Sunbelt Securities Inc. Reduces Stock Position in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Sunbelt Securities Inc. trimmed its position in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 8.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 16,288 shares of the company’s stock after selling 1,425 shares during the quarter. Sunbelt Securities Inc.’s holdings in Warner Bros. Discovery were worth $121,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Sessa Capital IM L.P. grew its position in Warner Bros. Discovery by 28.8% during the 2nd quarter. Sessa Capital IM L.P. now owns 22,784,883 shares of the company’s stock worth $169,520,000 after purchasing an additional 5,100,000 shares during the period. EdgePoint Investment Group Inc. grew its holdings in Warner Bros. Discovery by 1.1% during the second quarter. EdgePoint Investment Group Inc. now owns 20,855,527 shares of the company’s stock worth $155,165,000 after acquiring an additional 235,192 shares during the period. Bank of New York Mellon Corp raised its position in Warner Bros. Discovery by 5.3% during the second quarter. Bank of New York Mellon Corp now owns 14,192,814 shares of the company’s stock valued at $105,595,000 after acquiring an additional 719,869 shares in the last quarter. Yacktman Asset Management LP lifted its holdings in Warner Bros. Discovery by 1.2% in the second quarter. Yacktman Asset Management LP now owns 8,152,369 shares of the company’s stock valued at $60,654,000 after acquiring an additional 100,565 shares during the period. Finally, Thompson Siegel & Walmsley LLC boosted its position in Warner Bros. Discovery by 23.9% in the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 7,542,407 shares of the company’s stock worth $56,116,000 after purchasing an additional 1,452,913 shares in the last quarter. Institutional investors and hedge funds own 59.95% of the company’s stock.

Warner Bros. Discovery Trading Down 2.9 %

NASDAQ WBD opened at $7.74 on Friday. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.76 and a quick ratio of 0.76. The stock has a market capitalization of $18.97 billion, a P/E ratio of -6.24 and a beta of 1.48. The firm’s 50-day moving average is $7.85 and its two-hundred day moving average is $7.95. Warner Bros. Discovery, Inc. has a 12 month low of $6.64 and a 12 month high of $12.70.

Warner Bros. Discovery (NASDAQ:WBD) last issued its quarterly earnings data 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 return on equity of 27.28% and a negative net margin of 29.47%. The company had revenue of $9.71 billion during the quarter, compared to analyst estimates of $10.07 billion. During the same quarter in the prior year, the company posted ($0.51) earnings per share. The business’s revenue was down 6.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Warner Bros. Discovery, Inc. will post -4.17 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on WBD shares. Wells Fargo & Company decreased their target price on shares of Warner Bros. Discovery from $9.00 to $7.00 and set an “equal weight” rating for the company in a research note on Thursday, August 8th. Evercore ISI lowered their target price on shares of Warner Bros. Discovery from $10.00 to $9.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. Deutsche Bank Aktiengesellschaft cut their price target on Warner Bros. Discovery from $16.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Barrington Research reissued an “outperform” rating and issued a $12.00 price objective on shares of Warner Bros. Discovery in a report on Tuesday, July 23rd. Finally, JPMorgan Chase & Co. reduced their target price on Warner Bros. Discovery from $10.00 to $8.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $10.93.

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.