Retirement Systems of Alabama Has $32.76 Million Position in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Retirement Systems of Alabama trimmed its position in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 8.0% in the third quarter, Holdings Channel reports. The fund owned 3,970,918 shares of the company’s stock after selling 345,580 shares during the quarter. Retirement Systems of Alabama’s holdings in Warner Bros. Discovery were worth $32,760,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in the business. State Street Corp increased its holdings in shares of Warner Bros. Discovery by 4.1% during the 3rd quarter. State Street Corp now owns 151,285,963 shares of the company’s stock worth $1,248,109,000 after purchasing an additional 5,898,611 shares during the period. Sessa Capital IM L.P. lifted its position in shares of Warner Bros. Discovery by 24.7% in the 3rd quarter. Sessa Capital IM L.P. now owns 28,410,428 shares of the company’s stock worth $234,386,000 after acquiring an additional 5,625,545 shares during the period. EdgePoint Investment Group Inc. grew its holdings in shares of Warner Bros. Discovery by 2.6% during the 3rd quarter. EdgePoint Investment Group Inc. now owns 21,396,719 shares of the company’s stock worth $176,523,000 after purchasing an additional 541,192 shares in the last quarter. Hotchkis & Wiley Capital Management LLC increased its position in shares of Warner Bros. Discovery by 1.6% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 20,889,437 shares of the company’s stock valued at $172,338,000 after purchasing an additional 329,620 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Warner Bros. Discovery by 4.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 15,685,506 shares of the company’s stock valued at $129,405,000 after purchasing an additional 687,612 shares in the last quarter. Institutional investors own 59.95% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on WBD. Rosenblatt Securities boosted their price target on shares of Warner Bros. Discovery from $9.00 to $13.00 and gave the company a “neutral” rating in a report on Friday. Needham & Company LLC reaffirmed a “hold” rating on shares of Warner Bros. Discovery in a report on Thursday, October 10th. Benchmark reissued a “buy” rating and issued a $18.00 target price on shares of Warner Bros. Discovery in a report on Friday, September 13th. Bank of America reaffirmed a “buy” rating and issued a $14.00 price target on shares of Warner Bros. Discovery in a research note on Thursday. Finally, Macquarie lifted their price objective on Warner Bros. Discovery from $8.00 to $9.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Twelve investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $11.33.

Warner Bros. Discovery Stock Performance

WBD stock opened at $12.07 on Friday. The stock has a market capitalization of $29.61 billion, a PE ratio of -2.64 and a beta of 1.52. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.80 and a quick ratio of 0.80. The company has a 50 day moving average price of $9.11 and a 200 day moving average price of $8.24. Warner Bros. Discovery, Inc. has a fifty-two week low of $6.64 and a fifty-two week high of $12.70.

Warner Bros. Discovery (NASDAQ:WBD) last released its earnings results on Thursday, November 7th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.12. The company had revenue of $9.62 billion during the quarter, compared to the consensus estimate of $9.79 billion. Warner Bros. Discovery had a negative return on equity of 27.56% and a negative net margin of 28.34%. The firm’s quarterly revenue was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.17) earnings per share. Analysts forecast that Warner Bros. Discovery, Inc. will post -4.37 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.