Wittenberg Investment Management Inc. Cuts Stock Holdings in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Wittenberg Investment Management Inc. lowered its stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 43.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 589,804 shares of the company's stock after selling 457,129 shares during the quarter. Warner Bros. Discovery comprises approximately 2.5% of Wittenberg Investment Management Inc.'s holdings, making the stock its 8th largest holding. Wittenberg Investment Management Inc.'s holdings in Warner Bros. Discovery were worth $6,234,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Principal Financial Group Inc. increased its holdings in shares of Warner Bros. Discovery by 3.1% in the third 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 in the last quarter. Coronation Fund Managers Ltd. boosted its stake in Warner Bros. Discovery by 54.1% in the 4th quarter. Coronation Fund Managers Ltd. now owns 5,644,290 shares of the company's stock worth $59,660,000 after purchasing an additional 1,981,050 shares during the period. SVB Wealth LLC bought a new stake in shares of Warner Bros. Discovery in the fourth quarter valued at about $168,000. Natixis Advisors LLC raised its position in Warner Bros. Discovery by 3.6% in the 4th quarter. Natixis Advisors LLC now owns 291,006 shares of the company's stock valued at $3,076,000 after buying an additional 10,024 shares during the last quarter. Finally, Norges Bank acquired a new position in Warner Bros. Discovery during the 4th quarter worth approximately $362,210,000. 59.95% of the stock is currently owned by institutional investors.

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Warner Bros. Discovery Price Performance

WBD stock traded up $0.02 during midday trading on Wednesday, reaching $7.71. 15,762,447 shares of the stock were exchanged, compared to its average volume of 32,063,914. Warner Bros. Discovery, Inc. has a 52 week low of $6.64 and a 52 week high of $12.70. The company has a fifty day moving average price of $10.34 and a 200 day moving average price of $9.75. 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 stock has a market capitalization of $18.92 billion, a PE ratio of -1.68, a P/E/G ratio of 8.64 and a beta of 1.43.

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 business 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 expect that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Rosenblatt Securities restated a "neutral" rating and issued a $13.00 price objective on shares of Warner Bros. Discovery in a report on Friday, March 7th. Needham & Company LLC reissued a "hold" rating on shares of Warner Bros. Discovery in a report on Friday, February 28th. JPMorgan Chase & Co. raised their target price on shares of Warner Bros. Discovery from $9.00 to $10.00 and gave the stock a "neutral" rating in a research note on Tuesday, January 14th. Guggenheim boosted their price objective on Warner Bros. Discovery from $11.00 to $12.50 and gave the stock a "buy" rating in a report on Thursday, December 12th. Finally, Benchmark reiterated a "buy" rating and set a $18.00 price objective on shares of Warner Bros. Discovery in a research report on Wednesday, February 26th. Ten equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $11.71.

Insider Buying and Selling

In related news, Director Piazza Samuel A. Jr. Di acquired 17,346 shares of Warner Bros. Discovery stock in a transaction dated Monday, March 3rd. The stock was bought at an average price of $11.41 per share, with a total value of $197,917.86. Following the transaction, the director now directly owns 159,932 shares in the company, valued at $1,824,824.12. This represents a 12.17 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 1.80% of the stock is owned by insiders.

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.