Jericho Capital Asset Management L.P. Boosts Stock Holdings in Warner Bros. Discovery, Inc. $WBD

Jericho Capital Asset Management L.P. increased its stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 108.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 35,095,390 shares of the company’s stock after buying an additional 18,291,865 shares during the period. Warner Bros. Discovery accounts for about 7.1% of Jericho Capital Asset Management L.P.’s portfolio, making the stock its 2nd largest position. Jericho Capital Asset Management L.P.’s holdings in Warner Bros. Discovery were worth $685,413,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in WBD. Vanguard Group Inc. boosted its position in Warner Bros. Discovery by 7.1% in the 3rd quarter. Vanguard Group Inc. now owns 281,214,155 shares of the company’s stock valued at $5,492,112,000 after buying an additional 18,736,600 shares during the period. Invesco Ltd. increased its position in shares of Warner Bros. Discovery by 2.8% during the second quarter. Invesco Ltd. now owns 44,574,492 shares of the company’s stock worth $510,824,000 after acquiring an additional 1,233,195 shares during the period. Norges Bank bought a new stake in shares of Warner Bros. Discovery during the second quarter valued at approximately $306,848,000. Pacer Advisors Inc. raised its stake in shares of Warner Bros. Discovery by 4,639.8% during the third quarter. Pacer Advisors Inc. now owns 22,788,847 shares of the company’s stock valued at $445,066,000 after acquiring an additional 22,308,046 shares in the last quarter. Finally, EdgePoint Investment Group Inc. boosted its holdings in shares of Warner Bros. Discovery by 1.5% in the second quarter. EdgePoint Investment Group Inc. now owns 22,417,640 shares of the company’s stock valued at $256,906,000 after purchasing an additional 332,632 shares during the period. Institutional investors own 59.95% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on WBD shares. Moffett Nathanson raised Warner Bros. Discovery from a “hold” rating to a “strong-buy” rating in a research note on Sunday, March 8th. TD Cowen upped their target price on Warner Bros. Discovery from $22.00 to $26.00 and gave the stock a “hold” rating in a report on Friday, February 27th. Sanford C. Bernstein increased their price target on Warner Bros. Discovery from $23.50 to $27.75 and gave the stock a “market perform” rating in a research report on Tuesday, February 24th. Weiss Ratings upgraded Warner Bros. Discovery from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, February 23rd. Finally, Morgan Stanley set a $29.00 price objective on Warner Bros. Discovery in a report on Thursday, December 18th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, fifteen have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $26.30.

Insider Activity

In related news, insider Gerhard Zeiler sold 600,000 shares of the company’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $28.02, for a total transaction of $16,812,000.00. Following the transaction, the insider directly owned 672,649 shares of the company’s stock, valued at $18,847,624.98. This represents a 47.15% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Priya Aiyar sold 223,512 shares of the stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $28.24, for a total value of $6,311,978.88. Following the completion of the sale, the insider owned 919,252 shares of the company’s stock, valued at approximately $25,959,676.48. This trade represents a 19.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 7,571,827 shares of company stock worth $213,302,225 over the last quarter. Company insiders own 1.80% of the company’s stock.

Warner Bros. Discovery Price Performance

Shares of WBD opened at $27.14 on Monday. The company has a market cap of $67.25 billion, a price-to-earnings ratio of 93.59 and a beta of 1.60. Warner Bros. Discovery, Inc. has a twelve month low of $7.52 and a twelve month high of $30.00. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.87. The company has a 50 day moving average of $28.15 and a two-hundred day moving average of $23.94.

Warner Bros. Discovery (NASDAQ:WBD) last issued its quarterly earnings results on Thursday, February 26th. The company reported ($0.10) earnings per share (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 business had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. During the same period in the previous year, the company posted ($0.20) earnings per share. The business’s revenue for the quarter was down 5.7% on a year-over-year basis. As a group, analysts predict that Warner Bros. Discovery, Inc. will post -4.33 earnings per share 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.