Summit Financial LLC Has $1.19 Million Stock Position in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Summit Financial LLC increased its stake in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 187.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 112,631 shares of the company’s stock after acquiring an additional 73,464 shares during the period. Summit Financial LLC’s holdings in Warner Bros. Discovery were worth $1,191,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in WBD. Alliancebernstein L.P. lifted its stake in Warner Bros. Discovery by 0.6% in the 4th quarter. Alliancebernstein L.P. now owns 2,727,817 shares of the company’s stock valued at $28,833,000 after acquiring an additional 16,596 shares in the last quarter. O Shaughnessy Asset Management LLC lifted its position in shares of Warner Bros. Discovery by 85.6% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 131,910 shares of the company’s stock worth $1,394,000 after purchasing an additional 60,836 shares in the last quarter. CIBC Private Wealth Group LLC boosted its holdings in Warner Bros. Discovery by 34.1% during the fourth quarter. CIBC Private Wealth Group LLC now owns 165,119 shares of the company’s stock worth $1,661,000 after purchasing an additional 42,015 shares during the last quarter. Allianz SE bought a new position in Warner Bros. Discovery in the fourth quarter valued at $2,733,000. Finally, Allstate Corp bought a new position in Warner Bros. Discovery in the fourth quarter valued at $726,000. 59.95% of the stock is owned by institutional investors.

Insider Transactions at Warner Bros. Discovery

In related news, Director Piazza Samuel A. Jr. Di bought 17,346 shares of Warner Bros. Discovery stock in a transaction dated Monday, March 3rd. The shares were bought at an average cost of $11.41 per share, with a total value of $197,917.86. Following the acquisition, the director now owns 159,932 shares in the company, valued at $1,824,824.12. This trade represents a 12.17 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 1.80% of the company’s stock.

Warner Bros. Discovery Stock Performance

Shares of NASDAQ WBD opened at $10.21 on Wednesday. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market cap of $25.06 billion, a price-to-earnings ratio of -2.23, a P/E/G ratio of 8.64 and a beta of 1.48. The stock’s fifty day moving average price is $10.55 and its two-hundred day moving average price is $9.76. Warner Bros. Discovery, Inc. has a one year low of $6.64 and a one year high of $12.70.

Warner Bros. Discovery (NASDAQ:WBD) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of $0.10 by ($0.30). Warner Bros. Discovery had a negative net margin of 28.34% and a negative return on equity of 27.56%. The business had revenue of $10.03 billion during the quarter, compared to analyst estimates of $10.16 billion. On average, equities analysts forecast that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. The Goldman Sachs Group increased their price objective on shares of Warner Bros. Discovery from $9.50 to $10.75 and gave the stock a “neutral” rating in a research note on Thursday, December 19th. Barrington Research restated an “outperform” rating and issued a $16.00 price target on shares of Warner Bros. Discovery in a research note on Wednesday, March 5th. Needham & Company LLC reiterated a “hold” rating on shares of Warner Bros. Discovery in a research note on Friday, February 28th. Guggenheim boosted their target price on shares of Warner Bros. Discovery from $11.00 to $12.50 and gave the stock a “buy” rating in a report on Thursday, December 12th. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and set a $13.00 price target on shares of Warner Bros. Discovery in a research report on Friday, March 7th. Ten analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $11.91.

Warner Bros. Discovery Profile

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.