North Growth Management Ltd. Reduces Position in Warner Bros. Discovery, Inc. $WBD

by · The Markets Daily

North Growth Management Ltd. trimmed its holdings in Warner Bros. Discovery, Inc. (NASDAQ:WBD – Free Report) by 10.3% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 499,000 shares of the company’s stock after selling 57,000 shares during the period. Warner Bros. Discovery comprises about 1.7% of North Growth Management Ltd.’s portfolio, making the stock its 26th largest holding. North Growth Management Ltd.’s holdings in Warner Bros. Discovery were worth $9,740,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Fifth Third Wealth Advisors LLC grew its stake in shares of Warner Bros. Discovery by 9.7% in the third quarter. Fifth Third Wealth Advisors LLC now owns 20,408 shares of the company’s stock worth $399,000 after acquiring an additional 1,798 shares during the period. Global Retirement Partners LLC boosted its holdings in Warner Bros. Discovery by 8.5% in the third quarter. Global Retirement Partners LLC now owns 10,823 shares of the company’s stock worth $211,000 after purchasing an additional 849 shares during the last quarter. Signaturefd LLC grew its position in Warner Bros. Discovery by 11.7% in the 3rd quarter. Signaturefd LLC now owns 25,483 shares of the company’s stock worth $498,000 after purchasing an additional 2,665 shares during the period. Silver Oak Securities Incorporated purchased a new stake in Warner Bros. Discovery during the 3rd quarter valued at $255,000. Finally, Wealth Management Associates Inc. raised its stake in Warner Bros. Discovery by 8.9% during the 3rd quarter. Wealth Management Associates Inc. now owns 13,892 shares of the company’s stock valued at $271,000 after buying an additional 1,137 shares during the last quarter. Hedge funds and other institutional investors own 59.95% of the company’s stock.

Insider Transactions at Warner Bros. Discovery

In other news, CAO Lori C. Locke sold 4,122 shares of the business’s stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $28.92, for a total value of $119,208.24. Following the transaction, the chief accounting officer directly owned 100,962 shares in the company, valued at $2,919,821.04. The trade was a 3.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Gunnar Wiedenfels sold 242,994 shares of the stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $29.50, for a total value of $7,168,323.00. Following the sale, the chief financial officer owned 918,940 shares of the company’s stock, valued at $27,108,730. This represents a 20.91% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 489,326 shares of company stock worth $12,781,456. Insiders own 1.90% of the company’s stock.

Warner Bros. Discovery Price Performance

Shares of NASDAQ:WBD opened at $28.51 on Friday. The company has a market capitalization of $70.65 billion, a P/E ratio of 150.06 and a beta of 1.56. Warner Bros. Discovery, Inc. has a 1-year low of $7.52 and a 1-year high of $30.00. The firm’s 50 day simple moving average is $25.32 and its two-hundred day simple moving average is $18.18. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.07 and a quick ratio of 1.07.

Warner Bros. Discovery (NASDAQ:WBD – Get Free Report) 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 the consensus estimate of $9.17 billion. During the same quarter in the previous year, the business earned $0.05 earnings per share. The firm’s revenue for the quarter was down 6.0% on a year-over-year basis. Research analysts expect that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently commented on the company. Raymond James Financial lifted their price objective on Warner Bros. Discovery from $22.00 to $25.00 and gave the stock an “outperform” rating in a report on Friday, November 7th. Bank of America raised their target price on Warner Bros. Discovery from $16.00 to $24.00 and gave the stock a “buy” rating in a research report on Tuesday, September 30th. Cowen downgraded Warner Bros. Discovery from a “buy” rating to a “hold” rating in a research note on Tuesday, September 16th. Needham & Company LLC reiterated a “hold” rating on shares of Warner Bros. Discovery in a research note on Friday, September 12th. Finally, Benchmark raised their price objective on shares of Warner Bros. Discovery from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, December 8th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.22.

Check Out Our Latest Analysis on Warner Bros. Discovery

Warner Bros. Discovery Profile

(Free Report)

Warner Bros. Discovery (NASDAQ: WBD) is a global media and entertainment company formed when WarnerMedia and Discovery, Inc combined their businesses in 2022. Headquartered in New York City, the company assembles a broad portfolio of film and television production, linear and cable networks, streaming services and consumer distribution operations. Its assets span well-known studio brands, premium scripted and unscripted programming, news and factual entertainment, and licensed franchise properties.

The company’s core activities include film and television production and distribution through units such as Warner Bros.

Further Reading

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