Warner Bros. Discovery, Inc. $WBD Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lowered its stake in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 26.5% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 960,511 shares of the company’s stock after selling 346,050 shares during the period. Envestnet Asset Management Inc.’s holdings in Warner Bros. Discovery were worth $18,759,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of WBD. Hantz Financial Services Inc. lifted its holdings in Warner Bros. Discovery by 10.8% in the third quarter. Hantz Financial Services Inc. now owns 9,712 shares of the company’s stock valued at $190,000 after acquiring an additional 950 shares during the period. Penserra Capital Management LLC increased its holdings in shares of Warner Bros. Discovery by 68.9% during the 3rd quarter. Penserra Capital Management LLC now owns 104,842 shares of the company’s stock valued at $2,047,000 after purchasing an additional 42,778 shares in the last quarter. Hartford Investment Management Co. lifted its stake in shares of Warner Bros. Discovery by 7.1% in the 3rd quarter. Hartford Investment Management Co. now owns 144,951 shares of the company’s stock valued at $2,831,000 after purchasing an additional 9,553 shares during the period. Physician Wealth Advisors Inc. boosted its holdings in Warner Bros. Discovery by 152.1% during the third quarter. Physician Wealth Advisors Inc. now owns 1,404 shares of the company’s stock worth $27,000 after buying an additional 847 shares in the last quarter. Finally, Allianz Asset Management GmbH grew its position in Warner Bros. Discovery by 170.1% during the third quarter. Allianz Asset Management GmbH now owns 9,326,978 shares of the company’s stock valued at $182,156,000 after buying an additional 5,873,183 shares during the period. Hedge funds and other institutional investors own 59.95% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on WBD shares. Raymond James Financial upped their price objective on shares of Warner Bros. Discovery from $22.00 to $25.00 and gave the stock an “outperform” rating in a research report on Friday, November 7th. Barrington Research cut Warner Bros. Discovery from an “outperform” rating to a “hold” rating in a report on Friday, December 5th. UBS Group raised their price objective on Warner Bros. Discovery from $20.00 to $30.00 and gave the company a “neutral” rating in a report on Wednesday, January 28th. Benchmark boosted their price objective on Warner Bros. Discovery from $30.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, January 15th. Finally, Guggenheim lowered Warner Bros. Discovery from a “buy” rating to a “neutral” rating and increased their target price for the company from $25.00 to $30.00 in a research report on Wednesday, January 14th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $24.94.

Warner Bros. Discovery Stock Performance

Shares of NASDAQ:WBD opened at $27.99 on Friday. 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 $69.36 billion, a PE ratio of 147.32 and a beta of 1.64. The business’s 50 day moving average price is $28.37 and its 200-day moving average price is $21.59.

Insider Activity at Warner Bros. Discovery

In related news, CFO Gunnar Wiedenfels sold 242,994 shares of the stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $29.50, for a total value of $7,168,323.00. Following the transaction, the chief financial officer owned 918,940 shares of the company’s stock, valued at $27,108,730. This represents a 20.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Lori C. Locke sold 5,000 shares of the business’s stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $27.62, for a total value of $138,100.00. Following the completion of the sale, the chief accounting officer directly owned 110,084 shares of the company’s stock, valued at $3,040,520.08. The trade was a 4.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 267,116 shares of company stock worth $7,781,731. 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.