Sound Shore Management Inc CT Invests $97.95 Million in Warner Bros. Discovery, Inc. $WBD

Sound Shore Management Inc CT acquired a new position in Warner Bros. Discovery, Inc. (NASDAQ:WBD) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 8,547,238 shares of the company’s stock, valued at approximately $97,951,000. Warner Bros. Discovery comprises about 3.3% of Sound Shore Management Inc CT’s holdings, making the stock its 8th largest holding.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Voya Investment Management LLC lifted its stake in Warner Bros. Discovery by 34.9% during the 1st quarter. Voya Investment Management LLC now owns 7,035,842 shares of the company’s stock valued at $75,495,000 after acquiring an additional 1,820,249 shares during the period. Bfsg LLC lifted its stake in Warner Bros. Discovery by 11.2% during the 2nd quarter. Bfsg LLC now owns 156,906 shares of the company’s stock valued at $1,798,000 after acquiring an additional 15,786 shares during the period. Country Club Bank lifted its stake in Warner Bros. Discovery by 54.3% during the 2nd quarter. Country Club Bank now owns 502,878 shares of the company’s stock valued at $5,683,000 after acquiring an additional 176,994 shares during the period. Kingstone Capital Partners Texas LLC acquired a new position in shares of Warner Bros. Discovery in the 2nd quarter valued at $4,089,000. Finally, Mn Services Vermogensbeheer B.V. lifted its stake in shares of Warner Bros. Discovery by 4.3% in the 2nd quarter. Mn Services Vermogensbeheer B.V. now owns 878,600 shares of the company’s stock valued at $10,069,000 after purchasing an additional 36,100 shares during the period. Hedge funds and other institutional investors own 59.95% of the company’s stock.

Insiders Place Their Bets

In related news, Director Anton J. Levy acquired 250,000 shares of Warner Bros. Discovery stock in a transaction on Monday, August 11th. The stock was bought at an average cost of $10.90 per share, for a total transaction of $2,725,000.00. Following the completion of the transaction, the director owned 874,000 shares of the company’s stock, valued at approximately $9,526,600. The trade was a 40.06% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Bruce Campbell sold 289,322 shares of the company’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $16.48, for a total transaction of $4,768,026.56. Following the sale, the insider directly owned 402,464 shares of the company’s stock, valued at $6,632,606.72. The trade was a 41.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 1,192,325 shares of company stock worth $22,818,215. Company insiders own 1.80% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Moffett Nathanson boosted their target price on shares of Warner Bros. Discovery from $14.00 to $23.00 and gave the company a “buy” rating in a research note on Monday, September 22nd. Weiss Ratings upgraded shares of Warner Bros. Discovery from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Warner Bros. Discovery from $19.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, October 22nd. Rothschild & Co Redburn upgraded shares of Warner Bros. Discovery from a “neutral” rating to a “buy” rating and set a $28.00 target price for the company in a research note on Thursday, October 30th. Finally, Sanford C. Bernstein boosted their target price on shares of Warner Bros. Discovery from $13.00 to $16.00 and gave the company a “market perform” rating in a research note on Monday, September 22nd. Three research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and fifteen have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $19.91.

Warner Bros. Discovery Stock Performance

NASDAQ:WBD opened at $22.76 on Thursday. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.04 and a current ratio of 1.04. The company has a fifty day moving average of $18.01 and a two-hundred day moving average of $13.26. The stock has a market capitalization of $56.35 billion, a PE ratio of 75.87, a P/E/G ratio of 2.56 and a beta of 1.73. Warner Bros. Discovery, Inc. has a fifty-two week low of $7.52 and a fifty-two week high of $23.06.

Warner Bros. Discovery (NASDAQ:WBD) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.79. The company 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%. The firm’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same period in the prior year, the business posted ($4.07) earnings per share. As a group, research analysts forecast that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current fiscal year.

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.