Lorne Steinberg Wealth Management Inc. Has $1.71 Million Stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Lorne Steinberg Wealth Management Inc. grew its holdings in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 1.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 230,127 shares of the company’s stock after buying an additional 2,700 shares during the period. Lorne Steinberg Wealth Management Inc.’s holdings in Warner Bros. Discovery were worth $1,712,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Norges Bank bought a new position in shares of Warner Bros. Discovery during the fourth quarter worth approximately $198,916,000. The Manufacturers Life Insurance Company increased its stake 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 during the period. EdgePoint Investment Group Inc. increased its stake in shares of 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 worth $180,016,000 after purchasing an additional 2,621,582 shares during the period. Drexel Morgan & Co. increased its stake in shares of Warner Bros. Discovery by 97.6% during the first quarter. Drexel Morgan & Co. now owns 4,600,463 shares of the company’s stock worth $40,162,000 after purchasing an additional 2,272,245 shares during the period. Finally, ING Groep NV increased its stake in shares of Warner Bros. Discovery by 3,010.0% during the fourth quarter. ING Groep NV now owns 1,538,503 shares of the company’s stock worth $17,508,000 after purchasing an additional 1,489,034 shares during the period. 59.95% of the stock is owned by institutional investors and hedge funds.

Warner Bros. Discovery Stock Up 2.3 %

WBD stock traded up $0.17 during trading on Friday, reaching $7.41. 34,170,164 shares of the stock were exchanged, compared to its average volume of 29,069,777. The firm’s 50 day moving average is $7.64 and its 200 day moving average is $8.30. Warner Bros. Discovery, Inc. has a twelve month low of $6.64 and a twelve month high of $13.31. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.87. The firm has a market cap of $18.16 billion, a P/E ratio of -5.94 and a beta of 1.49.

Warner Bros. Discovery (NASDAQ:WBD) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($4.07) EPS for the quarter, missing the consensus estimate of ($0.18) by ($3.89). The company 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 business’s revenue for the quarter was down 6.2% compared to the same quarter last year. During the same period last year, the company earned ($0.51) earnings per share. As a group, research analysts forecast that Warner Bros. Discovery, Inc. will post -0.44 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have commented on the company. TD Cowen lowered their price objective on 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. JPMorgan Chase & Co. lowered their price objective on Warner Bros. Discovery from $10.00 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. 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. Needham & Company LLC restated a “hold” rating on shares of Warner Bros. Discovery in a research report on Thursday, August 8th. Finally, Benchmark reduced their price objective on Warner Bros. Discovery from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, Warner Bros. Discovery has a consensus rating of “Hold” and a consensus target price 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.