Baxter Bros Inc. boosted its position in shares of Discovery, Inc. (NASDAQ:DISCA) by 14.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 533,475 shares of the company’s stock after acquiring an additional 67,980 shares during the quarter. Discovery accounts for approximately 2.6% of Baxter Bros Inc.’s investment portfolio, making the stock its 11th biggest holding. Baxter Bros Inc.’s holdings in Discovery were worth $16,367,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of DISCA. Canada Pension Plan Investment Board raised its position in Discovery by 6,057.7% during the first quarter. Canada Pension Plan Investment Board now owns 4,348,002 shares of the company’s stock worth $188,964,000 after acquiring an additional 4,277,391 shares in the last quarter. Fred Alger Management LLC bought a new position in shares of Discovery in the first quarter valued at about $174,499,000. Renaissance Technologies LLC bought a new position in shares of Discovery in the first quarter valued at about $167,649,000. JPMorgan Chase & Co. raised its position in shares of Discovery by 39.8% in the first quarter. JPMorgan Chase & Co. now owns 11,813,710 shares of the company’s stock valued at $513,424,000 after purchasing an additional 3,363,999 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its position in shares of Discovery by 765.0% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 3,460,151 shares of the company’s stock valued at $150,378,000 after purchasing an additional 3,060,151 shares during the period. 33.56% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages have recently weighed in on DISCA. Moffett Nathanson lowered shares of Discovery from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $51.00 to $37.00 in a research report on Monday, May 24th. Royal Bank of Canada decreased their price target on shares of Discovery from $56.00 to $52.00 and set an “outperform” rating on the stock in a research note on Thursday, June 24th. They noted that the move was a valuation call. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on shares of Discovery from $55.00 to $40.00 and set a “buy” rating on the stock in a research note on Wednesday, August 4th. Eleven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $41.06.
Discovery (NASDAQ:DISCA) last posted its earnings results on Tuesday, August 3rd. The company reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.18. The firm had revenue of $3.06 billion during the quarter, compared to analysts’ expectations of $2.98 billion. Discovery had a net margin of 12.24% and a return on equity of 14.23%. The business’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.77 earnings per share. On average, analysts expect that Discovery, Inc. will post 2.35 earnings per share for the current fiscal year.
Discovery, Inc is a media company, which engages in the provision of content across distribution platforms and digital distribution arrangements. It operates through the following segments: U.S. Networks and International Networks. The U.S. Networks segment owns and operates national television networks such as Discovery Channel, Animal Planet, and Investigation Discovery and Science.
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