Hi Line Capital Management LLC Sells 113,047 Shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Hi Line Capital Management LLC lowered its holdings in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 18.2% in the third quarter, Holdings Channel reports. The firm owned 509,309 shares of the company’s stock after selling 113,047 shares during the quarter. Warner Bros. Discovery comprises about 2.1% of Hi Line Capital Management LLC’s holdings, making the stock its 16th biggest position. Hi Line Capital Management LLC’s holdings in Warner Bros. Discovery were worth $4,202,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in WBD. Drexel Morgan & Co. grew its position in shares of Warner Bros. Discovery by 43.5% in the 3rd quarter. Drexel Morgan & Co. now owns 6,600,463 shares of the company’s stock valued at $54,454,000 after acquiring an additional 2,000,000 shares during the period. Iridian Asset Management LLC CT grew its position in shares of Warner Bros. Discovery by 0.9% in the 3rd quarter. Iridian Asset Management LLC CT now owns 189,715 shares of the company’s stock valued at $1,565,000 after acquiring an additional 1,663 shares during the period. First Trust Direct Indexing L.P. grew its position in shares of Warner Bros. Discovery by 17.4% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 46,058 shares of the company’s stock valued at $380,000 after acquiring an additional 6,826 shares during the period. Integrated Advisors Network LLC grew its position in shares of Warner Bros. Discovery by 27.2% in the 3rd quarter. Integrated Advisors Network LLC now owns 51,020 shares of the company’s stock valued at $421,000 after acquiring an additional 10,915 shares during the period. Finally, China Universal Asset Management Co. Ltd. grew its position in shares of Warner Bros. Discovery by 111.1% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 31,100 shares of the company’s stock valued at $257,000 after acquiring an additional 16,368 shares during the period. Institutional investors own 59.95% of the company’s stock.

Warner Bros. Discovery Stock Up 4.6 %

WBD stock opened at $8.13 on Friday. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.76 and a quick ratio of 0.76. Warner Bros. Discovery, Inc. has a 12 month low of $6.64 and a 12 month high of $12.70. The company’s 50-day moving average price is $7.82 and its two-hundred day moving average price is $7.82.

Warner Bros. Discovery (NASDAQ:WBD) last released its 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 during the quarter, compared to the consensus estimate of $10.07 billion. During the same period in the prior year, the business earned ($0.51) earnings per share. Warner Bros. Discovery’s quarterly revenue was down 6.2% compared to the same quarter last year. On average, analysts predict that Warner Bros. Discovery, Inc. will post -4.5 EPS for the current year.

Wall Street Analysts Forecast Growth

WBD has been the subject of a number of analyst reports. Moffett Nathanson decreased their price objective on shares of Warner Bros. Discovery from $10.00 to $9.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Sanford C. Bernstein cut shares of 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 note on Tuesday, August 13th. Rosenblatt Securities restated a “neutral” rating and set a $9.00 target price on shares of Warner Bros. Discovery in a research note on Friday, September 13th. Needham & Company LLC restated a “hold” rating on shares of Warner Bros. Discovery in a research note on Thursday, October 10th. Finally, Evercore ISI cut their target price on shares of Warner Bros. Discovery from $10.00 to $9.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Warner Bros. Discovery presently has a consensus rating of “Hold” and an average target price of $10.66.

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.