Retirement Systems of Alabama Sells 596,816 Shares of Warner Bros. Discovery, Inc. $WBD

Retirement Systems of Alabama reduced its holdings in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 20.9% during the 4th quarter, Holdings Channel reports. The fund owned 2,259,890 shares of the company’s stock after selling 596,816 shares during the quarter. Retirement Systems of Alabama’s holdings in Warner Bros. Discovery were worth $65,130,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Concord Wealth Partners raised its position in Warner Bros. Discovery by 49.9% in the 3rd quarter. Concord Wealth Partners now owns 1,321 shares of the company’s stock valued at $26,000 after purchasing an additional 440 shares during the last quarter. Physician Wealth Advisors Inc. boosted its stake in Warner Bros. Discovery by 152.1% in the third quarter. Physician Wealth Advisors Inc. now owns 1,404 shares of the company’s stock worth $27,000 after purchasing an additional 847 shares in the last quarter. Grove Bank & Trust grew its holdings in shares of Warner Bros. Discovery by 66.5% during the third quarter. Grove Bank & Trust now owns 1,690 shares of the company’s stock worth $33,000 after purchasing an additional 675 shares during the last quarter. JPL Wealth Management LLC acquired a new stake in shares of Warner Bros. Discovery in the third quarter valued at $33,000. Finally, Crews Bank & Trust increased its stake in shares of Warner Bros. Discovery by 1,242.2% in the third quarter. Crews Bank & Trust now owns 1,718 shares of the company’s stock valued at $34,000 after buying an additional 1,590 shares in the last quarter. 59.95% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

WBD has been the topic of several research reports. Raymond James Financial reiterated an “underperform” rating on shares of Warner Bros. Discovery in a research report on Friday, February 27th. Benchmark reaffirmed a “hold” rating on shares of Warner Bros. Discovery in a research note on Friday, February 27th. Guggenheim lowered shares of Warner Bros. Discovery from a “buy” rating to a “neutral” rating and upped their target price for the stock from $25.00 to $30.00 in a research report on Wednesday, January 14th. UBS Group increased their price target on shares of Warner Bros. Discovery from $20.00 to $30.00 and gave the company a “neutral” rating in a research note on Wednesday, January 28th. Finally, Moffett Nathanson raised shares of Warner Bros. Discovery from a “hold” rating to a “strong-buy” rating in a report on Sunday, March 8th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, fifteen have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $26.30.

Warner Bros. Discovery Stock Up 0.1%

Shares of NASDAQ WBD opened at $27.09 on Tuesday. Warner Bros. Discovery, Inc. has a 1 year low of $7.52 and a 1 year high of $30.00. The firm’s 50-day moving average is $27.88 and its 200-day moving average is $25.10. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.87. The firm has a market capitalization of $67.18 billion, a PE ratio of 93.42 and a beta of 1.60.

Warner Bros. Discovery (NASDAQ:WBD) last posted its quarterly earnings results on Thursday, February 26th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.19). Warner Bros. Discovery had a return on equity of 1.98% and a net margin of 1.95%.The business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. During the same period last year, the firm earned ($0.20) earnings per share. The company’s quarterly revenue was down 5.7% on a year-over-year basis. Equities analysts expect that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current year.

Insider Buying and Selling

In related news, CFO Gunnar Wiedenfels sold 617,580 shares of the company’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $28.25, for a total value of $17,446,635.00. Following the completion of the sale, the chief financial officer owned 691,570 shares in the company, valued at approximately $19,536,852.50. This represents a 47.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Gerhard Zeiler sold 600,000 shares of the stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $28.02, for a total value of $16,812,000.00. Following the completion of the transaction, the insider directly owned 672,649 shares in the company, valued at $18,847,624.98. The trade was a 47.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 8,206,827 shares of company stock worth $230,674,025 over the last 90 days. 1.80% of the stock is currently owned by corporate insiders.

Warner Bros. Discovery Company Profile

Warner Bros. Discovery (NASDAQ: WBD) is a global media and entertainment company formed when WarnerMedia and Discovery, Inc combined their businesses in 2022. Headquartered in New York City, the company assembles a broad portfolio of film and television production, linear and cable networks, streaming services and consumer distribution operations. Its assets span well-known studio brands, premium scripted and unscripted programming, news and factual entertainment, and licensed franchise properties.

The company’s core activities include film and television production and distribution through units such as Warner Bros.