Carnegie Lake Advisors LLC Decreases Stock Position in Warner Bros. Discovery, Inc. $WBD

Carnegie Lake Advisors LLC lessened its stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 74.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 22,623 shares of the company’s stock after selling 64,475 shares during the period. Carnegie Lake Advisors LLC’s holdings in Warner Bros. Discovery were worth $652,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Warner Bros. Discovery by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 283,180,433 shares of the company’s stock worth $8,161,260,000 after purchasing an additional 1,966,278 shares during the period. Geode Capital Management LLC grew its holdings in shares of Warner Bros. Discovery by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 66,597,575 shares of the company’s stock worth $1,912,634,000 after purchasing an additional 1,028,346 shares during the last quarter. Jericho Capital Asset Management L.P. increased its stake in shares of Warner Bros. Discovery by 108.9% in the third quarter. Jericho Capital Asset Management L.P. now owns 35,095,390 shares of the company’s stock worth $685,413,000 after buying an additional 18,291,865 shares during the period. Northern Trust Corp increased its stake in shares of Warner Bros. Discovery by 3.9% in the third quarter. Northern Trust Corp now owns 23,496,725 shares of the company’s stock worth $458,891,000 after buying an additional 876,869 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in Warner Bros. Discovery by 9.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 18,820,858 shares of the company’s stock valued at $367,417,000 after buying an additional 1,658,317 shares during the last quarter. 59.95% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft cut shares of Warner Bros. Discovery from a “buy” rating to a “hold” rating and increased their price target for the company from $29.50 to $31.00 in a research report on Friday, February 27th. Arete Research reaffirmed a “neutral” rating and set a $31.25 price objective on shares of Warner Bros. Discovery in a research note on Friday, February 27th. Argus dropped their target price on shares of Warner Bros. Discovery from $32.00 to $31.00 and set a “buy” rating for the company in a report on Tuesday, March 3rd. Benchmark reissued a “hold” rating on shares of Warner Bros. Discovery in a research note on Friday, February 27th. Finally, Zacks Research downgraded Warner Bros. Discovery from a “hold” rating to a “strong sell” rating in a report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, thirteen have given a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Warner Bros. Discovery presently has an average rating of “Hold” and an average price target of $27.04.

Insider Buying and Selling

In other Warner Bros. Discovery news, CEO David Zaslav sold 4,004,149 shares of the company’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $28.26, for a total transaction of $113,157,250.74. Following the transaction, the chief executive officer owned 7,200,627 shares in the company, valued at approximately $203,489,719.02. This represents a 35.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul A. Gould sold 600,000 shares of the company’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $27.35, for a total value of $16,410,000.00. Following the transaction, the director owned 244,357 shares in the company, valued at $6,683,163.95. This trade represents a 71.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 8,206,827 shares of company stock valued at $230,674,025 over the last quarter. 1.90% of the stock is currently owned by insiders.

Warner Bros. Discovery Stock Down 0.4%

Shares of Warner Bros. Discovery stock opened at $27.04 on Friday. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.92. Warner Bros. Discovery, Inc. has a 12-month low of $9.11 and a 12-month high of $30.00. The company has a market cap of $67.79 billion, a P/E ratio of -38.63 and a beta of 1.57. The company’s fifty day simple moving average is $27.23 and its two-hundred day simple moving average is $27.26.

Warner Bros. Discovery (NASDAQ:WBD) last posted its earnings results on Wednesday, May 6th. The company reported ($1.17) EPS for the quarter, missing the consensus estimate of ($0.10) by ($1.07). The company had revenue of $8.89 billion during the quarter, compared to analysts’ expectations of $8.89 billion. Warner Bros. Discovery had a negative return on equity of 4.77% and a negative net margin of 4.67%.The company’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same period in the prior year, the business posted ($0.18) earnings per share. Research analysts anticipate that Warner Bros. Discovery, Inc. will post -0.71 EPS for the current year.

About Warner Bros. Discovery

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.