The Manufacturers Life Insurance Company Sells 1,205,555 Shares of Warner Bros. Discovery, Inc. $WBD

The Manufacturers Life Insurance Company lowered its position in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 4.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,466,809 shares of the company’s stock after selling 1,205,555 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.96% of Warner Bros. Discovery worth $268,930,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Mane Global Capital Management LP bought a new stake in shares of Warner Bros. Discovery in the 2nd quarter worth approximately $10,314,000. Rokos Capital Management LLP purchased a new position in Warner Bros. Discovery in the 2nd quarter worth $11,465,000. Investment House LLC bought a new stake in Warner Bros. Discovery in the second quarter worth $2,504,000. Sei Investments Co. boosted its position in Warner Bros. Discovery by 60.9% during the second quarter. Sei Investments Co. now owns 1,220,486 shares of the company’s stock valued at $13,987,000 after buying an additional 461,849 shares during the period. Finally, NewEdge Advisors LLC boosted its position in Warner Bros. Discovery by 32.9% during the second quarter. NewEdge Advisors LLC now owns 84,090 shares of the company’s stock valued at $964,000 after buying an additional 20,836 shares during the period. 59.95% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Warner Bros. Discovery news, CAO Lori C. Locke sold 4,122 shares of the company’s stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $28.92, for a total value of $119,208.24. Following the sale, the chief accounting officer owned 100,962 shares in the company, valued at approximately $2,919,821.04. This represents a 3.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Gunnar Wiedenfels sold 222,210 shares of the firm’s stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $22.50, for a total transaction of $4,999,725.00. Following the transaction, the chief financial officer directly owned 918,940 shares of the company’s stock, valued at $20,676,150. This represents a 19.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 927,125 shares of company stock valued at $18,663,597 over the last quarter. Corporate insiders own 1.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Barclays set a $20.00 price objective on Warner Bros. Discovery in a report on Wednesday, October 8th. Guggenheim lifted their price target on Warner Bros. Discovery from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, November 7th. Wells Fargo & Company boosted their price objective on Warner Bros. Discovery from $21.00 to $25.00 and gave the company an “equal weight” rating in a research report on Friday, November 7th. Arete Research increased their price objective on Warner Bros. Discovery from $24.00 to $30.00 and gave the company a “buy” rating in a research note on Tuesday, October 28th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $29.50 target price on shares of Warner Bros. Discovery in a research note on Monday. Three analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $22.35.

Warner Bros. Discovery Trading Up 4.5%

WBD opened at $29.53 on Thursday. The stock has a market cap of $73.17 billion, a PE ratio of 155.43, a PEG ratio of 1.08 and a beta of 1.60. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.90. The business has a 50 day moving average of $21.92 and a 200-day moving average of $15.93. Warner Bros. Discovery, Inc. has a 52 week low of $7.52 and a 52 week high of $29.81.

Warner Bros. Discovery (NASDAQ:WBD) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.02). Warner Bros. Discovery had a net margin of 1.28% and a return on equity of 1.34%. The firm had revenue of $9.05 billion for the quarter, compared to analysts’ expectations of $9.17 billion. During the same period in the prior year, the business posted $0.05 EPS. The business’s quarterly revenue was down 6.0% compared to the same quarter last year. Equities research analysts predict that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current fiscal 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.