Park Avenue Securities LLC Sells 1,839 Shares of Warner Bros. Discovery, Inc. $WBD

Park Avenue Securities LLC cut its stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 3.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 48,607 shares of the company’s stock after selling 1,839 shares during the period. Park Avenue Securities LLC’s holdings in Warner Bros. Discovery were worth $557,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Voya Investment Management LLC grew its holdings in Warner Bros. Discovery by 34.9% during the 1st quarter. Voya Investment Management LLC now owns 7,035,842 shares of the company’s stock worth $75,495,000 after acquiring an additional 1,820,249 shares in the last quarter. Kingstone Capital Partners Texas LLC bought a new position in Warner Bros. Discovery during the 2nd quarter worth about $4,089,000. Hi Line Capital Management LLC grew its holdings in Warner Bros. Discovery by 17.8% during the 1st quarter. Hi Line Capital Management LLC now owns 597,478 shares of the company’s stock worth $6,411,000 after acquiring an additional 90,462 shares in the last quarter. Mn Services Vermogensbeheer B.V. grew its holdings in Warner Bros. Discovery by 4.3% during the 2nd quarter. Mn Services Vermogensbeheer B.V. now owns 878,600 shares of the company’s stock worth $10,069,000 after acquiring an additional 36,100 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Warner Bros. Discovery by 10.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 14,113,962 shares of the company’s stock worth $151,443,000 after acquiring an additional 1,295,782 shares in the last quarter. 59.95% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. TD Cowen reiterated a “hold” rating and set a $14.00 target price on shares of Warner Bros. Discovery in a report on Tuesday, September 16th. Huber Research upgraded shares of Warner Bros. Discovery from a “strong sell” rating to a “strong-buy” rating in a report on Monday, June 9th. Sanford C. Bernstein increased their price target on shares of Warner Bros. Discovery from $13.00 to $16.00 and gave the company a “market perform” rating in a research report on Monday, September 22nd. Guggenheim reissued a “buy” rating on shares of Warner Bros. Discovery in a research report on Tuesday, June 10th. Finally, UBS Group increased their price target on shares of Warner Bros. Discovery from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Tuesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and fifteen have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $14.07.

Warner Bros. Discovery Stock Performance

WBD stock opened at $19.51 on Monday. The firm has a market cap of $48.30 billion, a price-to-earnings ratio of 65.04, a PEG ratio of 2.54 and a beta of 1.59. The firm has a 50-day simple moving average of $13.85 and a two-hundred day simple moving average of $11.24. Warner Bros. Discovery, Inc. has a one year low of $7.25 and a one year high of $20.24. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.04 and a current ratio of 1.04.

Warner Bros. Discovery (NASDAQ:WBD) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.63 EPS for the quarter, beating the consensus estimate of ($0.16) by $0.79. The business had revenue of $9.81 billion during the quarter, compared to analyst estimates of $9.73 billion. Warner Bros. Discovery had a net margin of 2.00% and a return on equity of 2.14%. The company’s quarterly revenue was up 1.0% on a year-over-year basis. During the same period in the prior year, the firm posted ($4.07) earnings per share. On average, equities analysts forecast that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current fiscal year.

Insider Activity at Warner Bros. Discovery

In related news, insider Bruce Campbell sold 289,322 shares of the stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $16.48, for a total value of $4,768,026.56. Following the completion of the transaction, the insider directly owned 402,464 shares of the company’s stock, valued at $6,632,606.72. This trade represents a 41.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Anton J. Levy acquired 250,000 shares of the firm’s stock in a transaction that occurred on Monday, August 11th. The stock was bought at an average cost of $10.90 per share, with a total value of $2,725,000.00. Following the completion of the transaction, the director directly owned 874,000 shares in the company, valued at $9,526,600. The trade was a 40.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 970,115 shares of company stock valued at $17,818,490 in the last three months. 1.80% of the stock is owned by insiders.

Warner Bros. Discovery Company 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.