ACT Wealth Management LLC Lowers Stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

ACT Wealth Management LLC trimmed its holdings in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 5.0% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 44,215 shares of the company’s stock after selling 2,345 shares during the period. Warner Bros. Discovery accounts for approximately 0.2% of ACT Wealth Management LLC’s portfolio, making the stock its 28th largest position. ACT Wealth Management LLC’s holdings in Warner Bros. Discovery were worth $365,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in WBD. Sessa Capital IM L.P. raised its position in Warner Bros. Discovery by 28.8% during the 2nd quarter. Sessa Capital IM L.P. now owns 22,784,883 shares of the company’s stock worth $169,520,000 after buying an additional 5,100,000 shares during the last quarter. EdgePoint Investment Group Inc. raised its holdings in Warner Bros. Discovery by 1.1% during the second quarter. EdgePoint Investment Group Inc. now owns 20,855,527 shares of the company’s stock worth $155,165,000 after purchasing an additional 235,192 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Warner Bros. Discovery by 5.3% in the second quarter. Bank of New York Mellon Corp now owns 14,192,814 shares of the company’s stock valued at $105,595,000 after purchasing an additional 719,869 shares during the period. Yacktman Asset Management LP lifted its position in Warner Bros. Discovery by 1.2% in the second quarter. Yacktman Asset Management LP now owns 8,152,369 shares of the company’s stock valued at $60,654,000 after purchasing an additional 100,565 shares during the period. Finally, Thompson Siegel & Walmsley LLC boosted its holdings in Warner Bros. Discovery by 23.9% in the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 7,542,407 shares of the company’s stock valued at $56,116,000 after purchasing an additional 1,452,913 shares in the last quarter. Institutional investors and hedge funds own 59.95% of the company’s stock.

Warner Bros. Discovery Trading Down 0.4 %

Shares of WBD stock opened at $7.69 on Wednesday. The company has a market capitalization of $18.84 billion, a price-to-earnings ratio of -6.23 and a beta of 1.48. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 1.06. The firm has a 50-day moving average price of $7.79 and a 200 day moving average price of $7.92. Warner Bros. Discovery, Inc. has a twelve month low of $6.64 and a twelve month high of $12.70.

Warner Bros. Discovery (NASDAQ:WBD) last announced its quarterly earnings data 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). The firm had revenue of $9.71 billion for the quarter, compared to analysts’ expectations of $10.07 billion. Warner Bros. Discovery had a negative net margin of 29.47% and a negative return on equity of 27.28%. The business’s quarterly revenue was down 6.2% on a year-over-year basis. During the same period in the previous year, the company posted ($0.51) EPS. Research analysts forecast that Warner Bros. Discovery, Inc. will post -4.17 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently commented on WBD shares. Rosenblatt Securities reissued a “neutral” rating and issued a $9.00 price target on shares of Warner Bros. Discovery in a report on Friday, September 13th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Warner Bros. Discovery from $16.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Barrington Research reiterated an “outperform” rating and issued a $12.00 price target on shares of Warner Bros. Discovery in a report on Tuesday, July 23rd. Macquarie decreased their price objective on shares of Warner Bros. Discovery from $9.00 to $8.00 and set a “neutral” rating on the stock in a report on Monday, August 12th. Finally, Wells Fargo & Company dropped their target price on shares of Warner Bros. Discovery from $9.00 to $7.00 and set an “equal weight” rating for the company in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Warner Bros. Discovery has a consensus rating of “Hold” and a consensus price target of $10.78.

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.