Warner Bros. Discovery (NASDAQ:WBD) Given New $23.50 Price Target at Sanford C. Bernstein

Warner Bros. Discovery (NASDAQ:WBD) had its price objective upped by Sanford C. Bernstein from $16.00 to $23.50 in a research report released on Friday morning,MarketScreener reports.

Several other equities analysts have also recently issued reports on WBD. KeyCorp reiterated a “sector weight” rating on shares of Warner Bros. Discovery in a research note on Friday, September 26th. Barclays set a $20.00 price target on shares of Warner Bros. Discovery in a research note on Wednesday, October 8th. Rothschild Redb raised shares of Warner Bros. Discovery from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 30th. Weiss Ratings raised shares of Warner Bros. Discovery from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, October 8th. Finally, Raymond James Financial increased their target price on Warner Bros. Discovery from $22.00 to $25.00 and gave the company an “outperform” rating in a report on Friday. Three research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and fourteen have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $21.57.

Warner Bros. Discovery Stock Up 1.1%

WBD traded up $0.25 during trading hours on Friday, hitting $22.67. 30,888,063 shares of the company’s stock were exchanged, compared to its average volume of 48,709,063. The firm has a market cap of $56.13 billion, a P/E ratio of 75.57, a price-to-earnings-growth ratio of 2.56 and a beta of 1.74. Warner Bros. Discovery has a 12-month low of $7.52 and a 12-month high of $23.06. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.92. The firm has a 50 day moving average of $18.44 and a 200 day moving average of $13.43.

Warner Bros. Discovery (NASDAQ:WBD) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.02). The company had revenue of $9.05 billion for the quarter, compared to analysts’ expectations of $9.17 billion. Warner Bros. Discovery had a return on equity of 2.14% and a net margin of 2.00%.The firm’s revenue was down 6.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.05 EPS. Analysts predict that Warner Bros. Discovery will post -4.33 EPS for the current fiscal year.

Insider Buying and Selling at Warner Bros. Discovery

In related news, CFO Gunnar Wiedenfels sold 530,793 shares of the company’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $19.50, for a total value of $10,350,463.50. Following the completion of the sale, the chief financial officer directly owned 1,141,150 shares of the company’s stock, valued at $22,252,425. This represents a 31.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bruce Campbell sold 289,322 shares of the firm’s stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $16.48, for a total value of $4,768,026.56. Following the transaction, the insider owned 402,464 shares in the company, valued at $6,632,606.72. This represents a 41.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,192,325 shares of company stock worth $22,818,215 over the last 90 days. Corporate insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Warner Bros. Discovery

Several large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in Warner Bros. Discovery by 7.1% in the 3rd quarter. Vanguard Group Inc. now owns 281,214,155 shares of the company’s stock valued at $5,492,112,000 after purchasing an additional 18,736,600 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of 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 buying an additional 551,548 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Warner Bros. Discovery by 2.8% in the second quarter. Invesco Ltd. now owns 44,574,492 shares of the company’s stock valued at $510,824,000 after buying an additional 1,233,195 shares during the last quarter. Sessa Capital IM L.P. boosted its stake in shares of Warner Bros. Discovery by 4.0% during the first quarter. Sessa Capital IM L.P. now owns 29,555,277 shares of the company’s stock worth $317,128,000 after buying an additional 1,144,849 shares during the period. Finally, Norges Bank purchased a new position in shares of Warner Bros. Discovery during the second quarter worth about $306,848,000. 59.95% of the stock is owned by institutional investors and hedge funds.

About Warner Bros. Discovery

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.