Vontobel Holding Ltd. Cuts Position in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Vontobel Holding Ltd. lowered its stake in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 26.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 592,743 shares of the company’s stock after selling 216,268 shares during the period. Vontobel Holding Ltd.’s holdings in Warner Bros. Discovery were worth $4,890,000 as of its most recent filing with the Securities and Exchange Commission.

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

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on WBD shares. Evercore ISI cut their target price on shares of Warner Bros. Discovery from $10.00 to $9.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. The Goldman Sachs Group lifted their price objective on Warner Bros. Discovery from $7.50 to $8.50 and gave the stock a “neutral” rating in a research report on Monday, October 7th. Macquarie lowered their target price on Warner Bros. Discovery from $9.00 to $8.00 and set a “neutral” rating on the stock in a report on Monday, August 12th. TD Cowen cut their price target on Warner Bros. Discovery from $15.00 to $14.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Finally, JPMorgan Chase & Co. decreased their price objective on Warner Bros. Discovery from $10.00 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Warner Bros. Discovery presently has an average rating of “Hold” and a consensus price target of $10.66.

Warner Bros. Discovery Price Performance

Warner Bros. Discovery stock opened at $7.78 on Friday. Warner Bros. Discovery, Inc. has a 1 year low of $6.64 and a 1 year high of $12.70. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.76 and a current ratio of 0.76. The firm has a 50 day moving average price of $7.76 and a 200 day moving average price of $7.89. The company has a market cap of $19.06 billion, a price-to-earnings ratio of -6.27 and a beta of 1.48.

Warner Bros. Discovery (NASDAQ:WBD) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($4.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($3.89). The company had revenue of $9.71 billion for the quarter, compared to analysts’ expectations of $10.07 billion. Warner Bros. Discovery had a negative net margin of 29.47% and a negative return on equity of 27.28%. The firm’s quarterly revenue was down 6.2% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.51) earnings per share. Sell-side analysts predict that Warner Bros. Discovery, Inc. will post -4.47 earnings per share for the current year.

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.