Contravisory Investment Management Inc. Grows Stake in Warner Bros. Discovery, Inc. $WBD

Contravisory Investment Management Inc. raised its position in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 48,447.3% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 35,925 shares of the company’s stock after purchasing an additional 35,851 shares during the period. Contravisory Investment Management Inc.’s holdings in Warner Bros. Discovery were worth $702,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in WBD. Brighton Jones LLC lifted its stake in Warner Bros. Discovery by 304.9% in the fourth quarter. Brighton Jones LLC now owns 68,950 shares of the company’s stock worth $729,000 after acquiring an additional 51,920 shares during the period. HighTower Advisors LLC raised its holdings in shares of Warner Bros. Discovery by 16.2% in the 1st quarter. HighTower Advisors LLC now owns 268,675 shares of the company’s stock valued at $2,883,000 after purchasing an additional 37,481 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Warner Bros. Discovery by 63.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 12,839,389 shares of the company’s stock worth $137,700,000 after purchasing an additional 4,994,894 shares during the period. American Century Companies Inc. lifted its position in shares of Warner Bros. Discovery by 19.8% in the 1st quarter. American Century Companies Inc. now owns 2,153,859 shares of the company’s stock worth $23,111,000 after purchasing an additional 356,523 shares during the period. Finally, Raymond James Financial Inc. boosted its stake in shares of Warner Bros. Discovery by 5.1% during the first quarter. Raymond James Financial Inc. now owns 2,041,662 shares of the company’s stock valued at $21,907,000 after purchasing an additional 98,296 shares in the last quarter. Institutional investors own 59.95% of the company’s stock.

Warner Bros. Discovery Trading Down 2.1%

Shares of NASDAQ:WBD opened at $27.61 on Friday. The business’s 50-day moving average is $23.17 and its 200 day moving average is $16.69. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.07 and a quick ratio of 1.07. Warner Bros. Discovery, Inc. has a 1 year low of $7.52 and a 1 year high of $30.00. The firm has a market capitalization of $68.42 billion, a P/E ratio of 145.32 and a beta of 1.60.

Warner Bros. Discovery (NASDAQ:WBD) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.02). The business had revenue of $9.05 billion for the quarter, compared to analysts’ expectations of $9.17 billion. Warner Bros. Discovery had a return on equity of 1.34% and a net margin of 1.28%.Warner Bros. Discovery’s revenue was down 6.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.05 EPS. On average, research analysts predict that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Arete Research upped their target price on Warner Bros. Discovery from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Weiss Ratings reissued a “sell (d+)” rating on shares of Warner Bros. Discovery in a research report on Monday. Moffett Nathanson raised their price objective on Warner Bros. Discovery from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, November 7th. Guggenheim lifted their target price on Warner Bros. Discovery from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, November 7th. Finally, Rothschild Redb raised shares of Warner Bros. Discovery from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 30th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $23.22.

Insider Buying and Selling

In other Warner Bros. Discovery news, CAO Lori C. Locke sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $27.62, for a total transaction of $138,100.00. Following the transaction, the chief accounting officer owned 110,084 shares in the company, valued at approximately $3,040,520.08. This represents a 4.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Gunnar Wiedenfels sold 242,994 shares of Warner Bros. Discovery stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $29.50, for a total transaction of $7,168,323.00. Following the sale, the chief financial officer owned 918,940 shares of the company’s stock, valued at $27,108,730. The trade was a 20.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 489,326 shares of company stock worth $12,781,456 in the last 90 days. 1.90% of the stock is currently owned by company insiders.

About Warner Bros. Discovery

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.