Bank of New York Mellon Corp Trims Stock Position in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Bank of New York Mellon Corp reduced its stake in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 1.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,174,173 shares of the company’s stock after selling 238,597 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.58% of Warner Bros. Discovery worth $149,821,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in WBD. State Street Corp boosted its holdings in shares of Warner Bros. Discovery by 4.1% during the 3rd quarter. State Street Corp now owns 151,285,963 shares of the company’s stock valued at $1,248,109,000 after buying an additional 5,898,611 shares in the last quarter. Sessa Capital IM L.P. boosted its holdings in shares of Warner Bros. Discovery by 24.7% during the 3rd quarter. Sessa Capital IM L.P. now owns 28,410,428 shares of the company’s stock valued at $234,386,000 after buying an additional 5,625,545 shares in the last quarter. Pine Valley Investments Ltd Liability Co bought a new stake in shares of Warner Bros. Discovery during the 4th quarter valued at $23,825,000. Drexel Morgan & Co. boosted its holdings in shares of Warner Bros. Discovery by 43.5% during the 3rd quarter. Drexel Morgan & Co. now owns 6,600,463 shares of the company’s stock valued at $54,454,000 after buying an additional 2,000,000 shares in the last quarter. Finally, Coronation Fund Managers Ltd. boosted its stake in Warner Bros. Discovery by 54.1% in the 4th quarter. Coronation Fund Managers Ltd. now owns 5,644,290 shares of the company’s stock worth $59,660,000 after purchasing an additional 1,981,050 shares in the last quarter. 59.95% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Bank of America reiterated a “buy” rating and issued a $14.00 price target on shares of Warner Bros. Discovery in a research note on Thursday, December 12th. Barrington Research reiterated an “outperform” rating and issued a $16.00 price target on shares of Warner Bros. Discovery in a research note on Thursday. Guggenheim upped their price target on shares of Warner Bros. Discovery from $11.00 to $12.50 and gave the stock a “buy” rating in a research note on Thursday, December 12th. JPMorgan Chase & Co. upped their price target on shares of Warner Bros. Discovery from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 14th. Finally, The Goldman Sachs Group upped their price target on shares of Warner Bros. Discovery from $9.50 to $10.75 and gave the stock a “neutral” rating in a research note on Thursday, December 19th. Ten research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.75.

Insider Buying and Selling

In related news, insider Savalle Sims sold 169,436 shares of the stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $12.36, for a total value of $2,094,228.96. Following the completion of the sale, the insider now directly owns 599,317 shares of the company’s stock, valued at approximately $7,407,558.12. This represents a 22.04 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.80% of the stock is currently owned by insiders.

Warner Bros. Discovery Price Performance

NASDAQ WBD opened at $11.46 on Friday. Warner Bros. Discovery, Inc. has a 52 week low of $6.64 and a 52 week high of $12.70. The firm has a market capitalization of $28.11 billion, a P/E ratio of -2.50, a PEG ratio of 8.64 and a beta of 1.49. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.03. The company has a 50-day moving average price of $10.32 and a 200-day moving average price of $9.22.

Warner Bros. Discovery (NASDAQ:WBD) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.20) 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 analysts’ expectations of $10.16 billion. Warner Bros. Discovery had a negative net margin of 28.34% and a negative return on equity of 27.56%. Equities research analysts anticipate that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current year.

Warner Bros. Discovery 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.