Key Points
- Insider sale: Amy Girdwood sold 262,285 Warner Bros. Discovery shares for approximately $7.34 million at an average price of $27.98, reducing her ownership by 32.72% to 539,374 shares.
- Operating results: WBD reported quarterly EPS of $0.06, beating estimates of a $0.14 loss, but revenue fell 11.2% year over year to $8.72 billion, below expectations.
- Market outlook: Analysts have a consensus “Hold” rating and a $27.69 target price, while institutional investors own nearly 60% of the company’s stock.
Warner Bros. Discovery, Inc. (NASDAQ:WBD - Get Free Report) insider Amy Girdwood sold 262,285 shares of the firm's stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $27.98, for a total transaction of $7,338,734.30. Following the completion of the sale, the insider owned 539,374 shares in the company, valued at $15,091,684.52. This represents a 32.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.
Warner Bros. Discovery Stock Up 1.0%
Shares of Warner Bros. Discovery stock opened at $28.20 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.90. The company has a market cap of $70.80 billion, a P/E ratio of -22.20 and a beta of 1.57. The firm's 50 day moving average price is $27.20 and its 200-day moving average price is $27.24. Warner Bros. Discovery, Inc. has a 52-week low of $12.56 and a 52-week high of $30.00.
Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported $0.06 EPS for the quarter, beating analysts' consensus estimates of ($0.14) by $0.20. The company had revenue of $8.72 billion during the quarter, compared to analysts' expectations of $9.25 billion. Warner Bros. Discovery had a negative net margin of 8.77% and a negative return on equity of 8.91%. Warner Bros. Discovery's revenue for the quarter was down 11.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.63 earnings per share. On average, sell-side analysts predict that Warner Bros. Discovery, Inc. will post -1.11 EPS for the current fiscal year.
Analyst Ratings Changes
Several analysts have recently commented on WBD shares. Weiss Ratings upgraded Warner Bros. Discovery from a "sell (d-)" rating to a "sell (d+)" rating in a report on Tuesday, August 18th. Huber Research raised Warner Bros. Discovery from an "underweight" rating to an "overweight" rating in a research report on Monday, June 1st. Zacks Research upgraded Warner Bros. Discovery from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 25th. Freedom Capital raised Warner Bros. Discovery from a "hold" rating to a "strong-buy" rating in a report on Monday, August 10th. Finally, Seaport Research Partners lowered Warner Bros. Discovery from a "buy" rating to a "neutral" rating in a research note on Monday, July 27th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $27.69.
View Our Latest Analysis on WBD
Institutional Investors Weigh In On Warner Bros. Discovery
A number of large investors have recently made changes to their positions in the stock. Bank of America Corp DE raised its stake in Warner Bros. Discovery by 21.9% during the first quarter. Bank of America Corp DE now owns 16,616,949 shares of the company's stock worth $456,301,000 after purchasing an additional 2,980,900 shares during the period. Handelsbanken Fonder AB boosted its holdings in Warner Bros. Discovery by 130.8% in the 4th quarter. Handelsbanken Fonder AB now owns 1,008,638 shares of the company's stock valued at $29,069,000 after purchasing an additional 571,612 shares during the last quarter. Brighton Jones LLC grew its stake in shares of Warner Bros. Discovery by 304.9% in the 4th quarter. Brighton Jones LLC now owns 68,950 shares of the company's stock valued at $729,000 after buying an additional 51,920 shares during the period. Geode Capital Management LLC grew its stake in shares of Warner Bros. Discovery by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 66,597,575 shares of the company's stock valued at $1,912,634,000 after buying an additional 1,028,346 shares during the period. Finally, Empyrean Capital Partners LP increased its holdings in shares of 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 buying an additional 583,000 shares during the last quarter. 59.95% of the stock is owned by hedge funds and other institutional investors.
About Warner Bros. Discovery
(
Get Free Report)
Warner Bros. Discovery, Inc is a global media and entertainment company that develops, produces and distributes television, film and digital content. Its portfolio includes Warner Bros. film and television studios, HBO, CNN, Discovery, TLC, HGTV, Food Network, TNT Sports and other well-known brands.
The company operates streaming services including Max, which features HBO programming, Warner Bros. films, original series and other entertainment content, and discovery+, which focuses on lifestyle, documentary and nonfiction programming.
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