North Star Asset Management Inc. Decreases Holdings in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

North Star Asset Management Inc. trimmed its holdings in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 26.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 15,735 shares of the company’s stock after selling 5,625 shares during the period. North Star Asset Management Inc.’s holdings in Warner Bros. Discovery were worth $117,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company boosted its position in Warner Bros. Discovery by 17.0% in the 4th quarter. The Manufacturers Life Insurance Company now owns 25,534,218 shares of the company’s stock valued at $290,579,000 after buying an additional 3,710,343 shares during the last quarter. EdgePoint Investment Group Inc. boosted its position in Warner Bros. Discovery by 14.6% in the 1st quarter. EdgePoint Investment Group Inc. now owns 20,620,335 shares of the company’s stock valued at $180,016,000 after buying an additional 2,621,582 shares during the last quarter. Norges Bank purchased a new position in Warner Bros. Discovery in the 4th quarter valued at about $198,916,000. Boston Partners boosted its position in Warner Bros. Discovery by 9.9% in the 4th quarter. Boston Partners now owns 15,640,771 shares of the company’s stock valued at $177,384,000 after buying an additional 1,414,952 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Warner Bros. Discovery by 5.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 14,192,814 shares of the company’s stock valued at $105,595,000 after buying an additional 719,869 shares during the last quarter. 59.95% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on WBD. The Goldman Sachs Group decreased their price objective on shares of Warner Bros. Discovery from $8.50 to $7.50 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Deutsche Bank Aktiengesellschaft cut their target price on shares of Warner Bros. Discovery from $16.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Barrington Research restated an “outperform” rating and issued a $12.00 target price on shares of Warner Bros. Discovery in a research note on Tuesday, July 23rd. Benchmark cut their target price on shares of Warner Bros. Discovery from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Finally, Moffett Nathanson cut their target price on shares of Warner Bros. Discovery from $10.00 to $9.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Warner Bros. Discovery presently has a consensus rating of “Hold” and a consensus price target of $10.98.

Warner Bros. Discovery Price Performance

Shares of NASDAQ:WBD opened at $7.22 on Friday. The firm’s 50 day moving average is $7.72 and its two-hundred day moving average is $8.03. 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 $17.69 billion, a P/E ratio of -5.82 and a beta of 1.48. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 1.06.

Warner Bros. Discovery (NASDAQ:WBD) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($4.07) EPS for the quarter, missing the consensus estimate of ($0.18) by ($3.89). Warner Bros. Discovery had a negative net margin of 29.47% and a negative return on equity of 27.28%. The firm had revenue of $9.71 billion during the quarter, compared to analyst estimates of $10.07 billion. During the same quarter in the previous year, the business posted ($0.51) EPS. Warner Bros. Discovery’s revenue for the quarter was down 6.2% compared to the same quarter last year. Analysts anticipate that Warner Bros. Discovery, Inc. will post -3.65 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.