Retirement Systems of Alabama Sells 596,816 Shares of Warner Bros. Discovery, Inc. $WBD

Retirement Systems of Alabama decreased its stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 20.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,259,890 shares of the company’s stock after selling 596,816 shares during the period. Retirement Systems of Alabama owned approximately 0.09% of Warner Bros. Discovery worth $65,130,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Concord Wealth Partners boosted its holdings in Warner Bros. Discovery by 49.9% in the 3rd quarter. Concord Wealth Partners now owns 1,321 shares of the company’s stock valued at $26,000 after purchasing 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 purchasing an additional 847 shares during the period. Grove Bank & Trust raised its position in shares of Warner Bros. Discovery by 66.5% during the third quarter. Grove Bank & Trust now owns 1,690 shares of the company’s stock valued at $33,000 after buying an additional 675 shares during the last quarter. JPL Wealth Management LLC acquired a new position in shares of Warner Bros. Discovery during the third quarter valued at about $33,000. Finally, Crews Bank & Trust lifted its stake in shares of Warner Bros. Discovery by 1,242.2% in the third quarter. Crews Bank & Trust now owns 1,718 shares of the company’s stock valued at $34,000 after buying an additional 1,590 shares during the period. Institutional investors own 59.95% of the company’s stock.

Warner Bros. Discovery Stock Up 0.1%

NASDAQ WBD opened at $27.09 on Tuesday. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.87. The stock’s 50 day moving average is $27.88 and its two-hundred day moving average is $25.10. The company has a market capitalization of $67.18 billion, a price-to-earnings ratio of 93.42 and a beta of 1.60. Warner Bros. Discovery, Inc. has a 1-year low of $7.52 and a 1-year high of $30.00.

Warner Bros. Discovery (NASDAQ:WBD) last released its quarterly earnings data on Thursday, February 26th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.19). The company had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. Warner Bros. Discovery had a net margin of 1.95% and a return on equity of 1.98%. The company’s revenue for the quarter was down 5.7% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.20) earnings per share. Equities analysts forecast 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 topic of a number of recent research reports. Benchmark reissued a “hold” rating on shares of Warner Bros. Discovery in a research report on Friday, February 27th. Wells Fargo & Company started coverage on Warner Bros. Discovery in a research report on Monday, March 9th. They issued an “equal weight” rating and a $31.00 price objective for the company. TD Cowen lifted their price objective on Warner Bros. Discovery from $22.00 to $26.00 and gave the stock a “hold” rating in a report on Friday, February 27th. Argus cut their target price on Warner Bros. Discovery from $32.00 to $31.00 and set a “buy” rating for the company in a research note on Tuesday, March 3rd. Finally, Weiss Ratings raised Warner Bros. Discovery from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, February 23rd. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, fifteen have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $26.30.

Insider Transactions at Warner Bros. Discovery

In other Warner Bros. Discovery news, CFO Gunnar Wiedenfels sold 374,323 shares of the stock in a transaction 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 completion of the transaction, the chief financial officer directly owned 663,380 shares in the company, valued at $18,607,809. This represents a 36.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Bruce Campbell sold 41,784 shares of Warner Bros. Discovery stock in a transaction on Monday, March 9th. The shares were sold at an average price of $27.82, for a total value of $1,162,430.88. Following the transaction, the insider directly owned 604,666 shares of the company’s stock, valued at approximately $16,821,808.12. The trade was a 6.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 8,206,827 shares of company stock valued at $230,674,025. 1.80% of the stock is owned by insiders.

Warner Bros. Discovery Profile

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.