Essex Financial Services Inc. Has $150,000 Stock Position in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Essex Financial Services Inc. lowered its position in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 19.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,221 shares of the company’s stock after selling 3,094 shares during the quarter. Essex Financial Services Inc.’s holdings in Warner Bros. Discovery were worth $150,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Fortis Group Advisors LLC purchased a new position in Warner Bros. Discovery during the 3rd quarter valued at about $25,000. Peoples Bank KS acquired a new stake in shares of Warner Bros. Discovery during the third quarter worth approximately $27,000. Pacifica Partners Inc. grew its position in Warner Bros. Discovery by 118.2% during the fourth quarter. Pacifica Partners Inc. now owns 2,483 shares of the company’s stock valued at $27,000 after purchasing an additional 1,345 shares in the last quarter. Milestone Investment Advisors LLC acquired a new position in Warner Bros. Discovery in the 3rd quarter valued at approximately $28,000. Finally, Headinvest LLC acquired a new position in Warner Bros. Discovery in the 3rd quarter valued at approximately $28,000. Hedge funds and other institutional investors own 59.95% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Wolfe Research cut Warner Bros. Discovery from a “peer perform” rating to an “underperform” rating and set a $7.00 price target for the company. in a research note on Tuesday, April 23rd. Benchmark restated a “buy” rating and set a $20.00 price target on shares of Warner Bros. Discovery in a report on Monday, March 4th. Rosenblatt Securities upgraded shares of Warner Bros. Discovery from a “sell” rating to a “neutral” rating and upped their price objective for the stock from $7.00 to $10.00 in a report on Thursday, March 21st. Citigroup cut their target price on Warner Bros. Discovery from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Thursday, February 29th. Finally, Macquarie decreased their price target on Warner Bros. Discovery from $16.00 to $14.00 and set an “outperform” rating for the company in a research note on Monday, January 22nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Warner Bros. Discovery currently has an average rating of “Moderate Buy” and an average target price of $13.83.

Warner Bros. Discovery Price Performance

NASDAQ:WBD opened at $7.97 on Friday. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a market cap of $19.44 billion, a P/E ratio of -6.23 and a beta of 1.51. The company has a fifty day moving average price of $8.45 and a 200 day moving average price of $9.87. Warner Bros. Discovery, Inc. has a one year low of $7.34 and a one year high of $14.76.

Warner Bros. Discovery (NASDAQ:WBD) last released its earnings results on Friday, February 23rd. The company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.05). The firm had revenue of $10.28 billion for the quarter, compared to analyst estimates of $10.34 billion. Warner Bros. Discovery had a negative return on equity of 3.48% and a negative net margin of 7.57%. The firm’s quarterly revenue was down 6.6% compared to the same quarter last year. During the same period last year, the business earned $0.42 earnings per share. Analysts anticipate that Warner Bros. Discovery, Inc. will post -0.35 earnings per share for the current year.

Warner Bros. Discovery Company 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.