Corrado Advisors LLC Sells 2,471 Shares of Warner Bros. Discovery, Inc. $WBD

Corrado Advisors LLC trimmed its position in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 2.1% in the second quarter, HoldingsChannel reports. The firm owned 115,324 shares of the company’s stock after selling 2,471 shares during the quarter. Corrado Advisors LLC’s holdings in Warner Bros. Discovery were worth $1,322,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Warner Bros. Discovery by 1.7% in the first quarter. Vanguard Group Inc. now owns 256,820,031 shares of the company’s stock valued at $2,755,679,000 after acquiring an additional 4,169,240 shares during the last quarter. Invesco Ltd. boosted its stake in Warner Bros. Discovery by 2.1% in the first quarter. Invesco Ltd. now owns 43,341,297 shares of the company’s stock valued at $465,052,000 after acquiring an additional 873,869 shares during the last quarter. Sessa Capital IM L.P. boosted its stake in Warner Bros. Discovery by 4.0% in the first quarter. Sessa Capital IM L.P. now owns 29,555,277 shares of the company’s stock valued at $317,128,000 after acquiring an additional 1,144,849 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in Warner Bros. Discovery by 4.5% in the first quarter. The Manufacturers Life Insurance Company now owns 24,672,364 shares of the company’s stock valued at $264,734,000 after acquiring an additional 1,063,535 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in Warner Bros. Discovery by 1.9% in the first quarter. Northern Trust Corp now owns 23,427,661 shares of the company’s stock valued at $251,379,000 after acquiring an additional 430,787 shares during the last quarter. 59.95% of the stock is owned by institutional investors.

Insider Activity at Warner Bros. Discovery

In other Warner Bros. Discovery news, insider Bruce Campbell sold 150,000 shares of the stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $18.00, for a total value of $2,700,000.00. Following the sale, the insider directly owned 252,464 shares in the company, valued at $4,544,352. This represents a 37.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Anton J. Levy bought 75,000 shares of the stock in a transaction on Tuesday, August 12th. The stock was purchased at an average price of $11.00 per share, for a total transaction of $825,000.00. Following the completion of the purchase, the director directly owned 949,000 shares in the company, valued at approximately $10,439,000. This represents a 8.58% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders have sold 970,115 shares of company stock worth $17,818,490. 1.80% of the stock is owned by corporate insiders.

Warner Bros. Discovery Stock Performance

Shares of WBD stock opened at $20.99 on Wednesday. The stock has a market capitalization of $51.97 billion, a P/E ratio of 69.97, a PEG ratio of 2.56 and a beta of 1.73. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.92. The firm’s 50 day moving average is $16.78 and its 200 day moving average is $12.67. Warner Bros. Discovery, Inc. has a 12 month low of $7.49 and a 12 month high of $21.57.

Warner Bros. Discovery (NASDAQ:WBD) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.79. The company had revenue of $9.81 billion for the quarter, compared to analysts’ expectations of $9.73 billion. Warner Bros. Discovery had a net margin of 2.00% and a return on equity of 2.14%. Warner Bros. Discovery’s revenue was up 1.0% compared to the same quarter last year. During the same period in the prior year, the company posted ($4.07) EPS. On average, sell-side analysts anticipate that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on WBD. Benchmark boosted their target price on shares of Warner Bros. Discovery from $18.00 to $25.00 and gave the company a “buy” rating in a research note on Wednesday, October 22nd. UBS Group boosted their target price on shares of Warner Bros. Discovery from $10.00 to $20.00 and gave the company a “neutral” rating in a research note on Monday, October 6th. Raymond James Financial boosted their target price on shares of Warner Bros. Discovery from $13.00 to $22.00 and gave the company an “outperform” rating in a research note on Thursday, October 2nd. Seaport Global Securities boosted their target price on shares of Warner Bros. Discovery from $15.00 to $24.00 and gave the company a “buy” rating in a research note on Friday, October 3rd. Finally, Barrington Research boosted their target price on shares of Warner Bros. Discovery from $16.00 to $25.00 and gave the company an “outperform” rating in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and fifteen have given a Hold rating to the company. According to MarketBeat, Warner Bros. Discovery currently has a consensus rating of “Hold” and a consensus price target of $19.14.

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.