Prestige Wealth Management Group LLC Raises Position in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Prestige Wealth Management Group LLC increased its stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 9.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 50,360 shares of the company’s stock after buying an additional 4,154 shares during the quarter. Prestige Wealth Management Group LLC’s holdings in Warner Bros. Discovery were worth $532,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of WBD. Vanguard Group Inc. grew its position in Warner Bros. Discovery by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 252,650,791 shares of the company’s stock valued at $2,670,519,000 after acquiring an additional 1,658,415 shares in the last quarter. State Street Corp boosted its stake 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 during the last quarter. EdgePoint Investment Group Inc. grew its position in shares of Warner Bros. Discovery by 2.6% during the third quarter. EdgePoint Investment Group Inc. now owns 21,396,719 shares of the company’s stock worth $176,523,000 after buying an additional 541,192 shares in the last quarter. Hotchkis & Wiley Capital Management LLC grew its position in shares of Warner Bros. Discovery by 1.6% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 20,889,437 shares of the company’s stock worth $172,338,000 after buying an additional 329,620 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Warner Bros. Discovery by 5.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 16,547,162 shares of the company’s stock worth $174,904,000 after buying an additional 861,656 shares during the last quarter. 59.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Warner Bros. Discovery

In other news, Director Piazza Samuel A. Jr. Di purchased 17,346 shares of Warner Bros. Discovery stock in a transaction that occurred on Monday, March 3rd. The stock was acquired at an average price of $11.41 per share, for a total transaction of $197,917.86. Following the transaction, the director now owns 159,932 shares in the company, valued at $1,824,824.12. The trade was a 12.17 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 1.80% of the stock is currently owned by corporate insiders.

Warner Bros. Discovery Stock Up 2.1 %

WBD stock opened at $10.97 on Tuesday. The firm’s 50-day moving average is $10.42 and its two-hundred day moving average is $9.62. The company has a market capitalization of $26.93 billion, a price-to-earnings ratio of -2.40, a price-to-earnings-growth ratio of 8.64 and a beta of 1.48. Warner Bros. Discovery, Inc. has a 52 week low of $6.64 and a 52 week high of $12.70. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.03.

Warner Bros. Discovery (NASDAQ:WBD) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.30). The company had revenue of $10.03 billion for the quarter, compared to analyst estimates of $10.16 billion. Warner Bros. Discovery had a negative net margin of 28.34% and a negative return on equity of 27.56%. On average, analysts forecast that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on WBD. Bank of America reissued a “buy” rating and set a $14.00 price objective on shares of Warner Bros. Discovery in a report on Thursday, December 12th. Rosenblatt Securities reiterated a “neutral” rating and issued a $13.00 price target on shares of Warner Bros. Discovery in a research note on Friday, March 7th. Benchmark restated a “buy” rating and set a $18.00 price objective on shares of Warner Bros. Discovery in a research note on Wednesday, February 26th. The Goldman Sachs Group lifted their target price on Warner Bros. Discovery from $9.50 to $10.75 and gave the stock a “neutral” rating in a research report on Thursday, December 19th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Warner Bros. Discovery in a research report on Friday, February 28th. Ten equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, Warner Bros. Discovery has an average rating of “Moderate Buy” and a consensus target price of $11.91.

About Warner Bros. Discovery

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.