PNC Financial Services Group Inc. Sells 39,057 Shares of Warner Bros. Discovery, Inc. $WBD

PNC Financial Services Group Inc. lessened its holdings in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 7.6% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 472,577 shares of the company’s stock after selling 39,057 shares during the period. PNC Financial Services Group Inc.’s holdings in Warner Bros. Discovery were worth $5,416,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. Voya Investment Management LLC boosted its holdings in shares of Warner Bros. Discovery by 34.9% in the 1st quarter. Voya Investment Management LLC now owns 7,035,842 shares of the company’s stock worth $75,495,000 after buying an additional 1,820,249 shares during the last quarter. Bfsg LLC raised its position in Warner Bros. Discovery by 11.2% in the second quarter. Bfsg LLC now owns 156,906 shares of the company’s stock worth $1,798,000 after acquiring an additional 15,786 shares during the period. Penserra Capital Management LLC boosted its stake in Warner Bros. Discovery by 29,882.6% in the second quarter. Penserra Capital Management LLC now owns 62,064 shares of the company’s stock valued at $710,000 after acquiring an additional 61,857 shares during the last quarter. Country Club Bank grew its position in shares of 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. Finally, Kingstone Capital Partners Texas LLC bought a new position in shares of Warner Bros. Discovery during the 2nd quarter valued at approximately $4,089,000. 59.95% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

WBD has been the topic of a number of research reports. Bank of America lifted their price target on shares of Warner Bros. Discovery from $16.00 to $24.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th. Moffett Nathanson boosted their target price on Warner Bros. Discovery from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, November 7th. Rothschild Redb raised Warner Bros. Discovery from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 30th. Weiss Ratings reissued a “sell (d+)” rating on shares of Warner Bros. Discovery in a report on Thursday. Finally, Barrington Research restated an “outperform” rating and issued a $25.00 price objective on shares of Warner Bros. Discovery in a research note on Friday. Three research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Warner Bros. Discovery currently has a consensus rating of “Moderate Buy” and an average target price of $21.92.

Warner Bros. Discovery Price Performance

Shares of NASDAQ WBD opened at $23.03 on Monday. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.04 and a current ratio of 1.04. Warner Bros. Discovery, Inc. has a fifty-two week low of $7.52 and a fifty-two week high of $23.19. The stock has a market cap of $57.02 billion, a PE ratio of 76.77, a price-to-earnings-growth ratio of 2.56 and a beta of 1.74. The stock has a fifty day moving average of $19.53 and a 200-day moving average of $14.00.

Warner Bros. Discovery (NASDAQ:WBD) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.02). Warner Bros. Discovery had a return on equity of 2.14% and a net margin of 2.00%.The company had revenue of $9.05 billion for the quarter, compared to analysts’ expectations of $9.17 billion. During the same period last year, the company posted $0.05 EPS. The business’s revenue for the quarter was down 6.0% on a year-over-year basis. Equities research analysts anticipate that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current year.

Insider Transactions at Warner Bros. Discovery

In related news, insider Bruce Campbell sold 150,000 shares of the company’s stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $18.00, for a total transaction of $2,700,000.00. Following the sale, the insider owned 252,464 shares of the company’s stock, valued at approximately $4,544,352. This represents a 37.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Gunnar Wiedenfels sold 222,210 shares of the stock in a transaction that occurred on Friday, October 31st. The stock was sold at an average price of $22.50, for a total transaction of $4,999,725.00. Following the completion of the sale, the chief financial officer owned 918,940 shares in the company, valued at $20,676,150. This represents a 19.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 1,192,325 shares of company stock worth $22,818,215. Insiders own 1.90% of the company’s stock.

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.