Corrado Advisors LLC Sells 65,393 Shares of Warner Bros. Discovery, Inc. $WBD

Corrado Advisors LLC reduced its stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 56.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 49,931 shares of the company’s stock after selling 65,393 shares during the period. Corrado Advisors LLC’s holdings in Warner Bros. Discovery were worth $975,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Annis Gardner Whiting Capital Advisors LLC raised its stake in Warner Bros. Discovery by 10.0% in the third quarter. Annis Gardner Whiting Capital Advisors LLC now owns 84,544 shares of the company’s stock valued at $1,651,000 after purchasing an additional 7,679 shares in the last quarter. TD Waterhouse Canada Inc. increased its holdings in Warner Bros. Discovery by 527.3% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 271,602 shares of the company’s stock worth $5,250,000 after purchasing an additional 228,307 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Warner Bros. Discovery by 14.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 974,079 shares of the company’s stock valued at $19,024,000 after buying an additional 123,445 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Warner Bros. Discovery by 4.9% in the third quarter. Bank of New York Mellon Corp now owns 13,307,032 shares of the company’s stock valued at $259,886,000 after purchasing an additional 621,751 shares during the period. Finally, Ballentine Partners LLC increased its stake in shares of Warner Bros. Discovery by 7.1% in the third quarter. Ballentine Partners LLC now owns 17,688 shares of the company’s stock valued at $345,000 after buying an additional 1,170 shares during the period. 59.95% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on WBD. TD Cowen upped their price target on shares of Warner Bros. Discovery from $14.00 to $22.00 in a research report on Friday, November 7th. Weiss Ratings raised Warner Bros. Discovery from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, January 20th. Barrington Research cut shares of Warner Bros. Discovery from an “outperform” rating to a “hold” rating in a report on Friday, December 5th. UBS Group lifted their target price on Warner Bros. Discovery from $20.00 to $30.00 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, Arete Research increased their price objective on Warner Bros. Discovery from $30.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, December 11th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and twelve have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $24.85.

Warner Bros. Discovery Stock Down 0.3%

Shares of NASDAQ WBD opened at $27.98 on Thursday. The business has a 50-day moving average of $27.51 and a 200-day moving average of $20.36. The firm has a market capitalization of $69.33 billion, a price-to-earnings ratio of 147.27 and a beta of 1.56. Warner Bros. Discovery, Inc. has a 12 month low of $7.52 and a 12 month high of $30.00. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.90.

Warner Bros. Discovery (NASDAQ:WBD) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.02). The firm had revenue of $9.05 billion for the quarter, compared to the consensus estimate of $9.17 billion. Warner Bros. Discovery had a return on equity of 1.34% and a net margin of 1.28%.The company’s revenue for the quarter was down 6.0% on a year-over-year basis. During the same period last year, the firm earned $0.05 EPS. Sell-side analysts expect that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Warner Bros. Discovery news, CFO Gunnar Wiedenfels sold 242,994 shares of the company’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $29.50, for a total value of $7,168,323.00. Following the completion of the transaction, the chief financial officer directly owned 918,940 shares in the company, valued at approximately $27,108,730. This represents a 20.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Lori C. Locke sold 4,122 shares of the stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $28.92, for a total transaction of $119,208.24. Following the completion of the transaction, the chief accounting officer directly owned 100,962 shares of the company’s stock, valued at approximately $2,919,821.04. The trade was a 3.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 489,326 shares of company stock valued at $12,781,456 in the last ninety days. 1.80% of the stock is currently owned by insiders.

About Warner Bros. Discovery

Warner Bros. Discovery (NASDAQ: WBD) is a global media and entertainment company formed when WarnerMedia and Discovery, Inc combined their businesses in 2022. Headquartered in New York City, the company assembles a broad portfolio of film and television production, linear and cable networks, streaming services and consumer distribution operations. Its assets span well-known studio brands, premium scripted and unscripted programming, news and factual entertainment, and licensed franchise properties.

The company’s core activities include film and television production and distribution through units such as Warner Bros.