Warner Bros. Discovery (NASDAQ:WBD) Rating Lowered to Neutral at Macquarie

Macquarie downgraded shares of Warner Bros. Discovery (NASDAQ:WBD) from an outperform rating to a neutral rating in a research report released on Thursday morning, MarketBeat reports. Macquarie currently has $9.00 target price on the stock.

Several other brokerages have also issued reports on WBD. Wolfe Research lowered Warner Bros. Discovery from a peer perform rating to an underperform rating and set a $7.00 price target on the stock. in a research note on Tuesday, April 23rd. Barrington Research reiterated an outperform rating and issued a $12.00 price target on shares of Warner Bros. Discovery in a research note on Tuesday, July 23rd. Evercore ISI decreased their price target on Warner Bros. Discovery from $12.00 to $10.00 and set an outperform rating on the stock in a research note on Tuesday, July 16th. Sanford C. Bernstein cut their price objective on Warner Bros. Discovery from $11.00 to $10.00 and set an outperform rating on the stock in a report on Friday, May 10th. Finally, KeyCorp raised Warner Bros. Discovery from a sector weight rating to an overweight rating and set a $11.00 price objective on the stock in a report on Friday, May 10th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $11.87.

Warner Bros. Discovery Price Performance

Warner Bros. Discovery stock opened at $8.31 on Thursday. The stock’s fifty day moving average price is $7.73 and its two-hundred day moving average price is $8.54. Warner Bros. Discovery has a one year low of $6.94 and a one year high of $14.76. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a market cap of $20.36 billion, a PE ratio of -6.70 and a beta of 1.49.

Warner Bros. Discovery (NASDAQ:WBD) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.16). Warner Bros. Discovery had a negative net margin of 7.45% and a negative return on equity of 6.58%. The business had revenue of $9.96 billion during the quarter, compared to the consensus estimate of $10.22 billion. During the same quarter in the previous year, the business posted $0.18 EPS. The company’s revenue for the quarter was down 6.9% on a year-over-year basis. As a group, research analysts expect that Warner Bros. Discovery will post -0.41 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Patriot Financial Group Insurance Agency LLC raised its position in shares of Warner Bros. Discovery by 53.8% in the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 25,451 shares of the company’s stock worth $189,000 after acquiring an additional 8,905 shares in the last quarter. State of Michigan Retirement System raised its position in shares of Warner Bros. Discovery by 3.0% in the 2nd quarter. State of Michigan Retirement System now owns 782,025 shares of the company’s stock worth $5,818,000 after acquiring an additional 23,100 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Warner Bros. Discovery by 5.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 14,192,814 shares of the company’s stock worth $105,595,000 after acquiring an additional 719,869 shares in the last quarter. IMA Advisory Services Inc. bought a new position in shares of Warner Bros. Discovery in the 2nd quarter worth about $804,000. Finally, Harbor Island Capital LLC raised its position in shares of Warner Bros. Discovery by 54.5% in the 2nd quarter. Harbor Island Capital LLC now owns 1,068,338 shares of the company’s stock worth $7,948,000 after acquiring an additional 377,030 shares in the last quarter. 59.95% of the stock is owned by institutional investors and hedge funds.

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.