Kentucky Retirement Systems Insurance Trust Fund Sells 5,859 Shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Kentucky Retirement Systems Insurance Trust Fund trimmed its position in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 8.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 66,061 shares of the company’s stock after selling 5,859 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Warner Bros. Discovery were worth $545,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Crewe Advisors LLC bought a new position in Warner Bros. Discovery in the 1st quarter worth about $27,000. Family Firm Inc. purchased a new position in shares of Warner Bros. Discovery during the second quarter worth about $26,000. OFI Invest Asset Management increased its position in shares of Warner Bros. Discovery by 45.9% in the second quarter. OFI Invest Asset Management now owns 3,879 shares of the company’s stock worth $27,000 after purchasing an additional 1,221 shares during the last quarter. Transcendent Capital Group LLC raised its stake in Warner Bros. Discovery by 665.4% in the first quarter. Transcendent Capital Group LLC now owns 4,003 shares of the company’s stock valued at $35,000 after purchasing an additional 3,480 shares in the last quarter. Finally, LRI Investments LLC bought a new stake in Warner Bros. Discovery during the first quarter valued at approximately $39,000. Hedge funds and other institutional investors own 59.95% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on WBD shares. TD Cowen lowered their price objective on shares of Warner Bros. Discovery from $15.00 to $14.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. The Goldman Sachs Group raised their price target on Warner Bros. Discovery from $7.50 to $8.50 and gave the company a “neutral” rating in a research report on Monday, October 7th. Wells Fargo & Company cut their price objective on Warner Bros. Discovery from $9.00 to $7.00 and set an “equal weight” rating for the company in a report on Thursday, August 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of Warner Bros. Discovery in a research note on Thursday, October 10th. Finally, Macquarie boosted their price objective on shares of Warner Bros. Discovery from $8.00 to $9.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Twelve investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $10.55.

Warner Bros. Discovery Stock Performance

NASDAQ:WBD opened at $9.47 on Tuesday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.03. Warner Bros. Discovery, Inc. has a twelve month low of $6.64 and a twelve month high of $12.70. The stock has a market cap of $23.22 billion, a P/E ratio of -2.07 and a beta of 1.48. The firm’s fifty day simple moving average is $8.10 and its 200 day simple moving average is $7.88.

Warner Bros. Discovery (NASDAQ:WBD) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.12. The company had revenue of $9.62 billion during the quarter, compared to the consensus estimate of $9.79 billion. Warner Bros. Discovery had a negative net margin of 28.34% and a negative return on equity of 27.56%. Warner Bros. Discovery’s revenue was down 3.6% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.17) earnings per share. As a group, research analysts predict that Warner Bros. Discovery, Inc. will post -4.37 EPS for the current year.

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.