Warner Bros. Discovery, Inc. $WBD is Private Management Group Inc.’s 2nd Largest Position

Private Management Group Inc. lowered its stake in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 29.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,974,671 shares of the company’s stock after selling 1,619,537 shares during the period. Warner Bros. Discovery makes up approximately 2.3% of Private Management Group Inc.’s portfolio, making the stock its 2nd biggest holding. Private Management Group Inc. owned approximately 0.16% of Warner Bros. Discovery worth $77,625,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Concord Wealth Partners grew its stake in shares of Warner Bros. Discovery by 49.9% during the 3rd quarter. Concord Wealth Partners now owns 1,321 shares of the company’s stock valued at $26,000 after buying an additional 440 shares during the period. Physician Wealth Advisors Inc. increased its holdings in shares of Warner Bros. Discovery by 152.1% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 1,404 shares of the company’s stock worth $27,000 after buying an additional 847 shares during the last quarter. Grove Bank & Trust raised its position in shares of Warner Bros. Discovery by 66.5% in the 3rd quarter. Grove Bank & Trust now owns 1,690 shares of the company’s stock worth $33,000 after buying an additional 675 shares during the period. Crews Bank & Trust raised its position in shares of Warner Bros. Discovery by 1,242.2% in the 3rd quarter. Crews Bank & Trust now owns 1,718 shares of the company’s stock worth $34,000 after buying an additional 1,590 shares during the period. Finally, Meeder Asset Management Inc. boosted its holdings in Warner Bros. Discovery by 183.9% in the third quarter. Meeder Asset Management Inc. now owns 1,891 shares of the company’s stock valued at $37,000 after acquiring an additional 1,225 shares during the last quarter. Institutional investors and hedge funds own 59.95% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on WBD. Morgan Stanley set a $29.00 price target on Warner Bros. Discovery in a research report on Thursday, December 18th. Rothschild & Co Redburn set a $31.00 price objective on Warner Bros. Discovery and gave the stock a “neutral” rating in a report on Tuesday, February 17th. Weiss Ratings raised Warner Bros. Discovery from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, February 23rd. Moffett Nathanson upgraded Warner Bros. Discovery from a “hold” rating to a “strong-buy” rating in a report on Sunday, March 8th. Finally, Arete Research reissued a “neutral” rating and set a $31.25 target price on shares of Warner Bros. Discovery in a research report on Friday, February 27th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, fifteen have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Warner Bros. Discovery has a consensus rating of “Hold” and a consensus price target of $26.30.

Insider Buying and Selling at Warner Bros. Discovery

In related news, CFO Gunnar Wiedenfels sold 374,323 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $28.05, for a total transaction of $10,499,760.15. Following the transaction, the chief financial officer directly owned 663,380 shares of the company’s stock, valued at approximately $18,607,809. The trade was a 36.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO David Zaslav sold 4,004,149 shares of the company’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $28.26, for a total value of $113,157,250.74. Following the completion of the transaction, the chief executive officer owned 7,200,627 shares of the company’s stock, valued at approximately $203,489,719.02. This represents a 35.74% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 7,571,827 shares of company stock worth $213,302,225. Insiders own 1.90% of the company’s stock.

Warner Bros. Discovery Stock Down 1.1%

Shares of NASDAQ WBD opened at $27.14 on Friday. The stock has a fifty day moving average price of $28.15 and a 200 day moving average price of $23.77. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.87. Warner Bros. Discovery, Inc. has a 12-month low of $7.52 and a 12-month high of $30.00. The company has a market cap of $67.25 billion, a P/E ratio of 93.59 and a beta of 1.60.

Warner Bros. Discovery (NASDAQ:WBD) last issued its quarterly earnings data on Thursday, February 26th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.19). Warner Bros. Discovery had a return on equity of 1.98% and a net margin of 1.95%.The company had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. During the same quarter in the prior year, the firm earned ($0.20) EPS. The company’s revenue for the quarter was down 5.7% compared to the same quarter last year. Research analysts anticipate that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current fiscal year.

About Warner Bros. Discovery

Warner Bros. Discovery (NASDAQ: WBD) is a global media and entertainment company formed when WarnerMedia and Discovery, Inc combined their businesses in 2022. Headquartered in New York City, the company assembles a broad portfolio of film and television production, linear and cable networks, streaming services and consumer distribution operations. Its assets span well-known studio brands, premium scripted and unscripted programming, news and factual entertainment, and licensed franchise properties.

The company’s core activities include film and television production and distribution through units such as Warner Bros.