Pinnacle Associates Ltd. Lowers Stock Holdings in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Pinnacle Associates Ltd. lowered its holdings in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 3.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor 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 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Sessa Capital IM L.P. raised its holdings in shares of Warner Bros. Discovery by 28.8% during the second quarter. Sessa Capital IM L.P. now owns 22,784,883 shares of the company’s stock valued at $169,520,000 after acquiring an additional 5,100,000 shares during the last quarter. Retirement Systems of Alabama raised its holdings in shares of Warner Bros. Discovery by 781.3% during the second quarter. Retirement Systems of Alabama now owns 4,316,498 shares of the company’s stock valued at $32,115,000 after acquiring an additional 3,826,715 shares during the last quarter. Mackenzie Financial Corp raised its holdings in shares of Warner Bros. Discovery by 1,216.7% during the second quarter. Mackenzie Financial Corp now owns 3,009,558 shares of the company’s stock valued at $22,391,000 after acquiring an additional 2,780,986 shares during the last quarter. EdgePoint Investment Group Inc. increased its holdings in shares of Warner Bros. Discovery by 14.6% in the first quarter. EdgePoint Investment Group Inc. now owns 20,620,335 shares of the company’s stock valued at $180,016,000 after purchasing an additional 2,621,582 shares during the last quarter. Finally, Clifford Capital Partners LLC acquired a new stake in shares of Warner Bros. Discovery in the second quarter valued at approximately $14,760,000. Hedge funds and other institutional investors own 59.95% of the company’s stock.

Warner Bros. Discovery Trading Up 2.9 %

NASDAQ:WBD opened at $7.77 on Thursday. The firm has a market cap of $19.05 billion, a PE ratio of -1.62 and a beta of 1.48. The stock has a fifty day moving average price of $7.81 and a 200 day moving average price of $7.82. Warner Bros. Discovery, Inc. has a 12-month low of $6.64 and a 12-month high of $12.70. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 1.06.

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

Analyst Ratings Changes

Several equities research analysts recently commented on WBD shares. Barrington Research reaffirmed an “outperform” rating and issued a $12.00 price target on shares of Warner Bros. Discovery in a report on Tuesday, July 23rd. Barclays cut their price target on Warner Bros. Discovery from $9.00 to $8.00 and set an “equal weight” rating for the company in a report on Thursday, August 8th. Moffett Nathanson cut their price target on Warner Bros. Discovery from $10.00 to $9.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Benchmark reaffirmed a “buy” rating and issued a $18.00 price target on shares of Warner Bros. Discovery in a report on Friday, September 13th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Warner Bros. Discovery in a research note on Thursday, October 10th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently 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.