California Public Employees Retirement System Reduces Stock Position in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

California Public Employees Retirement System trimmed its position in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 5.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,780,050 shares of the company’s stock after selling 233,342 shares during the quarter. California Public Employees Retirement System’s holdings in Warner Bros. Discovery were worth $39,955,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Allianz SE acquired a new position in Warner Bros. Discovery during the fourth quarter valued at $2,733,000. Allstate Corp purchased a new position in shares of Warner Bros. Discovery during the 4th quarter valued at about $726,000. DnB Asset Management AS lifted its holdings in shares of Warner Bros. Discovery by 295.4% in the 4th quarter. DnB Asset Management AS now owns 1,519,337 shares of the company’s stock valued at $16,059,000 after buying an additional 1,135,063 shares during the period. Level Four Advisory Services LLC boosted its stake in shares of Warner Bros. Discovery by 7.6% in the fourth quarter. Level Four Advisory Services LLC now owns 26,503 shares of the company’s stock worth $280,000 after buying an additional 1,866 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Warner Bros. Discovery in the fourth quarter worth about $362,210,000. Institutional investors and hedge funds own 59.95% of the company’s stock.

Warner Bros. Discovery Trading Up 3.4 %

Shares of WBD stock opened at $10.56 on Thursday. Warner Bros. Discovery, Inc. has a fifty-two week low of $6.64 and a fifty-two week high of $12.70. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.80 and a current ratio of 0.80. The stock’s fifty day moving average is $10.56 and its two-hundred day moving average is $9.76. The firm has a market capitalization of $25.92 billion, a P/E ratio of -2.31, a PEG ratio of 8.64 and a beta of 1.48.

Warner Bros. Discovery (NASDAQ:WBD) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.30). The business had revenue of $10.03 billion during the quarter, compared to analysts’ expectations of $10.16 billion. Warner Bros. Discovery had a negative return on equity of 27.56% and a negative net margin of 28.34%. Research analysts expect that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

WBD has been the subject of a number of analyst reports. Guggenheim boosted their price target on Warner Bros. Discovery from $11.00 to $12.50 and gave the company a “buy” rating in a report on Thursday, December 12th. Rosenblatt Securities reissued a “neutral” rating and set a $13.00 price target on shares of Warner Bros. Discovery in a report on Friday, March 7th. Barclays lifted their price objective on shares of Warner Bros. Discovery from $10.00 to $12.00 and gave the company an “equal weight” rating in a report on Friday, February 28th. Citigroup increased their target price on shares of Warner Bros. Discovery from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, March 5th. Finally, KeyCorp lifted their price target on Warner Bros. Discovery from $11.00 to $14.00 and gave the company an “overweight” rating in a research note on Tuesday, December 10th. Ten investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Warner Bros. Discovery presently has a consensus rating of “Moderate Buy” and an average price target of $11.91.

Insiders Place Their Bets

In related news, Director Piazza Samuel A. Jr. Di bought 17,346 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was bought at an average cost of $11.41 per share, for a total transaction of $197,917.86. Following the acquisition, the director now directly owns 159,932 shares in the company, valued at $1,824,824.12. This represents a 12.17 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 1.80% of the company’s stock.

Warner Bros. Discovery Profile

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.