Oppenheimer Asset Management Inc. Reduces Stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Oppenheimer Asset Management Inc. cut its stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 73.7% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 77,860 shares of the company’s stock after selling 218,511 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Warner Bros. Discovery were worth $642,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Family Firm Inc. acquired a new position in shares of Warner Bros. Discovery in the 2nd quarter worth approximately $26,000. Crewe Advisors LLC purchased a new stake in Warner Bros. Discovery in the first quarter valued at approximately $27,000. OFI Invest Asset Management lifted its stake in Warner Bros. Discovery by 45.9% during the second quarter. OFI Invest Asset Management now owns 3,879 shares of the company’s stock worth $27,000 after purchasing an additional 1,221 shares in the last quarter. Transcendent Capital Group LLC boosted its position in shares of Warner Bros. Discovery by 665.4% during the first quarter. Transcendent Capital Group LLC now owns 4,003 shares of the company’s stock worth $35,000 after buying an additional 3,480 shares during the period. Finally, LRI Investments LLC acquired a new stake in shares of Warner Bros. Discovery in the first quarter valued at $39,000. Hedge funds and other institutional investors own 59.95% of the company’s stock.

Warner Bros. Discovery Stock Up 0.3 %

Warner Bros. Discovery stock opened at $9.50 on Wednesday. The stock has a 50-day simple moving average of $8.20 and a 200-day simple moving average of $7.90. Warner Bros. Discovery, Inc. has a fifty-two week low of $6.64 and a fifty-two week high of $12.70. The company has a market capitalization of $23.31 billion, a P/E ratio of -2.07 and a beta of 1.48. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.80 and a current ratio of 0.80.

Warner Bros. Discovery (NASDAQ:WBD) last announced its earnings results on Thursday, November 7th. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.12. Warner Bros. Discovery had a negative net margin of 28.34% and a negative return on equity of 27.56%. The business had revenue of $9.62 billion during the quarter, compared to analysts’ expectations of $9.79 billion. During the same period in the prior year, the company earned ($0.17) earnings per share. The business’s revenue was down 3.6% compared to the same quarter last year. Equities research analysts expect that Warner Bros. Discovery, Inc. will post -4.37 earnings per share for the current year.

Wall Street Analyst Weigh In

WBD has been the topic of several research reports. Wolfe Research raised Warner Bros. Discovery from an “underperform” rating to a “peer perform” rating in a research note on Monday, November 11th. Macquarie raised their price objective on shares of Warner Bros. Discovery from $8.00 to $9.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Warner Bros. Discovery from $16.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Evercore ISI reduced 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 report on Thursday, August 8th. Finally, The Goldman Sachs Group boosted their price target on shares of Warner Bros. Discovery from $7.50 to $8.50 and gave the stock a “neutral” rating in a research note on Monday, October 7th. Twelve equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $10.55.

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.