Warner Bros. Discovery, Inc. (NASDAQ:WBD) Shares Sold by ProShare Advisors LLC

ProShare Advisors LLC lowered its position in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 9.5% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,410,947 shares of the company’s stock after selling 252,643 shares during the quarter. ProShare Advisors LLC owned about 0.10% of Warner Bros. Discovery worth $17,937,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. The Manufacturers Life Insurance Company grew its position in shares of Warner Bros. Discovery by 17.0% during the 4th quarter. The Manufacturers Life Insurance Company now owns 25,534,218 shares of the company’s stock valued at $290,579,000 after buying an additional 3,710,343 shares during the last quarter. EdgePoint Investment Group Inc. raised its position in shares of Warner Bros. Discovery by 14.6% during the 1st quarter. EdgePoint Investment Group Inc. now owns 20,620,335 shares of the company’s stock worth $180,016,000 after purchasing an additional 2,621,582 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Warner Bros. Discovery by 5.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 14,192,814 shares of the company’s stock worth $105,595,000 after purchasing an additional 719,869 shares during the last quarter. Artisan Partners Limited Partnership boosted its position in Warner Bros. Discovery by 1.5% during the 4th quarter. Artisan Partners Limited Partnership now owns 8,504,716 shares of the company’s stock valued at $96,784,000 after purchasing an additional 123,693 shares during the period. Finally, Yacktman Asset Management LP grew its stake in Warner Bros. Discovery by 1.2% during the 2nd quarter. Yacktman Asset Management LP now owns 8,152,369 shares of the company’s stock worth $60,654,000 after buying an additional 100,565 shares during the last quarter. Institutional investors own 59.95% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on WBD. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Warner Bros. Discovery from $16.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Benchmark restated a “buy” rating and issued a $18.00 target price on shares of Warner Bros. Discovery in a research report on Friday, September 13th. Needham & Company LLC restated a “hold” rating on shares of Warner Bros. Discovery in a research note on Thursday, August 8th. Moffett Nathanson reduced their price objective on Warner Bros. Discovery from $10.00 to $9.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Finally, The Goldman Sachs Group lowered their target price on Warner Bros. Discovery from $8.50 to $7.50 and set a “neutral” rating on the stock in a research 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 company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $10.93.

Warner Bros. Discovery Stock Performance

Shares of WBD opened at $8.16 on Tuesday. The company has a market capitalization of $19.99 billion, a PE ratio of -6.58 and a beta of 1.48. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.76 and a current ratio of 0.76. The company’s 50 day moving average price is $7.88 and its 200 day moving average price is $7.97. Warner Bros. Discovery, Inc. has a 52 week low of $6.64 and a 52 week high of $12.70.

Warner Bros. Discovery (NASDAQ:WBD) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($4.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.18) by ($3.89). The company had revenue of $9.71 billion during the quarter, compared to analyst estimates of $10.07 billion. Warner Bros. Discovery had a negative return on equity of 27.28% and a negative net margin of 29.47%. The company’s revenue was down 6.2% compared to the same quarter last year. During the same period last year, the company posted ($0.51) earnings per share. Research analysts expect 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.