PNC Financial Services Group Inc. Has $17.55 Million Stock Position in Warner Bros. Discovery, Inc. $WBD

PNC Financial Services Group Inc. grew its position in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 21.7% in the 4th quarter, Holdings Channel reports. The institutional investor owned 608,849 shares of the company’s stock after purchasing an additional 108,652 shares during the period. PNC Financial Services Group Inc.’s holdings in Warner Bros. Discovery were worth $17,547,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Concord Wealth Partners increased its stake in shares of Warner Bros. Discovery by 49.9% in the 3rd quarter. Concord Wealth Partners now owns 1,321 shares of the company’s stock valued at $26,000 after buying an additional 440 shares during the period. Physician Wealth Advisors Inc. increased its stake in shares of Warner Bros. Discovery by 152.1% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 1,404 shares of the company’s stock valued at $27,000 after buying an additional 847 shares during the period. Rakuten Securities Inc. increased its stake in shares of Warner Bros. Discovery by 81.5% in the 4th quarter. Rakuten Securities Inc. now owns 1,160 shares of the company’s stock valued at $33,000 after buying an additional 521 shares during the period. JPL Wealth Management LLC acquired a new stake in shares of Warner Bros. Discovery in the 3rd quarter valued at $33,000. Finally, TOWER TRUST & INVESTMENT Co grew its stake in shares of Warner Bros. Discovery by 4,730.8% during the fourth quarter. TOWER TRUST & INVESTMENT Co now owns 1,256 shares of the company’s stock worth $36,000 after purchasing an additional 1,230 shares during the period. 59.95% of the stock is owned by institutional investors and hedge funds.

Warner Bros. Discovery Stock Down 0.3%

Shares of Warner Bros. Discovery stock opened at $27.03 on Friday. The business has a fifty day simple moving average of $27.26 and a 200 day simple moving average of $27.10. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.92. The stock has a market cap of $67.77 billion, a PE ratio of -38.61 and a beta of 1.57. Warner Bros. Discovery, Inc. has a 12 month low of $8.84 and a 12 month high of $30.00.

Warner Bros. Discovery (NASDAQ:WBD) last posted its earnings results on Wednesday, May 6th. The company reported ($1.17) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($1.07). The business had revenue of $8.89 billion for the quarter, compared to the consensus estimate of $8.89 billion. Warner Bros. Discovery had a negative return on equity of 4.77% and a negative net margin of 4.67%.The business’s revenue was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.18) earnings per share. Research analysts predict that Warner Bros. Discovery, Inc. will post -0.71 EPS for the current year.

Analysts Set New Price Targets

WBD has been the subject of a number of analyst reports. KeyCorp reaffirmed an “overweight” rating on shares of Warner Bros. Discovery in a research note on Friday, April 24th. Arete Research reaffirmed a “neutral” rating and set a $31.25 price objective on shares of Warner Bros. Discovery in a research note on Friday, February 27th. Argus decreased their price objective on Warner Bros. Discovery from $32.00 to $31.00 and set a “buy” rating for the company in a research note on Tuesday, March 3rd. Wells Fargo & Company initiated coverage on Warner Bros. Discovery in a research note on Monday, March 9th. They set an “equal weight” rating and a $31.00 price objective for the company. Finally, Moffett Nathanson raised Warner Bros. Discovery from a “hold” rating to a “strong-buy” rating in a research note on Sunday, March 8th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, thirteen have given a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $26.36.

Insider Activity

In other Warner Bros. Discovery news, insider Gerhard Zeiler sold 600,000 shares of Warner Bros. Discovery stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $28.02, for a total transaction of $16,812,000.00. Following the transaction, the insider directly owned 672,649 shares in the company, valued at approximately $18,847,624.98. The trade was a 47.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Gunnar Wiedenfels sold 617,580 shares of Warner Bros. Discovery stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $28.25, for a total value of $17,446,635.00. Following the transaction, the chief financial officer owned 691,570 shares in the company, valued at approximately $19,536,852.50. This represents a 47.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 8,206,827 shares of company stock valued at $230,674,025. Company insiders own 1.90% of the company’s stock.

Warner Bros. Discovery Company Profile

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.