Platinum Investment Management Ltd. Trims Position in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Platinum Investment Management Ltd. decreased its stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 23.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,140 shares of the company’s stock after selling 1,286 shares during the quarter. Platinum Investment Management Ltd.’s holdings in Warner Bros. Discovery were worth $44,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in WBD. State Street Corp lifted its stake in shares of Warner Bros. Discovery by 4.1% in the 3rd quarter. State Street Corp now owns 151,285,963 shares of the company’s stock valued at $1,248,109,000 after purchasing an additional 5,898,611 shares during the last quarter. Sessa Capital IM L.P. increased its holdings in shares of Warner Bros. Discovery by 24.7% in the 3rd quarter. Sessa Capital IM L.P. now owns 28,410,428 shares of the company’s stock valued at $234,386,000 after acquiring an additional 5,625,545 shares during the period. Amundi increased its holdings in shares of Warner Bros. Discovery by 108.1% in the 4th quarter. Amundi now owns 10,151,114 shares of the company’s stock valued at $102,120,000 after acquiring an additional 5,272,717 shares during the period. Pine Valley Investments Ltd Liability Co purchased a new position in shares of Warner Bros. Discovery in the 4th quarter valued at $23,825,000. Finally, LBP AM SA acquired a new stake in shares of Warner Bros. Discovery in the 4th quarter worth $21,032,000. Hedge funds and other institutional investors own 59.95% of the company’s stock.

Warner Bros. Discovery Trading Down 0.9 %

Shares of WBD stock opened at $10.39 on Wednesday. Warner Bros. Discovery, Inc. has a 12-month low of $6.64 and a 12-month high of $12.70. The company has a market capitalization of $25.50 billion, a P/E ratio of -2.27, a P/E/G ratio of 8.64 and a beta of 1.48. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.03. The firm has a 50-day moving average price of $10.35 and a 200 day moving average price of $9.53.

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

Insiders Place Their Bets

In related news, Director Piazza Samuel A. Jr. Di purchased 17,346 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were bought at an average cost of $11.41 per share, with a total value of $197,917.86. Following the acquisition, the director now owns 159,932 shares of the company’s stock, valued at $1,824,824.12. This trade represents a 12.17 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 1.80% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on WBD. Needham & Company LLC reiterated a “hold” rating on shares of Warner Bros. Discovery in a research note on Friday, February 28th. KeyCorp increased their target price on Warner Bros. Discovery from $11.00 to $14.00 and gave the company an “overweight” rating in a report on Tuesday, December 10th. Barrington Research reaffirmed an “outperform” rating and issued a $16.00 price target on shares of Warner Bros. Discovery in a report on Wednesday, March 5th. Moffett Nathanson upgraded Warner Bros. Discovery from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $9.00 to $13.00 in a research report on Tuesday, January 21st. Finally, Barclays lifted their target price on Warner Bros. Discovery from $10.00 to $12.00 and gave the company an “equal weight” rating in a 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 stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $11.91.

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.