California Public Employees Retirement System Decreases Stock Holdings in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

California Public Employees Retirement System lowered its stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 5.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,780,050 shares of the company's stock after selling 233,342 shares during the period. California Public Employees Retirement System owned approximately 0.15% of Warner Bros. Discovery worth $39,955,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Principal Financial Group Inc. lifted its position in Warner Bros. Discovery by 3.1% during the 3rd quarter. Principal Financial Group Inc. now owns 2,579,571 shares of the company's stock worth $21,281,000 after acquiring an additional 78,653 shares during the last quarter. Erste Asset Management GmbH acquired a new position in shares of Warner Bros. Discovery during the 3rd quarter worth about $1,474,000. Coronation Fund Managers Ltd. grew its holdings in Warner Bros. Discovery by 54.1% during the fourth quarter. Coronation Fund Managers Ltd. now owns 5,644,290 shares of the company's stock valued at $59,660,000 after purchasing an additional 1,981,050 shares during the period. SVB Wealth LLC acquired a new stake in Warner Bros. Discovery in the fourth quarter worth $168,000. Finally, Natixis Advisors LLC raised its stake in Warner Bros. Discovery by 3.6% during the 4th quarter. Natixis Advisors LLC now owns 291,006 shares of the company's stock worth $3,076,000 after buying an additional 10,024 shares during the period. 59.95% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. The Goldman Sachs Group increased their target price on Warner Bros. Discovery from $9.50 to $10.75 and gave the stock a "neutral" rating in a research note on Thursday, December 19th. Moffett Nathanson raised Warner Bros. Discovery from a "neutral" rating to a "buy" rating and lifted their price target for the company from $9.00 to $13.00 in a research note on Tuesday, January 21st. 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 research report on Friday, February 28th. JPMorgan Chase & Co. lifted their price objective on shares of Warner Bros. Discovery from $9.00 to $10.00 and gave the company a "neutral" rating in a report on Tuesday, January 14th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Warner Bros. Discovery in a research note on Friday, February 28th. Ten research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $11.96.

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Warner Bros. Discovery Stock Down 11.9 %

Shares of WBD stock traded down $1.09 during midday trading on Friday, reaching $8.07. 57,325,473 shares of the stock were exchanged, compared to its average volume of 31,945,679. Warner Bros. Discovery, Inc. has a 1 year low of $6.64 and a 1 year high of $12.70. The firm has a market cap of $19.81 billion, a PE ratio of -1.76, a price-to-earnings-growth ratio of 8.64 and a beta of 1.43. The company's 50 day moving average is $10.50 and its two-hundred day moving average is $9.77. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.03.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last announced its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $10.16 billion. Warner Bros. Discovery had a negative net margin of 28.34% and a negative return on equity of 27.56%. On average, equities research analysts predict that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current year.

Insiders Place Their Bets

In related news, Director Piazza Samuel A. Jr. Di bought 17,346 shares of the business's stock in a transaction dated Monday, March 3rd. The shares were purchased at an average cost of $11.41 per share, with a total value of $197,917.86. Following the completion of the purchase, the director now owns 159,932 shares in the company, valued at approximately $1,824,824.12. The trade was a 12.17 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.80% of the company's stock.

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.