Blue Zone Wealth Advisors LLC Cuts Holdings in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Blue Zone Wealth Advisors LLC trimmed its holdings in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 17.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 127,213 shares of the company’s stock after selling 26,488 shares during the period. Blue Zone Wealth Advisors LLC’s holdings in Warner Bros. Discovery were worth $946,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Norges Bank acquired a new stake in shares of Warner Bros. Discovery in the 4th quarter worth approximately $198,916,000. The Manufacturers Life Insurance Company grew its holdings in shares of Warner Bros. Discovery by 17.0% in the 4th quarter. The Manufacturers Life Insurance Company now owns 25,534,218 shares of the company’s stock worth $290,579,000 after acquiring an additional 3,710,343 shares during the period. EdgePoint Investment Group Inc. grew its holdings in shares of Warner Bros. Discovery by 14.6% in the 1st quarter. EdgePoint Investment Group Inc. now owns 20,620,335 shares of the company’s stock worth $180,016,000 after acquiring an additional 2,621,582 shares during the period. Drexel Morgan & Co. grew its holdings in shares of Warner Bros. Discovery by 97.6% in the 1st quarter. Drexel Morgan & Co. now owns 4,600,463 shares of the company’s stock worth $40,162,000 after acquiring an additional 2,272,245 shares during the period. Finally, ING Groep NV grew its holdings in Warner Bros. Discovery by 3,010.0% during the 4th quarter. ING Groep NV now owns 1,538,503 shares of the company’s stock valued at $17,508,000 after buying an additional 1,489,034 shares during the last quarter. 59.95% of the stock is owned by hedge funds and other institutional investors.

Warner Bros. Discovery Trading Up 0.1 %

Shares of WBD stock traded up $0.01 during mid-day trading on Friday, reaching $7.03. The company’s stock had a trading volume of 40,966,338 shares, compared to its average volume of 28,787,221. The company’s 50 day simple moving average is $7.74 and its 200-day simple moving average is $8.38. Warner Bros. Discovery, Inc. has a 12-month low of $6.73 and a 12-month high of $14.52. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.87. The firm has a market capitalization of $17.21 billion, a PE ratio of -5.67 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 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 6.58% and a negative net margin of 7.45%. The business’s quarterly revenue was down 6.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.51) EPS. On average, research analysts predict that Warner Bros. Discovery, Inc. will post -0.44 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

WBD has been the topic of several analyst reports. Wells Fargo & Company decreased their price objective on Warner Bros. Discovery from $9.00 to $7.00 and set an “equal weight” rating on the stock in a report on Thursday. KeyCorp upgraded 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. Deutsche Bank Aktiengesellschaft decreased their price objective on Warner Bros. Discovery from $16.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday. Macquarie cut Warner Bros. Discovery from an “outperform” rating to a “neutral” rating and set a $9.00 price objective on the stock. in a report on Thursday, July 25th. Finally, Sanford C. Bernstein reduced their target price 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. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $11.48.

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.