Wesbanco Bank Inc. Sells 2,514 Shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Wesbanco Bank Inc. lessened its position in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 11.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 19,735 shares of the company’s stock after selling 2,514 shares during the period. Wesbanco Bank Inc.’s holdings in Warner Bros. Discovery were worth $163,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. CX Institutional bought a new stake in shares of Warner Bros. Discovery in the third quarter worth about $183,000. Douglas Lane & Associates LLC grew its position in shares of Warner Bros. Discovery by 18.8% in the 3rd quarter. Douglas Lane & Associates LLC now owns 1,515,569 shares of the company’s stock worth $12,503,000 after buying an additional 239,699 shares during the last quarter. Exchange Traded Concepts LLC increased its stake in shares of Warner Bros. Discovery by 342.9% during the third quarter. Exchange Traded Concepts LLC now owns 28,542 shares of the company’s stock valued at $235,000 after buying an additional 22,098 shares during the period. Silverlake Wealth Management LLC raised its holdings in shares of Warner Bros. Discovery by 21.8% during the third quarter. Silverlake Wealth Management LLC now owns 12,234 shares of the company’s stock valued at $101,000 after acquiring an additional 2,189 shares in the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt lifted its stake in Warner Bros. Discovery by 260.6% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 17,851 shares of the company’s stock worth $147,000 after acquiring an additional 12,900 shares during the period. Hedge funds and other institutional investors own 59.95% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Evercore ISI decreased their price objective on shares of Warner Bros. Discovery from $10.00 to $9.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. TD Cowen lowered their price objective on shares of Warner Bros. Discovery from $15.00 to $14.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Needham & Company LLC reiterated a “hold” rating on shares of Warner Bros. Discovery in a report on Thursday, October 10th. Benchmark restated a “buy” rating and issued a $18.00 target price on shares of Warner Bros. Discovery in a research note on Friday, September 13th. Finally, Sanford C. Bernstein cut Warner Bros. Discovery from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $10.00 to $8.00 in a research note on Tuesday, August 13th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $10.66.

Warner Bros. Discovery Price Performance

Shares of NASDAQ WBD opened at $8.00 on Thursday. The firm has a market cap of $19.60 billion, a P/E ratio of -6.45 and a beta of 1.48. Warner Bros. Discovery, Inc. has a twelve month low of $6.64 and a twelve month high of $12.70. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 1.06. The company has a 50 day moving average of $7.74 and a 200 day moving average of $7.89.

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