Dai ichi Life Insurance Company Ltd Sells 70,000 Shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Dai ichi Life Insurance Company Ltd lessened its position in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 76.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 21,584 shares of the company’s stock after selling 70,000 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in Warner Bros. Discovery were worth $246,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Fortis Group Advisors LLC bought a new stake in Warner Bros. Discovery in the third quarter valued at $25,000. Pacifica Partners Inc. increased its position in Warner Bros. Discovery by 118.2% in the 4th quarter. Pacifica Partners Inc. now owns 2,483 shares of the company’s stock valued at $27,000 after buying an additional 1,345 shares in the last quarter. Milestone Investment Advisors LLC acquired a new position in Warner Bros. Discovery during the 3rd quarter worth approximately $28,000. Headinvest LLC acquired a new stake in Warner Bros. Discovery in the third quarter valued at approximately $28,000. Finally, Systematic Alpha Investments LLC bought a new stake in shares of Warner Bros. Discovery during the third quarter valued at approximately $31,000. Institutional investors own 59.95% of the company’s stock.

Wall Street Analysts Forecast Growth

WBD has been the subject of a number of analyst reports. Benchmark reiterated a “buy” rating and set a $20.00 price target on shares of Warner Bros. Discovery in a research note on Monday, March 4th. Needham & Company LLC reiterated a “hold” rating on shares of Warner Bros. Discovery in a report on Friday, May 10th. Rosenblatt Securities upgraded Warner Bros. Discovery from a “sell” rating to a “neutral” rating and raised their price objective for the company from $7.00 to $10.00 in a research note on Thursday, March 21st. Sanford C. Bernstein reduced their target price on Warner Bros. Discovery from $11.00 to $10.00 and set an “outperform” rating for the company in a report on Friday, May 10th. Finally, Wells Fargo & Company lowered Warner Bros. Discovery from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $16.00 to $12.00 in a report on Monday, January 29th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $13.32.

Warner Bros. Discovery Price Performance

Warner Bros. Discovery stock traded up $0.02 during midday trading on Friday, hitting $7.73. 23,370,921 shares of the company’s stock were exchanged, compared to its average volume of 33,981,716. The stock has a 50-day moving average price of $8.28 and a two-hundred day moving average price of $9.63. Warner Bros. Discovery, Inc. has a 52-week low of $7.34 and a 52-week high of $14.76. The company has a market cap of $18.93 billion, a P/E ratio of -6.23 and a beta of 1.51. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.82 and a current ratio of 0.82.

Warner Bros. Discovery (NASDAQ:WBD) last announced its earnings results on Thursday, May 9th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.16). The company had revenue of $9.96 billion for the quarter, compared to the consensus estimate of $10.22 billion. Warner Bros. Discovery had a negative net margin of 7.45% and a negative return on equity of 6.58%. The company’s revenue for the quarter was down 6.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.18 earnings per share. On average, equities research analysts forecast that Warner Bros. Discovery, Inc. will post -0.38 earnings per share 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.