Other large investors have also added to or reduced their stakes in the company. Cerity Partners LLC increased its position in shares of Warner Bros. Discovery by 81.0% during the 3rd quarter. Cerity Partners LLC now owns 210,104 shares of the company’s stock valued at $1,733,000 after purchasing an additional 94,050 shares during the last quarter. Townsquare Capital LLC boosted its stake in Warner Bros. Discovery by 47.9% in the third quarter. Townsquare Capital LLC now owns 27,134 shares of the company’s stock worth $224,000 after buying an additional 8,784 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Warner Bros. Discovery by 3.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 435,989 shares of the company’s stock valued at $3,597,000 after acquiring an additional 15,414 shares during the last quarter. Public Sector Pension Investment Board raised its stake in shares of Warner Bros. Discovery by 14.0% during the third quarter. Public Sector Pension Investment Board now owns 84,525 shares of the company’s stock worth $697,000 after acquiring an additional 10,400 shares in the last quarter. Finally, Erste Asset Management GmbH bought a new stake in shares of Warner Bros. Discovery in the 3rd quarter worth approximately $1,474,000. Hedge funds and other institutional investors own 59.95% of the company’s stock.

Warner Bros. Discovery Trading Up 3.5 %

WBD opened at $10.73 on Tuesday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.03. Warner Bros. Discovery, Inc. has a 52 week low of $6.64 and a 52 week high of $12.70. The stock has a market cap of $26.34 billion, a PE ratio of -2.34, a PEG ratio of 8.64 and a beta of 1.48. The business has a 50 day moving average of $10.54 and a 200-day moving average of $9.75.

Warner Bros. Discovery (NASDAQ:WBD) last announced its earnings results on Thursday, February 27th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.30). The business had revenue of $10.03 billion for the quarter, compared to the consensus estimate of $10.16 billion. Warner Bros. Discovery had a negative net margin of 28.34% and a negative return on equity of 27.56%. Equities research analysts predict that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

WBD has been the topic of a number of analyst reports. Barrington Research reiterated an “outperform” rating and issued a $16.00 target price on shares of Warner Bros. Discovery in a research report on Wednesday, March 5th. Rosenblatt Securities reissued a “neutral” rating and issued a $13.00 target price on shares of Warner Bros. Discovery in a research note on Friday, March 7th. Benchmark restated a “buy” rating and set a $18.00 price target on shares of Warner Bros. Discovery in a research report on Wednesday, February 26th. Bank of America reiterated a “buy” rating and issued a $14.00 price objective on shares of Warner Bros. Discovery in a research report on Thursday, December 12th. Finally, JPMorgan Chase & Co. raised their target price on shares of Warner Bros. Discovery from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Tuesday, January 14th. Ten investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.91.

Insiders Place Their Bets

In related news, Director Piazza Samuel A. Jr. Di acquired 17,346 shares of the stock in a transaction on Monday, March 3rd. The stock was acquired at an average price of $11.41 per share, for a total transaction of $197,917.86. Following the completion of the purchase, the director now owns 159,932 shares of the company’s stock, valued at $1,824,824.12. This represents a 12.17 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.80% of the company’s stock.

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.