Concord Wealth Partners Sells 2,288 Shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Concord Wealth Partners lowered its position in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 39.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,508 shares of the company’s stock after selling 2,288 shares during the quarter. Concord Wealth Partners’ holdings in Warner Bros. Discovery were worth $40,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of WBD. Invesco Ltd. increased its stake in shares of Warner Bros. Discovery by 16.6% during the 3rd quarter. Invesco Ltd. now owns 28,184,613 shares of the company’s stock worth $306,085,000 after purchasing an additional 4,016,888 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Warner Bros. Discovery by 12.1% in the third quarter. The Manufacturers Life Insurance Company now owns 21,823,875 shares of the company’s stock worth $237,007,000 after buying an additional 2,356,665 shares during the last quarter. Northern Trust Corp raised its stake in shares of Warner Bros. Discovery by 2.6% in the third quarter. Northern Trust Corp now owns 20,873,998 shares of the company’s stock valued at $226,692,000 after buying an additional 524,965 shares during the period. Boston Partners lifted its position in shares of Warner Bros. Discovery by 43.0% during the 3rd quarter. Boston Partners now owns 14,225,819 shares of the company’s stock valued at $153,713,000 after buying an additional 4,275,994 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Warner Bros. Discovery by 9.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 13,097,509 shares of the company’s stock worth $142,239,000 after acquiring an additional 1,180,825 shares during the period. Hedge funds and other institutional investors own 59.95% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on WBD shares. Wells Fargo & Company downgraded shares of Warner Bros. Discovery from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $16.00 to $12.00 in a report on Monday, January 29th. Macquarie lowered their target price on shares of Warner Bros. Discovery from $16.00 to $14.00 and set an “outperform” rating on the stock in a report on Monday, January 22nd. Morgan Stanley cut their price target on Warner Bros. Discovery from $14.00 to $10.00 and set an “equal weight” rating for the company in a report on Monday, February 26th. Barclays decreased their price objective on Warner Bros. Discovery from $10.00 to $9.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 29th. Finally, JPMorgan Chase & Co. cut their target price on Warner Bros. Discovery from $13.00 to $10.00 and set a “neutral” rating for the company in a research note on Monday, February 26th. One analyst has rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Warner Bros. Discovery currently has a consensus rating of “Moderate Buy” and an average price target of $13.83.

Warner Bros. Discovery Stock Performance

Shares of Warner Bros. Discovery stock opened at $7.97 on Friday. The company has a fifty day moving average of $8.45 and a 200-day moving average of $9.88. Warner Bros. Discovery, Inc. has a 52-week low of $7.34 and a 52-week high of $14.76. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.90.

Warner Bros. Discovery (NASDAQ:WBD) last released its earnings results on Friday, February 23rd. The company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.05). The company had revenue of $10.28 billion during the quarter, compared to the consensus estimate of $10.34 billion. Warner Bros. Discovery had a negative net margin of 7.57% and a negative return on equity of 3.48%. The company’s revenue was down 6.6% on a year-over-year basis. During the same period last year, the firm posted $0.42 EPS. Equities analysts forecast that Warner Bros. Discovery, Inc. will post -0.35 EPS for the current fiscal 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.