Benjamin F. Edwards & Company Inc. acquired a new position in Warner Bros. Discovery, Inc. (NASDAQ:WBD – Get Rating) during the third quarter, Holdings Channel reports. The institutional investor acquired 8,124 shares of the company’s stock, valued at approximately $93,000.
A number of other institutional investors have also added to or reduced their stakes in the company. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in Warner Bros. Discovery during the third quarter worth about $67,859,000. State of Michigan Retirement System acquired a new stake in Warner Bros. Discovery during the third quarter valued at approximately $66,723,000. Nordea Investment Management AB acquired a new stake in Warner Bros. Discovery during the third quarter valued at approximately $37,469,000. Thompson Siegel & Walmsley LLC acquired a new stake in Warner Bros. Discovery during the third quarter valued at approximately $32,838,000. Finally, New York State Teachers Retirement System acquired a new stake in Warner Bros. Discovery during the third quarter valued at approximately $26,282,000. 55.18% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of equities research analysts have weighed in on WBD shares. Guggenheim raised Warner Bros. Discovery from a “neutral” rating to a “buy” rating and set a $16.50 price objective on the stock in a report on Wednesday, January 11th. Cowen decreased their price objective on Warner Bros. Discovery to $17.00 in a report on Tuesday, November 15th. Royal Bank of Canada decreased their price objective on Warner Bros. Discovery from $44.00 to $27.00 and set an “outperform” rating on the stock in a report on Monday, November 7th. Credit Suisse Group reduced their target price on Warner Bros. Discovery from $39.00 to $36.00 and set an “outperform” rating on the stock in a report on Thursday, October 13th. Finally, Wells Fargo & Company reduced their target price on Warner Bros. Discovery from $16.00 to $13.00 and set an “equal weight” rating on the stock in a report on Friday, November 4th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $22.18.
Warner Bros. Discovery Stock Performance
Warner Bros. Discovery (NASDAQ:WBD – Get Rating) last issued its earnings results on Thursday, November 3rd. The company reported $0.17 EPS for the quarter, beating the consensus estimate of $0.02 by $0.15. The company had revenue of $9.82 billion during the quarter, compared to analysts’ expectations of $10.51 billion. Warner Bros. Discovery had a negative net margin of 20.13% and a positive return on equity of 2.18%. Analysts forecast that Warner Bros. Discovery, Inc. will post 0.65 EPS for the current year.
About Warner Bros. Discovery
Warner Bros. Discovery, Inc, a media company, provides content across various distribution platforms in approximately 50 languages worldwide. It also produces, develops, and distributes feature films, television, gaming, and other content in various physical and digital formats through basic networks, direct-to-consumer or theatrical, TV content, and games licensing.
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