Beacon Pointe Advisors LLC Cuts Holdings in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Beacon Pointe Advisors LLC reduced its position in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 2.0% during the 4th quarter, HoldingsChannel reports. The fund owned 195,791 shares of the company’s stock after selling 3,991 shares during the period. Beacon Pointe Advisors LLC’s holdings in Warner Bros. Discovery were worth $2,070,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. Norges Bank purchased a new stake in Warner Bros. Discovery during the 4th quarter worth approximately $362,210,000. Contrarius Group Holdings Ltd acquired a new position in Warner Bros. Discovery in the 4th quarter valued at $168,930,000. FMR LLC lifted its holdings in Warner Bros. Discovery by 478.5% in the 4th quarter. FMR LLC now owns 14,278,600 shares of the company’s stock valued at $150,925,000 after purchasing an additional 11,810,191 shares in the last quarter. Slate Path Capital LP boosted its stake in Warner Bros. Discovery by 36.6% during the 4th quarter. Slate Path Capital LP now owns 23,801,000 shares of the company’s stock worth $251,577,000 after purchasing an additional 6,381,000 shares during the last quarter. Finally, Amundi grew its holdings in shares of Warner Bros. Discovery by 108.1% during the fourth quarter. Amundi now owns 10,151,114 shares of the company’s stock worth $102,120,000 after buying an additional 5,272,717 shares in the last quarter. 59.95% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Warner Bros. Discovery

In related news, Director Piazza Samuel A. Jr. Di purchased 17,346 shares of Warner Bros. Discovery stock in a transaction that occurred on Monday, March 3rd. The stock was purchased at an average cost of $11.41 per share, with a total value of $197,917.86. Following the completion of the transaction, the director now directly owns 159,932 shares in the company, valued at approximately $1,824,824.12. The trade was a 12.17 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.80% of the company’s stock.

Warner Bros. Discovery Trading Down 1.1 %

NASDAQ WBD opened at $8.67 on Thursday. Warner Bros. Discovery, Inc. has a 52 week low of $6.64 and a 52 week high of $12.70. The firm has a 50 day moving average of $9.68 and a two-hundred day moving average of $9.78. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.03. The stock has a market capitalization of $21.28 billion, a PE ratio of -1.89, a price-to-earnings-growth ratio of 8.64 and a beta of 1.43.

Warner Bros. Discovery (NASDAQ:WBD) last posted its earnings results on Thursday, February 27th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of $0.10 by ($0.30). The business had revenue of $10.03 billion during the quarter, compared to analysts’ expectations of $10.16 billion. Warner Bros. Discovery had a negative net margin of 28.34% and a negative return on equity of 27.56%. As a group, research analysts expect that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on WBD shares. Barrington Research restated an “outperform” rating and set a $16.00 price target on shares of Warner Bros. Discovery in a research report on Wednesday, March 5th. KeyCorp dropped their price target on Warner Bros. Discovery from $14.00 to $13.00 and set an “overweight” rating for the company in a research report on Monday, April 14th. Needham & Company LLC reiterated a “hold” rating on shares of Warner Bros. Discovery in a research report on Friday, February 28th. Wells Fargo & Company dropped their target price on Warner Bros. Discovery from $11.00 to $9.00 and set an “equal weight” rating for the company in a report on Thursday, April 17th. Finally, Moffett Nathanson upgraded Warner Bros. Discovery from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $9.00 to $13.00 in a report on Tuesday, January 21st. Ten investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, Warner Bros. Discovery currently has a consensus rating of “Moderate Buy” and an average price target of $12.01.

Warner Bros. Discovery 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.