California Public Employees Retirement System Sells 155,518 Shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD)

California Public Employees Retirement System lessened its stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 3.8% during the 4th quarter, Holdings Channel.com reports. The firm owned 3,886,045 shares of the company’s stock after selling 155,518 shares during the quarter. California Public Employees Retirement System’s holdings in Warner Bros. Discovery were worth $44,223,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Fortis Group Advisors LLC purchased a new position in Warner Bros. Discovery during the 3rd quarter worth $25,000. Peoples Bank KS purchased a new position in shares of Warner Bros. Discovery in the 3rd quarter valued at approximately $27,000. Pacifica Partners Inc. grew its position in Warner Bros. Discovery by 118.2% during the 4th quarter. Pacifica Partners Inc. now owns 2,483 shares of the company’s stock worth $27,000 after purchasing an additional 1,345 shares during the last quarter. Milestone Investment Advisors LLC acquired a new position in Warner Bros. Discovery during the 3rd quarter valued at approximately $28,000. Finally, Headinvest LLC acquired a new stake in shares of Warner Bros. Discovery during the third quarter worth $28,000. 59.95% of the stock is owned by hedge funds and other institutional investors.

Warner Bros. Discovery Stock Performance

NASDAQ:WBD opened at $8.11 on Friday. The firm’s fifty day simple moving average is $8.65 and its 200 day simple moving average is $9.99. The firm has a market capitalization of $19.79 billion, a price-to-earnings ratio of -6.34 and a beta of 1.51. Warner Bros. Discovery, Inc. has a twelve month low of $8.02 and a twelve month high of $14.76. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.90.

Warner Bros. Discovery (NASDAQ:WBD) last released its quarterly earnings results on Friday, February 23rd. The company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.05). Warner Bros. Discovery had a negative return on equity of 3.48% and a negative net margin of 7.57%. The company had revenue of $10.28 billion during the quarter, compared to analysts’ expectations of $10.34 billion. During the same quarter in the prior year, the company earned $0.42 EPS. The firm’s revenue was down 6.6% compared to the same quarter last year. As a group, equities research analysts expect that Warner Bros. Discovery, Inc. will post -0.35 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

WBD has been the topic of several research reports. Barclays cut their target price on Warner Bros. Discovery from $10.00 to $9.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 29th. Morgan Stanley cut their price objective on shares of Warner Bros. Discovery from $14.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Monday, February 26th. Redburn Atlantic downgraded shares of Warner Bros. Discovery from a “buy” rating to a “neutral” rating and set a $11.00 target price for the company. in a research report on Thursday, January 11th. Wolfe Research downgraded Warner Bros. Discovery from a “peer perform” rating to an “underperform” rating and set a $7.00 price target on the stock. in a research report on Tuesday. Finally, Citigroup lowered their target price on Warner Bros. Discovery from $16.00 to $14.00 and set a “buy” rating on the stock in a research note on Thursday, February 29th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, Warner Bros. Discovery presently has an average rating of “Moderate Buy” and a consensus target price of $13.83.

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.