Summit Financial LLC Grows Position in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Summit Financial LLC increased its position in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 187.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 112,631 shares of the company's stock after acquiring an additional 73,464 shares during the period. Summit Financial LLC's holdings in Warner Bros. Discovery were worth $1,191,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in WBD. Norges Bank acquired a new position in Warner Bros. Discovery during the fourth quarter worth about $362,210,000. Contrarius Group Holdings Ltd acquired a new position in Warner Bros. Discovery during the 4th quarter worth approximately $168,930,000. State Street Corp lifted its stake in 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. Amundi boosted its position in Warner Bros. Discovery by 108.1% in the fourth quarter. Amundi now owns 10,151,114 shares of the company's stock valued at $102,120,000 after buying an additional 5,272,717 shares in the last quarter. Finally, Pine Valley Investments Ltd Liability Co bought a new stake in shares of Warner Bros. Discovery during the fourth quarter worth $23,825,000. 59.95% of the stock is owned by institutional investors.

Warner Bros. Discovery Stock Down 13.3 %

Shares of WBD stock traded down $1.40 on Thursday, reaching $9.16. 52,803,593 shares of the company were exchanged, compared to its average volume of 31,844,850. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.80 and a quick ratio of 0.80. The company has a 50-day moving average of $10.54 and a 200-day moving average of $9.76. The company has a market cap of $22.49 billion, a price-to-earnings ratio of -2.00, a PEG ratio of 8.64 and a beta of 1.48. Warner Bros. Discovery, Inc. has a one year low of $6.64 and a one year high of $12.70.

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Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last announced its quarterly earnings results 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 firm had revenue of $10.03 billion during 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%. Analysts anticipate that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on WBD shares. The Goldman Sachs Group raised their price objective on Warner Bros. Discovery from $9.50 to $10.75 and gave the company a "neutral" rating in a report on Thursday, December 19th. Barclays upped their price objective on Warner Bros. Discovery from $10.00 to $12.00 and gave the company an "equal weight" rating in a research note on Friday, February 28th. Benchmark reiterated a "buy" rating and set a $18.00 target price on shares of Warner Bros. Discovery in a research report on Wednesday, February 26th. Barrington Research restated an "outperform" rating and issued a $16.00 price target on shares of Warner Bros. Discovery in a research report on Wednesday, March 5th. Finally, Citigroup raised their price target on shares of Warner Bros. Discovery from $13.00 to $15.00 and gave the company a "buy" rating in a research note on Wednesday, March 5th. Ten investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $11.91.

Insider Buying and Selling

In other Warner Bros. Discovery news, Director Piazza Samuel A. Jr. Di bought 17,346 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were bought at an average price of $11.41 per share, for a total transaction of $197,917.86. Following the acquisition, the director now directly owns 159,932 shares of the company's stock, valued at approximately $1,824,824.12. The trade was a 12.17 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.80% of the stock is owned by company insiders.

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.