Allstate Corp Takes Position in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Allstate Corp bought a new position in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 68,731 shares of the company's stock, valued at approximately $726,000.

Several other institutional investors also recently modified their holdings of the stock. Cerity Partners LLC grew its position in shares of Warner Bros. Discovery by 81.0% in the 3rd quarter. Cerity Partners LLC now owns 210,104 shares of the company's stock valued at $1,733,000 after purchasing an additional 94,050 shares during the period. Townsquare Capital LLC raised its holdings in shares of Warner Bros. Discovery by 47.9% during the third quarter. Townsquare Capital LLC now owns 27,134 shares of the company's stock worth $224,000 after acquiring an additional 8,784 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Warner Bros. Discovery by 3.7% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 435,989 shares of the company's stock valued at $3,597,000 after acquiring an additional 15,414 shares in the last quarter. Public Sector Pension Investment Board boosted its stake in Warner Bros. Discovery by 14.0% in the 3rd quarter. Public Sector Pension Investment Board now owns 84,525 shares of the company's stock worth $697,000 after purchasing an additional 10,400 shares during the period. Finally, Erste Asset Management GmbH bought a new position in Warner Bros. Discovery during the 3rd quarter worth about $1,474,000. 59.95% of the stock is currently owned by institutional investors and hedge funds.

Warner Bros. Discovery Stock Performance

WBD traded down $1.40 on Thursday, reaching $9.16. The company had a trading volume of 52,799,481 shares, compared to its average volume of 31,842,852. The stock has a market cap of $22.49 billion, a P/E ratio of -2.00, a P/E/G ratio of 8.64 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, Inc. has a fifty-two week low of $6.64 and a fifty-two week high of $12.70. The company's fifty day moving average is $10.56 and its 200 day moving average is $9.76.

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Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last posted its earnings results on Thursday, February 27th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of $0.10 by ($0.30). The firm had revenue of $10.03 billion during the quarter, compared to analyst estimates of $10.16 billion. Warner Bros. Discovery had a negative net margin of 28.34% and a negative return on equity of 27.56%. As a group, analysts predict 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 acquired 17,346 shares of the stock in a transaction on Monday, March 3rd. The shares were purchased at an average price of $11.41 per share, for a total transaction of $197,917.86. Following the purchase, the director now directly owns 159,932 shares in the company, valued at approximately $1,824,824.12. The trade was a 12.17 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 1.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on WBD shares. 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 report on Tuesday, January 21st. Needham & Company LLC reissued a "hold" rating on shares of Warner Bros. Discovery in a research report on Friday, February 28th. Guggenheim raised their target price on shares of Warner Bros. Discovery from $11.00 to $12.50 and gave the company a "buy" rating in a research report on Thursday, December 12th. Barrington Research reissued an "outperform" rating and set a $16.00 price target on shares of Warner Bros. Discovery in a research report on Wednesday, March 5th. Finally, Benchmark restated a "buy" rating and issued a $18.00 price objective on shares of Warner Bros. Discovery in a report on Wednesday, February 26th. Ten equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Warner Bros. Discovery has a consensus rating of "Moderate Buy" and a consensus price target 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.