Warner Bros. Discovery, Inc. (NASDAQ:WBD) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System lessened its holdings in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 8.9% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 709,725 shares of the company’s stock after selling 69,300 shares during the quarter. State of Michigan Retirement System’s holdings in Warner Bros. Discovery were worth $7,502,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Steward Partners Investment Advisory LLC increased its holdings in shares of Warner Bros. Discovery by 7.9% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 65,162 shares of the company’s stock valued at $689,000 after acquiring an additional 4,789 shares during the last quarter. Wernau Asset Management Inc. acquired a new position in Warner Bros. Discovery in the fourth quarter valued at approximately $202,000. Quintet Private Bank Europe S.A. increased its stake in Warner Bros. Discovery by 26.6% in the fourth quarter. Quintet Private Bank Europe S.A. now owns 321,921 shares of the company’s stock valued at $3,403,000 after purchasing an additional 67,600 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in Warner Bros. Discovery during the fourth quarter worth approximately $874,000. Finally, Jones Financial Companies Lllp lifted its position in shares of Warner Bros. Discovery by 28.5% during the 4th quarter. Jones Financial Companies Lllp now owns 137,011 shares of the company’s stock worth $1,448,000 after buying an additional 30,400 shares during the last quarter. 59.95% of the stock is currently owned by institutional investors and hedge funds.

Warner Bros. Discovery Trading Up 1.0 %

Shares of Warner Bros. Discovery stock opened at $11.43 on Thursday. The firm has a market cap of $28.04 billion, a price-to-earnings ratio of -2.50, a price-to-earnings-growth ratio of 8.64 and a beta of 1.49. Warner Bros. Discovery, Inc. has a 52-week low of $6.64 and a 52-week high of $12.70. The company’s 50-day simple moving average is $10.36 and its 200-day simple moving average is $9.34. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.03.

Warner Bros. Discovery (NASDAQ:WBD) last released its earnings results on Thursday, February 27th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.30). The business had revenue of $10.03 billion for the quarter, compared to analyst estimates of $10.16 billion. Warner Bros. Discovery had a negative return on equity of 27.56% and a negative net margin of 28.34%. As a group, equities research analysts anticipate that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts recently commented on WBD shares. Guggenheim increased their target price on shares of Warner Bros. Discovery from $11.00 to $12.50 and gave the company a “buy” rating in a research report on Thursday, December 12th. The Goldman Sachs Group raised their price objective on Warner Bros. Discovery from $9.50 to $10.75 and gave the stock a “neutral” rating in a report on Thursday, December 19th. Benchmark reissued a “buy” rating and issued a $18.00 target price on shares of Warner Bros. Discovery in a report on Wednesday, February 26th. KeyCorp raised their price target on Warner Bros. Discovery from $11.00 to $14.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 10th. Finally, Macquarie boosted their price objective on Warner Bros. Discovery from $8.00 to $9.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Ten equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Warner Bros. Discovery currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.91.

Insider Buying and Selling

In related news, Director Piazza Samuel A. Jr. Di bought 17,346 shares of the stock in a transaction on Monday, March 3rd. The shares were bought at an average cost of $11.41 per share, for a total transaction of $197,917.86. Following the completion of the transaction, the director now owns 159,932 shares of the company’s stock, valued at $1,824,824.12. This represents a 12.17 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Savalle Sims sold 169,436 shares of the stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $12.36, for a total transaction of $2,094,228.96. Following the completion of the transaction, the insider now directly owns 599,317 shares of the company’s stock, valued at approximately $7,407,558.12. This trade represents a 22.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.80% of the stock is currently owned by corporate insiders.

Warner Bros. Discovery Company 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.