NewEdge Wealth LLC Makes New $721,000 Investment in Warner Bros. Discovery, Inc. $WBD

NewEdge Wealth LLC purchased a new position in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 25,003 shares of the company’s stock, valued at approximately $721,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Warner Bros. Discovery by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 283,180,433 shares of the company’s stock worth $8,161,260,000 after purchasing an additional 1,966,278 shares in the last quarter. Jericho Capital Asset Management L.P. raised its holdings in shares of Warner Bros. Discovery by 108.9% in the 3rd quarter. Jericho Capital Asset Management L.P. now owns 35,095,390 shares of the company’s stock worth $685,413,000 after purchasing an additional 18,291,865 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Warner Bros. Discovery by 3.9% in the 3rd quarter. Northern Trust Corp now owns 23,496,725 shares of the company’s stock worth $458,891,000 after purchasing an additional 876,869 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Warner Bros. Discovery by 9.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 18,820,858 shares of the company’s stock worth $367,417,000 after purchasing an additional 1,658,317 shares in the last quarter. Finally, Amundi raised its holdings in shares of Warner Bros. Discovery by 59.6% in the 3rd quarter. Amundi now owns 15,523,538 shares of the company’s stock worth $296,189,000 after purchasing an additional 5,798,592 shares in the last quarter. 59.95% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

WBD has been the topic of a number of research reports. Guggenheim reiterated a “neutral” rating on shares of Warner Bros. Discovery in a report on Thursday, May 7th. Argus dropped their target price on shares of Warner Bros. Discovery from $32.00 to $31.00 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. Arete Research reiterated a “neutral” rating and issued a $31.25 target price on shares of Warner Bros. Discovery in a report on Friday, February 27th. Deutsche Bank Aktiengesellschaft downgraded shares of Warner Bros. Discovery from a “buy” rating to a “hold” rating and boosted their target price for the stock from $29.50 to $31.00 in a report on Friday, February 27th. Finally, KeyCorp reiterated an “overweight” rating on shares of Warner Bros. Discovery in a report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, thirteen have assigned a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $26.36.

Warner Bros. Discovery Trading Down 0.5%

NASDAQ WBD opened at $26.98 on Friday. Warner Bros. Discovery, Inc. has a twelve month low of $8.82 and a twelve month high of $30.00. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.73 and a current ratio of 0.73. The stock has a market cap of $67.64 billion, a price-to-earnings ratio of -38.54 and a beta of 1.57. The firm’s 50 day moving average price is $27.33 and its two-hundred day moving average price is $26.90.

Warner Bros. Discovery (NASDAQ:WBD) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($1.17) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($1.07). Warner Bros. Discovery had a negative return on equity of 4.77% and a negative net margin of 4.67%.The firm had revenue of $8.89 billion for the quarter, compared to analysts’ expectations of $8.89 billion. During the same quarter in the previous year, the firm posted ($0.18) earnings per share. The company’s revenue for the quarter was down 1.0% on a year-over-year basis. Equities analysts anticipate that Warner Bros. Discovery, Inc. will post -0.71 EPS for the current year.

Insider Activity

In other Warner Bros. Discovery news, CEO David Zaslav sold 4,004,149 shares of Warner Bros. Discovery stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $28.26, for a total transaction of $113,157,250.74. Following the transaction, the chief executive officer directly owned 7,200,627 shares in the company, valued at approximately $203,489,719.02. The trade was a 35.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Paul A. Gould sold 600,000 shares of Warner Bros. Discovery stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $27.35, for a total transaction of $16,410,000.00. Following the transaction, the director owned 244,357 shares in the company, valued at approximately $6,683,163.95. The trade was a 71.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 8,206,827 shares of company stock worth $230,674,025. 1.90% of the stock is owned by corporate insiders.

About Warner Bros. Discovery

Warner Bros. Discovery (NASDAQ: WBD) is a global media and entertainment company formed when WarnerMedia and Discovery, Inc combined their businesses in 2022. Headquartered in New York City, the company assembles a broad portfolio of film and television production, linear and cable networks, streaming services and consumer distribution operations. Its assets span well-known studio brands, premium scripted and unscripted programming, news and factual entertainment, and licensed franchise properties.

The company’s core activities include film and television production and distribution through units such as Warner Bros.