Gabelli Funds LLC Sells 232,500 Shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Gabelli Funds LLC cut its position in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 8.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,546,350 shares of the company’s stock after selling 232,500 shares during the quarter. Gabelli Funds LLC owned about 0.10% of Warner Bros. Discovery worth $18,945,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Advisory Services Network LLC grew its holdings in Warner Bros. Discovery by 10.2% during the fourth quarter. Advisory Services Network LLC now owns 60,121 shares of the company’s stock worth $684,000 after purchasing an additional 5,541 shares during the period. Nomura Asset Management Co. Ltd. increased its holdings in shares of Warner Bros. Discovery by 4.4% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 702,554 shares of the company’s stock worth $7,995,000 after acquiring an additional 29,833 shares during the last quarter. Johnson Financial Group Inc. raised its stake in Warner Bros. Discovery by 17,613.5% in the 4th quarter. Johnson Financial Group Inc. now owns 6,554 shares of the company’s stock valued at $75,000 after acquiring an additional 6,517 shares during the period. Hsbc Holdings PLC lifted its holdings in Warner Bros. Discovery by 25.9% during the 4th quarter. Hsbc Holdings PLC now owns 4,057,170 shares of the company’s stock valued at $46,272,000 after purchasing an additional 834,016 shares during the last quarter. Finally, Artisan Partners Limited Partnership boosted its position in Warner Bros. Discovery by 1.5% during the fourth quarter. Artisan Partners Limited Partnership now owns 8,504,716 shares of the company’s stock worth $96,784,000 after purchasing an additional 123,693 shares during the period. 59.95% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. cut their target price on shares of Warner Bros. Discovery from $10.00 to $8.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. Barclays cut their price objective on shares of Warner Bros. Discovery from $9.00 to $8.00 and set an “equal weight” rating for the company in a research report on Thursday, August 8th. Benchmark reaffirmed a “buy” rating and issued a $18.00 target price on shares of Warner Bros. Discovery in a research report on Friday, September 13th. Deutsche Bank Aktiengesellschaft dropped their price target on Warner Bros. Discovery from $16.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Finally, TD Cowen decreased their price objective on Warner Bros. Discovery from $15.00 to $14.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $10.93.

Warner Bros. Discovery Stock Performance

Shares of NASDAQ:WBD opened at $8.24 on Monday. Warner Bros. Discovery, Inc. has a 1 year low of $6.64 and a 1 year high of $12.70. The stock has a market capitalization of $20.19 billion, a price-to-earnings ratio of -6.65 and a beta of 1.48. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.76 and a quick ratio of 0.76. The company’s 50 day simple moving average is $7.86 and its 200 day simple moving average is $7.97.

Warner Bros. Discovery (NASDAQ:WBD) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($4.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($3.89). Warner Bros. Discovery had a negative net margin of 29.47% and a negative return on equity of 27.28%. The business had revenue of $9.71 billion during the quarter, compared to the consensus estimate of $10.07 billion. During the same quarter in the previous year, the business posted ($0.51) EPS. The company’s revenue for the quarter was down 6.2% on a year-over-year basis. As a group, research analysts predict that Warner Bros. Discovery, Inc. will post -4.17 EPS 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.