Clearbridge Investments LLC Reduces Stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Clearbridge Investments LLC decreased its stake in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 29.7% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 4,779,977 shares of the company’s stock after selling 2,015,597 shares during the period. Clearbridge Investments LLC owned 0.20% of Warner Bros. Discovery worth $54,396,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in WBD. Fortis Group Advisors LLC bought a new position in shares of Warner Bros. Discovery during the 3rd quarter valued at about $25,000. Pacifica Partners Inc. increased its position in shares of Warner Bros. Discovery by 118.2% during the 4th quarter. Pacifica Partners Inc. now owns 2,483 shares of the company’s stock valued at $27,000 after purchasing an additional 1,345 shares during the last quarter. Milestone Investment Advisors LLC bought a new position in shares of Warner Bros. Discovery during the 3rd quarter valued at about $28,000. Headinvest LLC bought a new position in shares of Warner Bros. Discovery during the 3rd quarter valued at about $28,000. Finally, Systematic Alpha Investments LLC bought a new position in shares of Warner Bros. Discovery during the 3rd quarter valued at about $31,000. Hedge funds and other institutional investors own 59.95% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on WBD. Wells Fargo & Company lowered Warner Bros. Discovery from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $16.00 to $12.00 in a research report on Monday, January 29th. Wolfe Research cut Warner Bros. Discovery from a “peer perform” rating to an “underperform” rating and set a $7.00 price objective for the company. in a report on Tuesday, April 23rd. Barclays dropped their price objective on Warner Bros. Discovery from $10.00 to $9.00 and set an “equal weight” rating for the company in a report on Thursday, February 29th. Barrington Research reiterated an “outperform” rating and issued a $18.00 price objective on shares of Warner Bros. Discovery in a report on Thursday, May 9th. Finally, Rosenblatt Securities upgraded Warner Bros. Discovery from a “sell” rating to a “neutral” rating and raised their target price for the company from $7.00 to $10.00 in a research note on Thursday, March 21st. One analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $13.32.

Warner Bros. Discovery Price Performance

NASDAQ:WBD opened at $8.06 on Thursday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.87. Warner Bros. Discovery, Inc. has a 12 month low of $7.34 and a 12 month high of $14.76. The business’s 50-day moving average is $8.31 and its 200 day moving average is $9.67.

Warner Bros. Discovery (NASDAQ:WBD) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($0.40) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.16). Warner Bros. Discovery had a negative return on equity of 6.58% and a negative net margin of 7.45%. The company had revenue of $9.96 billion for the quarter, compared to the consensus estimate of $10.22 billion. During the same period in the previous year, the firm earned $0.18 earnings per share. The company’s revenue was down 6.9% compared to the same quarter last year. On average, research analysts expect that Warner Bros. Discovery, Inc. will post -0.38 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.