Warner Bros. Discovery (NASDAQ:WBD) Given New $24.00 Price Target at Bank of America

Warner Bros. Discovery (NASDAQ:WBD) had its price objective increased by Bank of America from $16.00 to $24.00 in a research report report published on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other brokerages have also recently commented on WBD. Huber Research raised shares of Warner Bros. Discovery from a “strong sell” rating to a “strong-buy” rating in a research report on Monday, June 9th. Raymond James Financial dropped their price target on Warner Bros. Discovery from $14.00 to $13.00 and set an “outperform” rating on the stock in a research report on Friday, August 8th. Cowen downgraded Warner Bros. Discovery from a “buy” rating to a “hold” rating in a report on Tuesday, September 16th. Needham & Company LLC restated a “hold” rating on shares of Warner Bros. Discovery in a research note on Friday, September 12th. Finally, Guggenheim reiterated a “buy” rating on shares of Warner Bros. Discovery in a research note on Tuesday, June 10th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and fifteen have given a Hold rating to the company’s stock. According to MarketBeat.com, Warner Bros. Discovery presently has a consensus rating of “Hold” and a consensus price target of $14.64.

Warner Bros. Discovery Stock Performance

Shares of WBD stock opened at $19.53 on Tuesday. The company’s fifty day moving average price is $14.10 and its two-hundred day moving average price is $11.36. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a market capitalization of $48.35 billion, a P/E ratio of 65.10, a P/E/G ratio of 2.41 and a beta of 1.59. Warner Bros. Discovery has a 12 month low of $7.25 and a 12 month high of $20.24.

Warner Bros. Discovery (NASDAQ:WBD) last announced its earnings results on Thursday, August 7th. The company reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.79. The business had revenue of $9.81 billion for the quarter, compared to analyst estimates of $9.73 billion. Warner Bros. Discovery had a return on equity of 2.14% and a net margin of 2.00%.The company’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same period in the previous year, the company earned ($4.07) earnings per share. On average, research analysts anticipate that Warner Bros. Discovery will post -4.33 earnings per share for the current fiscal year.

Insider Activity at Warner Bros. Discovery

In related news, CFO Gunnar Wiedenfels sold 530,793 shares of the business’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $19.50, for a total transaction of $10,350,463.50. Following the sale, the chief financial officer owned 1,141,150 shares of the company’s stock, valued at $22,252,425. The trade was a 31.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bruce Campbell sold 289,322 shares of the stock in a transaction 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 transaction, the insider directly owned 402,464 shares of the company’s stock, valued at approximately $6,632,606.72. The trade was a 41.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 970,115 shares of company stock worth $17,818,490 over the last quarter. 1.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Warner Bros. Discovery

A number of institutional investors and hedge funds have recently bought and sold shares of WBD. Cullen Capital Management LLC boosted its position in shares of Warner Bros. Discovery by 7.3% during the 2nd quarter. Cullen Capital Management LLC now owns 109,690 shares of the company’s stock valued at $1,257,000 after purchasing an additional 7,445 shares in the last quarter. Corient Private Wealth LLC lifted its stake in Warner Bros. Discovery by 15.9% during the second quarter. Corient Private Wealth LLC now owns 298,170 shares of the company’s stock valued at $3,417,000 after purchasing an additional 40,872 shares during the last quarter. Osaic Holdings Inc. boosted its holdings in Warner Bros. Discovery by 90.7% during the second quarter. Osaic Holdings Inc. now owns 640,286 shares of the company’s stock worth $7,335,000 after buying an additional 304,575 shares in the last quarter. Orion Porfolio Solutions LLC grew its position in Warner Bros. Discovery by 8.9% in the second quarter. Orion Porfolio Solutions LLC now owns 30,988 shares of the company’s stock worth $355,000 after buying an additional 2,526 shares during the last quarter. Finally, Thrivent Financial for Lutherans increased its holdings in shares of Warner Bros. Discovery by 52.8% in the second quarter. Thrivent Financial for Lutherans now owns 6,963,870 shares of the company’s stock valued at $79,805,000 after buying an additional 2,407,202 shares in the last quarter. 59.95% of the stock is owned by institutional investors and hedge funds.

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.