Warner Bros. Discovery, Inc. (NASDAQ:WBD) Shares Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. decreased its holdings in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 3.0% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,160,556 shares of the company’s stock after selling 36,394 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Warner Bros. Discovery were worth $9,575,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in WBD. Brookstone Capital Management boosted its holdings in shares of Warner Bros. Discovery by 6.2% during the first quarter. Brookstone Capital Management now owns 28,466 shares of the company’s stock worth $249,000 after purchasing an additional 1,657 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Warner Bros. Discovery by 0.4% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,868,663 shares of the company’s stock worth $42,503,000 after buying an additional 19,083 shares during the period. Norden Group LLC purchased a new position in shares of Warner Bros. Discovery in the 1st quarter worth $900,000. 1834 Investment Advisors Co. raised its position in shares of Warner Bros. Discovery by 16.6% in the 1st quarter. 1834 Investment Advisors Co. now owns 36,665 shares of the company’s stock worth $320,000 after buying an additional 5,221 shares during the period. Finally, Tokio Marine Asset Management Co. Ltd. raised its position in shares of Warner Bros. Discovery by 8.2% in the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 66,843 shares of the company’s stock worth $584,000 after buying an additional 5,081 shares during the period. Institutional investors and hedge funds own 59.95% of the company’s stock.

Warner Bros. Discovery Stock Up 2.9 %

NASDAQ:WBD opened at $7.77 on Thursday. The company has a market capitalization of $19.05 billion, a price-to-earnings ratio of -1.62 and a beta of 1.48. Warner Bros. Discovery, Inc. has a one year low of $6.64 and a one year high of $12.70. The stock has a 50-day simple moving average of $7.81 and a 200 day simple moving average of $7.82. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.76 and a current ratio of 0.76.

Warner Bros. Discovery (NASDAQ:WBD) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($4.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($3.89). The firm had revenue of $9.71 billion during the quarter, compared to analyst estimates of $10.07 billion. Warner Bros. Discovery had a negative return on equity of 27.28% and a negative net margin of 29.47%. The firm’s revenue for the quarter was down 6.2% on a year-over-year basis. During the same quarter last year, the business posted ($0.51) earnings per share. Sell-side analysts predict that Warner Bros. Discovery, Inc. will post -4.47 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $9.00 target price on shares of Warner Bros. Discovery in a research report on Friday, September 13th. Sanford C. Bernstein lowered Warner Bros. Discovery from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $10.00 to $8.00 in a research report on Tuesday, August 13th. Macquarie cut their price objective on 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. Needham & Company LLC reissued a “hold” rating on shares of Warner Bros. Discovery in a research report on Thursday, October 10th. Finally, Morgan Stanley cut their price objective on Warner Bros. Discovery from $10.00 to $9.00 and set an “equal weight” rating on the stock in a research report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $10.66.

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.