Engineers Gate Manager LP Has $5.04 Million Holdings in Warner Bros. Discovery, Inc. $WBD

Engineers Gate Manager LP cut its stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 17.1% in the second quarter, Holdings Channel.com reports. The firm owned 189,184 shares of the company’s stock after selling 39,160 shares during the period. Engineers Gate Manager LP’s holdings in Warner Bros. Discovery were worth $5,044,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Bank of America Corp DE lifted its position in shares of Warner Bros. Discovery by 21.9% in the 1st quarter. Bank of America Corp DE now owns 16,616,949 shares of the company’s stock worth $456,301,000 after acquiring an additional 2,980,900 shares during the period. Handelsbanken Fonder AB raised its stake in shares of Warner Bros. Discovery by 130.8% in the fourth 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 in the last quarter. Brighton Jones LLC lifted its position in Warner Bros. Discovery by 304.9% in the fourth quarter. Brighton Jones LLC now owns 68,950 shares of the company’s stock worth $729,000 after purchasing an additional 51,920 shares during the period. Geode Capital Management LLC boosted its stake in Warner Bros. Discovery by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 66,597,575 shares of the company’s stock worth $1,912,634,000 after buying an additional 1,028,346 shares in the last quarter. Finally, Empyrean Capital Partners LP boosted its stake in Warner Bros. Discovery by 29.1% during the first 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 in the last quarter. 59.95% of the stock is currently owned by institutional investors and hedge funds.

Warner Bros. Discovery Stock Performance

NASDAQ:WBD opened at $28.04 on Friday. The stock has a market capitalization of $70.40 billion, a P/E ratio of -22.08 and a beta of 1.57. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.90. Warner Bros. Discovery, Inc. has a 1 year low of $17.08 and a 1 year high of $30.00. The firm has a 50 day moving average of $27.23 and a 200-day moving average of $27.24.

Warner Bros. Discovery (NASDAQ:WBD) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.20. The business had revenue of $8.72 billion for the quarter, compared to analyst estimates of $9.25 billion. Warner Bros. Discovery had a negative return on equity of 8.91% and a negative net margin of 8.77%.Warner Bros. Discovery’s revenue for the quarter was down 11.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.63 EPS. As a group, sell-side analysts anticipate that Warner Bros. Discovery, Inc. will post -1.11 EPS for the current fiscal year.

Warner Bros. Discovery News Summary

Here are the key news stories impacting Warner Bros. Discovery this week:

• Positive Sentiment: Paramount is reportedly preparing to meet with state attorneys general in late October to discuss settlement terms related to its proposed acquisition of Warner Bros. Discovery. Paramount CEO David Ellison is also considering strategies to secure clearance in California. Progress toward resolving antitrust concerns could improve deal certainty and support WBD’s valuation. Paramount settlement talks article Paramount California clearance article
• Neutral Sentiment: The proposed transaction remains the dominant catalyst. However, a reported $7 million daily ticking fee is approaching, increasing the financial stakes if closing is delayed. Investors are likely focused on whether regulatory negotiations can prevent additional costs and keep the deal on schedule.
• Neutral Sentiment: Warner Bros. Discovery is promoting upcoming television programming and using youth-focused marketing to build interest in the Basketball World Cup. These initiatives may support audience engagement, but they are less material to near-term valuation than the Paramount transaction. Warner Bros. TV programming article Basketball World Cup marketing article
• Negative Sentiment: Two insiders sold a combined 462,285 shares worth approximately $13.0 million. Director Kenneth Lowe reduced his position by 25.31%, while insider Amy Girdwood cut hers by 32.72%. Although insider sales do not necessarily indicate deteriorating fundamentals, the size of the transactions can weigh on sentiment, particularly while WBD faces regulatory and execution risks. Kenneth Lowe SEC filing Amy Girdwood SEC filing

Insider Buying and Selling

In other Warner Bros. Discovery news, Director Kenneth W. Lowe sold 200,000 shares of the stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $28.23, for a total transaction of $5,646,000.00. Following the sale, the director owned 590,108 shares of the company’s stock, valued at $16,658,748.84. This represents a 25.31% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Fazal F. Merchant sold 71,539 shares of the firm’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $27.75, for a total transaction of $1,985,207.25. Following the completion of the sale, the director owned 33,067 shares of the company’s stock, valued at $917,609.25. The trade was a 68.39% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 2,753,034 shares of company stock valued at $76,636,967 in the last 90 days. 0.70% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Huber Research raised shares of Warner Bros. Discovery from an “underweight” rating to an “overweight” rating in a research note on Monday, June 1st. Zacks Research upgraded Warner Bros. Discovery from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 25th. Weiss Ratings raised Warner Bros. Discovery from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Tuesday, August 18th. Freedom Capital upgraded Warner Bros. Discovery from a “hold” rating to a “strong-buy” rating in a research 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 analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $27.69.

Warner Bros. Discovery Company Profile

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.