Warner Bros. Discovery, Inc. $WBD Shares Sold by Cigna Investments Inc. New

Cigna Investments Inc. New trimmed its holdings in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 8.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,196 shares of the company’s stock after selling 2,138 shares during the quarter. Cigna Investments Inc. New’s holdings in Warner Bros. Discovery were worth $254,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in Warner Bros. Discovery by 1.7% during the first quarter. Vanguard Group Inc. now owns 256,820,031 shares of the company’s stock valued at $2,755,679,000 after purchasing an additional 4,169,240 shares in the last quarter. Invesco Ltd. lifted its stake in Warner Bros. Discovery by 2.1% in the 1st quarter. Invesco Ltd. now owns 43,341,297 shares of the company’s stock valued at $465,052,000 after buying an additional 873,869 shares in the last quarter. Sessa Capital IM L.P. boosted its holdings in Warner Bros. Discovery by 4.0% in the 1st quarter. Sessa Capital IM L.P. now owns 29,555,277 shares of the company’s stock worth $317,128,000 after buying an additional 1,144,849 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in Warner Bros. Discovery by 4.5% during the 1st quarter. The Manufacturers Life Insurance Company now owns 24,672,364 shares of the company’s stock worth $264,734,000 after buying an additional 1,063,535 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Warner Bros. Discovery by 1.9% during the first quarter. Northern Trust Corp now owns 23,427,661 shares of the company’s stock valued at $251,379,000 after acquiring an additional 430,787 shares during the last quarter. Institutional investors and hedge funds own 59.95% of the company’s stock.

Insider Buying and Selling

In other news, insider Bruce Campbell sold 150,000 shares of the firm’s stock in a transaction on Friday, September 12th. The shares were sold at an average price of $18.00, for a total value of $2,700,000.00. Following the sale, the insider directly owned 252,464 shares in the company, valued at approximately $4,544,352. This trade represents a 37.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Anton J. Levy acquired 75,000 shares of the firm’s stock in a transaction dated Tuesday, August 12th. The shares were purchased at an average cost of $11.00 per share, with a total value of $825,000.00. Following the completion of the transaction, the director owned 949,000 shares in the company, valued at approximately $10,439,000. The trade was a 8.58% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 970,115 shares of company stock worth $17,818,490. Company insiders own 1.90% of the company’s stock.

Warner Bros. Discovery Stock Down 0.2%

Shares of NASDAQ:WBD opened at $19.78 on Friday. The company has a market capitalization of $48.97 billion, a price-to-earnings ratio of 65.94, a PEG ratio of 2.64 and a beta of 1.59. Warner Bros. Discovery, Inc. has a 12-month low of $7.25 and a 12-month high of $20.24. The business has a 50-day moving average price of $13.71 and a 200 day moving average price of $11.16. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.92.

Warner Bros. Discovery (NASDAQ:WBD) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.79. The business had revenue of $9.81 billion during the quarter, compared to analysts’ expectations of $9.73 billion. Warner Bros. Discovery had a net margin of 2.00% and a return on equity of 2.14%. During the same period last year, the business earned ($4.07) earnings per share. The business’s revenue for the quarter was up 1.0% on a year-over-year basis. Sell-side analysts expect that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have weighed in on WBD. Huber Research upgraded Warner Bros. Discovery from a “strong sell” rating to a “strong-buy” rating in a report on Monday, June 9th. Moffett Nathanson raised their price target on shares of Warner Bros. Discovery from $14.00 to $23.00 and gave the stock a “buy” rating in a research note on Monday. Benchmark restated a “buy” rating and set a $18.00 price target on shares of Warner Bros. Discovery in a research report on Monday, July 14th. TD Cowen reiterated a “hold” rating and issued a $14.00 price objective on shares of Warner Bros. Discovery in a report on Tuesday, September 16th. Finally, Bank of America boosted their target price on Warner Bros. Discovery from $14.00 to $16.00 and gave the stock a “buy” rating in a report on Tuesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and fourteen have given a Hold rating to the company. According to MarketBeat.com, Warner Bros. Discovery currently has a consensus rating of “Hold” and an average target price of $14.07.

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.