Royal Bank of Canada Sells 1,044,352 Shares of Warner Bros. Discovery, Inc. $WBD

Royal Bank of Canada lowered its stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 21.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,922,133 shares of the company’s stock after selling 1,044,352 shares during the period. Royal Bank of Canada owned approximately 0.16% of Warner Bros. Discovery worth $107,702,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of WBD. Empyrean Capital Partners LP grew its position in Warner Bros. Discovery by 29.1% during the 1st quarter. Empyrean Capital Partners LP now owns 2,583,000 shares of the company’s stock worth $70,929,000 after acquiring an additional 583,000 shares during the last quarter. Quantinno Capital Management LP lifted its position in Warner Bros. Discovery by 19.8% in the first quarter. Quantinno Capital Management LP now owns 1,298,118 shares of the company’s stock valued at $35,646,000 after purchasing an additional 214,640 shares during the last quarter. Lazard Asset Management LLC lifted its position in Warner Bros. Discovery by 8.0% in the first quarter. Lazard Asset Management LLC now owns 25,115 shares of the company’s stock valued at $690,000 after purchasing an additional 1,852 shares during the last quarter. Sona Asset Management US LLC boosted its stake in shares of Warner Bros. Discovery by 493.6% during the first quarter. Sona Asset Management US LLC now owns 5,936,209 shares of the company’s stock valued at $163,008,000 after purchasing an additional 4,936,209 shares during the period. Finally, Troluce Capital Advisors LLC purchased a new stake in shares of Warner Bros. Discovery during the first quarter valued at approximately $10,627,000. Institutional investors own 59.95% of the company’s stock.

Warner Bros. Discovery Price Performance

Shares of WBD stock opened at $26.30 on Friday. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.73 and a current ratio of 0.73. Warner Bros. Discovery, Inc. has a fifty-two week low of $10.76 and a fifty-two week high of $30.00. The firm has a market cap of $65.94 billion, a P/E ratio of -37.57 and a beta of 1.54. The business’s 50 day moving average price is $26.57 and its 200-day moving average price is $27.29.

Warner Bros. Discovery (NASDAQ:WBD) last announced its earnings results on Wednesday, May 6th. The company reported ($1.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($1.07). Warner Bros. Discovery had a negative net margin of 4.67% and a negative return on equity of 4.77%. The business had revenue of $8.89 billion for the quarter, compared to the consensus estimate of $8.89 billion. During the same quarter in the prior year, the company earned ($0.18) EPS. Warner Bros. Discovery’s revenue was down 1.0% compared to the same quarter last year. On average, equities research analysts anticipate that Warner Bros. Discovery, Inc. will post -1.08 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. UBS Group raised their target price on shares of Warner Bros. Discovery from $30.00 to $31.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Weiss Ratings cut shares of Warner Bros. Discovery from a “hold (c-)” rating to a “sell (d-)” rating in a research report on Thursday, May 7th. Seaport Research Partners cut shares of Warner Bros. Discovery from a “buy” rating to a “neutral” rating in a research report on Monday, July 27th. Guggenheim reissued a “neutral” rating on shares of Warner Bros. Discovery in a report on Thursday, May 7th. Finally, KeyCorp restated an “overweight” rating on shares of Warner Bros. Discovery in a research report on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, Warner Bros. Discovery presently has an average rating of “Hold” and an average target price of $27.04.

Warner Bros. Discovery Company Profile

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.