Coronation Fund Managers Ltd. Reduces Stake in Warner Bros. Discovery, Inc. $WBD

Coronation Fund Managers Ltd. cut its holdings in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 66.4% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 1,620,341 shares of the company’s stock after selling 3,204,002 shares during the quarter. Warner Bros. Discovery comprises 1.7% of Coronation Fund Managers Ltd.’s portfolio, making the stock its 17th largest holding. Coronation Fund Managers Ltd.’s holdings in Warner Bros. Discovery were worth $31,645,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cidel Asset Management Inc. boosted its holdings in Warner Bros. Discovery by 15.6% in the third quarter. Cidel Asset Management Inc. now owns 42,772 shares of the company’s stock valued at $835,000 after acquiring an additional 5,762 shares in the last quarter. Hi Line Capital Management LLC lifted its position in shares of Warner Bros. Discovery by 2.8% in the 3rd quarter. Hi Line Capital Management LLC now owns 611,598 shares of the company’s stock worth $11,945,000 after purchasing an additional 16,744 shares during the period. Abich Financial Wealth Management LLC bought a new stake in shares of Warner Bros. Discovery during the 3rd quarter valued at about $145,000. Assetmark Inc. increased its position in shares of Warner Bros. Discovery by 16.7% during the third quarter. Assetmark Inc. now owns 445,023 shares of the company’s stock valued at $8,691,000 after buying an additional 63,645 shares during the period. Finally, Public Sector Pension Investment Board raised its stake in Warner Bros. Discovery by 35.8% in the third quarter. Public Sector Pension Investment Board now owns 274,727 shares of the company’s stock worth $5,365,000 after buying an additional 72,424 shares in the last quarter. Institutional investors own 59.95% of the company’s stock.

Wall Street Analyst Weigh In

WBD has been the topic of several research reports. Wells Fargo & Company lifted their price objective on Warner Bros. Discovery from $21.00 to $25.00 and gave the company an “equal weight” rating in a research report on Friday, November 7th. Guggenheim lowered Warner Bros. Discovery from a “buy” rating to a “neutral” rating and lifted their price target for the company from $25.00 to $30.00 in a research report on Wednesday, January 14th. Raymond James Financial increased their price objective on Warner Bros. Discovery from $22.00 to $25.00 and gave the stock an “outperform” rating in a report on Friday, November 7th. Arete Research boosted their target price on shares of Warner Bros. Discovery from $30.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, December 11th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $29.50 target price on shares of Warner Bros. Discovery in a research report on Monday, December 8th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $24.94.

Warner Bros. Discovery Trading Down 0.4%

NASDAQ WBD opened at $27.99 on Friday. Warner Bros. Discovery, Inc. has a 12 month low of $7.52 and a 12 month high of $30.00. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.90. The stock’s fifty day moving average price is $28.37 and its 200-day moving average price is $21.59. The stock has a market cap of $69.36 billion, a P/E ratio of 147.32 and a beta of 1.64.

Insider Activity

In other news, CFO Gunnar Wiedenfels sold 242,994 shares of the company’s stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $29.50, for a total value of $7,168,323.00. Following the transaction, the chief financial officer owned 918,940 shares in the company, valued at approximately $27,108,730. This represents a 20.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Lori C. Locke sold 4,122 shares of the firm’s stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $28.92, for a total transaction of $119,208.24. Following the sale, the chief accounting officer directly owned 100,962 shares of the company’s stock, valued at $2,919,821.04. This trade represents a 3.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 267,116 shares of company stock worth $7,781,731 over the last three months. 1.90% of the stock is currently owned by insiders.

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.