UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Trims Holdings in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC cut its holdings in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 6.2% in the third quarter, HoldingsChannel reports. The firm owned 10,244,464 shares of the company’s stock after selling 680,066 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Warner Bros. Discovery were worth $84,517,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of WBD. Sessa Capital IM L.P. grew its position in Warner Bros. Discovery by 24.7% during the third quarter. Sessa Capital IM L.P. now owns 28,410,428 shares of the company’s stock valued at $234,386,000 after buying an additional 5,625,545 shares during the period. Retirement Systems of Alabama grew its position in shares of Warner Bros. Discovery by 781.3% during the 2nd 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 period. Mackenzie Financial Corp raised its holdings in Warner Bros. Discovery by 1,216.7% in the 2nd quarter. Mackenzie Financial Corp now owns 3,009,558 shares of the company’s stock worth $22,391,000 after purchasing an additional 2,780,986 shares during the period. Drexel Morgan & Co. grew its holdings in Warner Bros. Discovery by 43.5% in the third quarter. Drexel Morgan & Co. now owns 6,600,463 shares of the company’s stock valued at $54,454,000 after purchasing an additional 2,000,000 shares during the period. Finally, Clifford Capital Partners LLC purchased a new position in shares of Warner Bros. Discovery during the 2nd quarter valued at approximately $14,760,000. Hedge funds and other institutional investors own 59.95% of the company’s stock.

Warner Bros. Discovery Stock Up 0.8 %

NASDAQ:WBD opened at $10.56 on Tuesday. Warner Bros. Discovery, Inc. has a 52 week low of $6.64 and a 52 week high of $12.70. The stock’s fifty day moving average is $8.58 and its two-hundred day moving average is $8.04. The stock has a market capitalization of $25.91 billion, a price-to-earnings ratio of -2.31 and a beta of 1.48. 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 (NASDAQ:WBD) last posted its earnings results on Thursday, November 7th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.12. The firm had revenue of $9.62 billion for the quarter, compared to analyst estimates of $9.79 billion. Warner Bros. Discovery had a negative return on equity of 27.56% and a negative net margin of 28.34%. Warner Bros. Discovery’s revenue was down 3.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.17) EPS. Research analysts anticipate that Warner Bros. Discovery, Inc. will post -4.37 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on WBD. Wells Fargo & Company reduced their price objective on shares of Warner Bros. Discovery from $9.00 to $7.00 and set an “equal weight” rating for the company in a research report on Thursday, August 8th. Sanford C. Bernstein cut Warner Bros. Discovery from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $10.00 to $8.00 in a report on Tuesday, August 13th. Needham & Company LLC reiterated a “hold” rating on shares of Warner Bros. Discovery in a research note on Thursday, October 10th. Deutsche Bank Aktiengesellschaft lowered their price target on Warner Bros. Discovery from $16.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Finally, Rosenblatt Securities restated a “neutral” rating and issued a $9.00 price objective on shares of Warner Bros. Discovery in a report on Friday, September 13th. Twelve equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, Warner Bros. Discovery presently has an average rating of “Hold” and an average target price of $10.55.

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.