Private Management Group Inc. Sells 1,619,537 Shares of Warner Bros. Discovery, Inc. $WBD

Private Management Group Inc. reduced its position in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 29.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,974,671 shares of the company’s stock after selling 1,619,537 shares during the period. Warner Bros. Discovery makes up about 2.3% of Private Management Group Inc.’s holdings, making the stock its 2nd biggest holding. Private Management Group Inc.’s holdings in Warner Bros. Discovery were worth $77,625,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Warner Bros. Discovery by 7.1% during the third quarter. Vanguard Group Inc. now owns 281,214,155 shares of the company’s stock worth $5,492,112,000 after acquiring an additional 18,736,600 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Warner Bros. Discovery by 0.9% in the second quarter. Geode Capital Management LLC now owns 60,091,463 shares of the company’s stock valued at $685,798,000 after purchasing an additional 551,548 shares during the last quarter. Invesco Ltd. grew its stake in Warner Bros. Discovery by 2.8% during the 2nd quarter. Invesco Ltd. now owns 44,574,492 shares of the company’s stock valued at $510,824,000 after purchasing an additional 1,233,195 shares in the last quarter. Norges Bank acquired a new stake in Warner Bros. Discovery during the 2nd quarter valued at approximately $306,848,000. Finally, Pacer Advisors Inc. increased its holdings in Warner Bros. Discovery by 4,639.8% during the 3rd quarter. Pacer Advisors Inc. now owns 22,788,847 shares of the company’s stock worth $445,066,000 after purchasing an additional 22,308,046 shares during the last quarter. 59.95% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Warner Bros. Discovery

In other news, insider Gerhard Zeiler sold 600,000 shares of the stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $28.02, for a total transaction of $16,812,000.00. Following the sale, the insider directly owned 672,649 shares in the company, valued at approximately $18,847,624.98. This represents a 47.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Gunnar Wiedenfels sold 617,580 shares of the firm’s stock in a transaction that occurred on 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 directly owned 691,570 shares in the company, valued at approximately $19,536,852.50. This trade represents a 47.17% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 7,571,827 shares of company stock valued at $213,302,225. 1.90% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Morgan Stanley set a $29.00 target price on Warner Bros. Discovery in a research note on Thursday, December 18th. Arete Research restated a “neutral” rating and issued a $31.25 price target on shares of Warner Bros. Discovery in a research note on Friday, February 27th. Deutsche Bank Aktiengesellschaft cut shares of Warner Bros. Discovery from a “buy” rating to a “hold” rating and upped their price target for the company from $29.50 to $31.00 in a report on Friday, February 27th. Moffett Nathanson upgraded shares of Warner Bros. Discovery from a “hold” rating to a “strong-buy” rating in a research note on Sunday, March 8th. Finally, Weiss Ratings raised shares of Warner Bros. Discovery from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, February 23rd. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, fifteen have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $26.30.

Warner Bros. Discovery Trading Down 1.1%

Warner Bros. Discovery stock opened at $27.14 on Friday. 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 $28.15 and its 200-day moving average is $23.77. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.06 and a current ratio of 1.06. The company has a market cap of $67.25 billion, a P/E ratio of 93.59 and a beta of 1.60.

Warner Bros. Discovery (NASDAQ:WBD) last announced its quarterly earnings data 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 net margin of 1.95% and a return on equity of 1.98%. The business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. During the same period in the prior year, the company earned ($0.20) EPS. Warner Bros. Discovery’s quarterly revenue was down 5.7% on a year-over-year basis. On average, equities analysts expect that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current year.

Warner Bros. Discovery 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.