Allstate Corp Invests $726,000 in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Allstate Corp purchased a new stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 68,731 shares of the company’s stock, valued at approximately $726,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Cerity Partners LLC increased its holdings in Warner Bros. Discovery by 81.0% during the 3rd quarter. Cerity Partners LLC now owns 210,104 shares of the company’s stock worth $1,733,000 after purchasing an additional 94,050 shares in the last quarter. Townsquare Capital LLC raised its position in Warner Bros. Discovery by 47.9% in the 3rd quarter. Townsquare Capital LLC now owns 27,134 shares of the company’s stock valued at $224,000 after buying an additional 8,784 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Warner Bros. Discovery by 3.7% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 435,989 shares of the company’s stock valued at $3,597,000 after acquiring an additional 15,414 shares in the last quarter. Public Sector Pension Investment Board boosted its holdings in Warner Bros. Discovery by 14.0% during the 3rd quarter. Public Sector Pension Investment Board now owns 84,525 shares of the company’s stock worth $697,000 after acquiring an additional 10,400 shares during the last quarter. Finally, Erste Asset Management GmbH bought a new stake in shares of Warner Bros. Discovery in the 3rd quarter worth $1,474,000. Institutional investors own 59.95% of the company’s stock.

Warner Bros. Discovery Stock Performance

NASDAQ:WBD opened at $10.73 on Tuesday. The business’s fifty day moving average is $10.54 and its 200 day moving average is $9.75. The firm has a market cap of $26.34 billion, a price-to-earnings ratio of -2.34, a PEG ratio of 8.64 and a beta of 1.48. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.80 and a current ratio of 0.80. Warner Bros. Discovery, Inc. has a 52-week low of $6.64 and a 52-week high of $12.70.

Warner Bros. Discovery (NASDAQ:WBD) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.30). Warner Bros. Discovery had a negative net margin of 28.34% and a negative return on equity of 27.56%. The company had revenue of $10.03 billion for the quarter, compared to the consensus estimate of $10.16 billion. Research analysts predict that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current year.

Wall Street Analysts Forecast Growth

WBD has been the topic of several analyst reports. The Goldman Sachs Group boosted their price target on shares of Warner Bros. Discovery from $9.50 to $10.75 and gave the stock a “neutral” rating in a report on Thursday, December 19th. Benchmark restated a “buy” rating and issued a $18.00 target price on shares of Warner Bros. Discovery in a research note on Wednesday, February 26th. JPMorgan Chase & Co. increased their price target on Warner Bros. Discovery from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Tuesday, January 14th. Bank of America restated a “buy” rating and issued a $14.00 price objective on shares of Warner Bros. Discovery in a research note on Thursday, December 12th. Finally, KeyCorp lifted their target price on Warner Bros. Discovery from $11.00 to $14.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 10th. Ten research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Warner Bros. Discovery has an average rating of “Moderate Buy” and an average target price of $11.91.

Insiders Place Their Bets

In other Warner Bros. Discovery news, Director Piazza Samuel A. Jr. Di bought 17,346 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were acquired at an average cost of $11.41 per share, for a total transaction of $197,917.86. Following the purchase, the director now directly owns 159,932 shares of the company’s stock, valued at $1,824,824.12. The trade was a 12.17 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.80% of the company’s stock.

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.