Warner Bros. Discovery, Inc. $WBD Shares Sold by Truist Financial Corp

Truist Financial Corp reduced its stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 15.3% in the second quarter, HoldingsChannel.com reports. The fund owned 105,508 shares of the company’s stock after selling 19,104 shares during the quarter. Truist Financial Corp’s holdings in Warner Bros. Discovery were worth $1,209,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Parkside Investments LLC boosted its stake in Warner Bros. Discovery by 0.3% in the second quarter. Parkside Investments LLC now owns 346,654 shares of the company’s stock valued at $3,973,000 after acquiring an additional 1,000 shares during the period. V Square Quantitative Management LLC boosted its stake in Warner Bros. Discovery by 217.3% in the second quarter. V Square Quantitative Management LLC now owns 83,675 shares of the company’s stock valued at $959,000 after acquiring an additional 57,307 shares during the period. Guardian Investment Management boosted its stake in Warner Bros. Discovery by 9.4% in the second quarter. Guardian Investment Management now owns 91,703 shares of the company’s stock valued at $1,051,000 after acquiring an additional 7,856 shares during the period. Avior Wealth Management LLC boosted its stake in Warner Bros. Discovery by 8.8% in the second quarter. Avior Wealth Management LLC now owns 14,545 shares of the company’s stock valued at $167,000 after acquiring an additional 1,176 shares during the period. Finally, Sterneck Capital Management LLC acquired a new position in shares of Warner Bros. Discovery during the second quarter worth approximately $126,000. 59.95% of the stock is currently owned by institutional investors and hedge funds.

Warner Bros. Discovery Stock Performance

WBD opened at $17.10 on Monday. The company has a market capitalization of $42.34 billion, a price-to-earnings ratio of 57.00, a price-to-earnings-growth ratio of 2.00 and a beta of 1.73. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.04 and a quick ratio of 1.04. Warner Bros. Discovery, Inc. has a 1-year low of $7.25 and a 1-year high of $20.24. The business has a 50 day moving average price of $14.93 and a two-hundred day moving average price of $11.79.

Warner Bros. Discovery (NASDAQ:WBD) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.79. Warner Bros. Discovery had a return on equity of 2.14% and a net margin of 2.00%.The company had revenue of $9.81 billion during the quarter, compared to the consensus estimate of $9.73 billion. During the same quarter in the prior year, the firm earned ($4.07) EPS. The company’s quarterly revenue was up 1.0% compared to the same quarter last year. Research analysts predict that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current fiscal year.

Insider Activity

In other news, CFO Gunnar Wiedenfels sold 530,793 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $19.50, for a total transaction of $10,350,463.50. Following the completion of the sale, the chief financial officer owned 1,141,150 shares in the company, valued at approximately $22,252,425. This represents a 31.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Anton J. Levy acquired 75,000 shares of the business’s stock in a transaction dated Tuesday, August 12th. The shares were bought at an average price of $11.00 per share, with a total value of $825,000.00. Following the transaction, the director directly owned 949,000 shares in the company, valued at approximately $10,439,000. The trade was a 8.58% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 970,115 shares of company stock worth $17,818,490. Insiders own 1.80% of the company’s stock.

Analyst Upgrades and Downgrades

WBD has been the subject of several analyst reports. Barrington Research reiterated an “outperform” rating and set a $16.00 price objective on shares of Warner Bros. Discovery in a research report on Wednesday, July 30th. Wells Fargo & Company boosted their price objective on Warner Bros. Discovery from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 11th. Raymond James Financial boosted their price objective on Warner Bros. Discovery from $13.00 to $22.00 and gave the stock an “outperform” rating in a research report on Thursday, October 2nd. KeyCorp reiterated a “sector weight” rating on shares of Warner Bros. Discovery in a research report on Friday, September 26th. Finally, Morgan Stanley upped their target price on Warner Bros. Discovery from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 25th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and sixteen have issued a Hold rating to the company. According to data from MarketBeat.com, Warner Bros. Discovery currently has an average rating of “Hold” and a consensus target price of $16.61.

Warner Bros. Discovery 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.