Salem Investment Counselors Inc. Cuts Stock Holdings in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Salem Investment Counselors Inc. cut its position in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 2.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 78,462 shares of the company’s stock after selling 1,846 shares during the period. Salem Investment Counselors Inc.’s holdings in Warner Bros. Discovery were worth $829,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Acadian Asset Management LLC purchased a new position in shares of Warner Bros. Discovery during the 2nd quarter valued at approximately $535,000. Choreo LLC lifted its holdings in Warner Bros. Discovery by 63.2% during the second quarter. Choreo LLC now owns 35,049 shares of the company’s stock valued at $249,000 after purchasing an additional 13,577 shares in the last quarter. American Century Companies Inc. grew its position in shares of Warner Bros. Discovery by 4.3% in the second quarter. American Century Companies Inc. now owns 454,013 shares of the company’s stock valued at $3,378,000 after purchasing an additional 18,888 shares during the period. Wealthspire Advisors LLC increased its stake in shares of Warner Bros. Discovery by 45.8% during the second quarter. Wealthspire Advisors LLC now owns 27,884 shares of the company’s stock worth $207,000 after purchasing an additional 8,763 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. raised its position in shares of Warner Bros. Discovery by 10.5% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 296,371 shares of the company’s stock worth $2,205,000 after purchasing an additional 28,239 shares during the last quarter. Institutional investors and hedge funds own 59.95% of the company’s stock.

Warner Bros. Discovery Stock Up 1.4 %

Shares of NASDAQ WBD opened at $9.84 on Tuesday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.03. The business’s 50 day moving average is $10.26 and its two-hundred day moving average is $8.65. Warner Bros. Discovery, Inc. has a 52-week low of $6.64 and a 52-week high of $12.70. The firm has a market cap of $24.14 billion, a price-to-earnings ratio of -2.15 and a beta of 1.52.

Warner Bros. Discovery (NASDAQ:WBD) last announced its earnings results on Thursday, November 7th. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.12. The company had revenue of $9.62 billion during the quarter, compared to analysts’ expectations of $9.79 billion. Warner Bros. Discovery had a negative return on equity of 27.56% and a negative net margin of 28.34%. Warner Bros. Discovery’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same period last year, the business posted ($0.17) EPS. Research analysts predict that Warner Bros. Discovery, Inc. will post -4.37 EPS for the current year.

Insider Activity at Warner Bros. Discovery

In related news, insider Savalle Sims sold 169,436 shares of the business’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $12.36, for a total transaction of $2,094,228.96. Following the completion of the transaction, the insider now directly owns 599,317 shares of the company’s stock, valued at $7,407,558.12. The trade was a 22.04 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 1.80% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Barclays raised their target price on Warner Bros. Discovery from $8.00 to $10.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. Bank of America reaffirmed a “buy” rating and set a $14.00 target price on shares of Warner Bros. Discovery in a research note on Thursday, December 12th. Rosenblatt Securities increased their target price on shares of Warner Bros. Discovery from $9.00 to $13.00 and gave the company a “neutral” rating in a research report on Friday, December 13th. Macquarie boosted their price target on shares of Warner Bros. Discovery from $8.00 to $9.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Finally, Guggenheim increased their price objective on shares of Warner Bros. Discovery from $11.00 to $12.50 and gave the company a “buy” rating in a report on Thursday, December 12th. Eleven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $11.46.

Warner Bros. Discovery Company 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.