Prestige Wealth Management Group LLC Increases Stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Prestige Wealth Management Group LLC grew its position in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 11.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 36,332 shares of the company’s stock after acquiring an additional 3,800 shares during the period. Prestige Wealth Management Group LLC’s holdings in Warner Bros. Discovery were worth $270,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Public Employees Retirement Association of Colorado boosted its holdings in Warner Bros. Discovery by 5,128.3% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 350,559 shares of the company’s stock valued at $3,989,000 after purchasing an additional 343,854 shares in the last quarter. Thompson Investment Management Inc. boosted its stake in shares of Warner Bros. Discovery by 23.5% in the first quarter. Thompson Investment Management Inc. now owns 1,118,931 shares of the company’s stock valued at $9,768,000 after buying an additional 213,149 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. grew its holdings in Warner Bros. Discovery by 8.2% during the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 66,843 shares of the company’s stock worth $584,000 after acquiring an additional 5,081 shares during the period. Global Assets Advisory LLC purchased a new position in Warner Bros. Discovery in the first quarter worth $182,000. Finally, SageView Advisory Group LLC acquired a new stake in Warner Bros. Discovery in the fourth quarter valued at $129,000. 59.95% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on WBD shares. Morgan Stanley lowered their price target on shares of Warner Bros. Discovery from $10.00 to $9.00 and set an “equal weight” rating on the stock in a research note on Monday, July 29th. Benchmark lowered their target price on shares of Warner Bros. Discovery from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Sanford C. Bernstein lowered Warner Bros. Discovery from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $10.00 to $8.00 in a research note on Tuesday, August 13th. The Goldman Sachs Group lowered their price target on Warner Bros. Discovery from $8.50 to $7.50 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Finally, Macquarie reduced their price objective on Warner Bros. Discovery from $9.00 to $8.00 and set a “neutral” rating for the company in a report on Monday, August 12th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Warner Bros. Discovery presently has a consensus rating of “Hold” and an average target price of $10.98.

Warner Bros. Discovery Trading Down 2.7 %

NASDAQ:WBD traded down $0.20 during mid-day trading on Friday, reaching $7.22. The company’s stock had a trading volume of 36,949,360 shares, compared to its average volume of 29,112,586. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.76 and a quick ratio of 0.76. The stock has a market cap of $17.69 billion, a P/E ratio of -5.82 and a beta of 1.48. The company’s fifty day simple moving average is $7.72 and its two-hundred day simple moving average is $8.03. Warner Bros. Discovery, Inc. has a twelve month low of $6.64 and a twelve month high of $12.70.

Warner Bros. Discovery (NASDAQ:WBD) last released its earnings results on Wednesday, August 7th. The company reported ($4.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($3.89). Warner Bros. Discovery had a negative return on equity of 27.28% and a negative net margin of 29.47%. The company had revenue of $9.71 billion during the quarter, compared to analyst estimates of $10.07 billion. During the same period in the prior year, the business posted ($0.51) earnings per share. Warner Bros. Discovery’s revenue was down 6.2% on a year-over-year basis. On average, equities analysts predict that Warner Bros. Discovery, Inc. will post -3.65 EPS for the current year.

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.