Bank of New York Mellon Corp Acquires New Stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Bank of New York Mellon Corp acquired a new stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD – Get Rating) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 15,943,819 shares of the company’s stock, valued at approximately $183,352,000. Bank of New York Mellon Corp owned about 0.66% of Warner Bros. Discovery at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Boyar Asset Management Inc. purchased a new position in Warner Bros. Discovery in the third quarter valued at approximately $1,370,000. Bessemer Group Inc. purchased a new position in Warner Bros. Discovery in the third quarter valued at approximately $385,000. SG Americas Securities LLC purchased a new position in Warner Bros. Discovery in the third quarter valued at approximately $2,938,000. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in Warner Bros. Discovery in the third quarter valued at approximately $67,859,000. Finally, Vontobel Holding Ltd. purchased a new position in Warner Bros. Discovery in the third quarter valued at approximately $1,073,000. Hedge funds and other institutional investors own 55.18% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on WBD shares. Wells Fargo & Company upgraded Warner Bros. Discovery from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $13.00 to $20.00 in a research note on Friday. Rosenblatt Securities increased their target price on Warner Bros. Discovery from $9.00 to $11.00 and gave the stock a “sell” rating in a research report on Friday, February 24th. Guggenheim upgraded Warner Bros. Discovery from a “neutral” rating to a “buy” rating and set a $16.50 target price on the stock in a research report on Wednesday, January 11th. Macquarie increased their target price on Warner Bros. Discovery from $16.00 to $20.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 31st. Finally, Wolfe Research upgraded Warner Bros. Discovery from a “peer perform” rating to an “outperform” rating and set a $20.00 target price on the stock in a research report on Friday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $22.31.

Warner Bros. Discovery Stock Up 1.3 %

WBD opened at $14.34 on Friday. The stock has a market cap of $34.85 billion, a PE ratio of -5.47, a P/E/G ratio of 0.97 and a beta of 1.50. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.01. Warner Bros. Discovery, Inc. has a 52 week low of $8.82 and a 52 week high of $27.50. The business’s fifty day simple moving average is $14.46 and its 200 day simple moving average is $12.56.

Warner Bros. Discovery Profile

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Warner Bros. Discovery, Inc operates as a media and entertainment company. It creates and distributes a portfolio of content and brands across television, film, and streaming. Its brands and products include Discovery Channel, discovery+, CNN, CNN+, DC, Eurosport, HBO, HBO Max, HGTV, Food Network, Investigation Discovery, TLC, TNT, TBS, truTV, Travel Channel, MotorTrend, Animal Planet, Science Channel, Warner Bros.