Warner Bros. Discovery, Inc. $WBD Stock Position Increased by Jericho Capital Asset Management L.P.

Jericho Capital Asset Management L.P. increased its stake in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 108.9% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 35,095,390 shares of the company’s stock after purchasing an additional 18,291,865 shares during the period. Warner Bros. Discovery makes up 7.1% of Jericho Capital Asset Management L.P.’s investment portfolio, making the stock its 2nd largest holding. Jericho Capital Asset Management L.P. owned 1.42% of Warner Bros. Discovery worth $685,413,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Warner Bros. Discovery in the 2nd quarter worth approximately $306,848,000. Pacer Advisors Inc. lifted its holdings in Warner Bros. Discovery by 4,639.8% in the 3rd quarter. Pacer Advisors Inc. now owns 22,788,847 shares of the company’s stock worth $445,066,000 after purchasing an additional 22,308,046 shares in the last quarter. Vanguard Group Inc. boosted its stake in Warner Bros. Discovery by 7.1% in the 3rd quarter. Vanguard Group Inc. now owns 281,214,155 shares of the company’s stock worth $5,492,112,000 after purchasing an additional 18,736,600 shares during the period. Maverick Capital Ltd. bought a new position in Warner Bros. Discovery in the 2nd quarter worth approximately $77,896,000. Finally, Duquesne Family Office LLC purchased a new stake in Warner Bros. Discovery during the 2nd quarter valued at approximately $74,916,000. Institutional investors own 59.95% of the company’s stock.

Warner Bros. Discovery Trading Down 1.1%

WBD stock opened at $27.14 on Monday. Warner Bros. Discovery, Inc. has a twelve month low of $7.52 and a twelve month high of $30.00. The stock has a market capitalization of $67.25 billion, a price-to-earnings ratio of 93.59 and a beta of 1.60. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.87. The firm’s fifty day simple moving average is $28.15 and its two-hundred day simple moving average is $23.94.

Warner Bros. Discovery (NASDAQ:WBD) last released its quarterly earnings results on Thursday, February 26th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.19). The firm had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. Warner Bros. Discovery had a return on equity of 1.98% and a net margin of 1.95%.Warner Bros. Discovery’s revenue for the quarter was down 5.7% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.20) earnings per share. As a group, analysts anticipate that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current year.

Insider Buying and Selling at Warner Bros. Discovery

In other Warner Bros. Discovery news, CEO David Zaslav sold 4,004,149 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $28.26, for a total transaction of $113,157,250.74. Following the completion of the transaction, the chief executive officer owned 7,200,627 shares in the company, valued at $203,489,719.02. The trade was a 35.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Gunnar Wiedenfels sold 617,580 shares of the company’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $28.25, for a total value of $17,446,635.00. Following the transaction, the chief financial officer directly owned 691,570 shares in the company, valued at approximately $19,536,852.50. This represents a 47.17% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 7,571,827 shares of company stock valued at $213,302,225. 1.80% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Argus lowered their target price on shares of Warner Bros. Discovery from $32.00 to $31.00 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. Morgan Stanley set a $29.00 target price on shares of Warner Bros. Discovery in a research note on Thursday, December 18th. UBS Group lifted their price target on shares of Warner Bros. Discovery from $20.00 to $30.00 and gave the company a “neutral” rating in a report on Wednesday, January 28th. Moffett Nathanson raised shares of Warner Bros. Discovery from a “hold” rating to a “strong-buy” rating in a report on Sunday, March 8th. Finally, TD Cowen raised their price objective on Warner Bros. Discovery from $22.00 to $26.00 and gave the company a “hold” rating in a research report on Friday, February 27th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, fifteen have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $26.30.

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.