Warner Bros. Discovery, Inc. (NASDAQ:WBD) Stock Position Trimmed by Biechele Royce Advisors

Biechele Royce Advisors lessened its holdings in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 2.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 315,721 shares of the company’s stock after selling 7,177 shares during the period. Warner Bros. Discovery accounts for about 0.9% of Biechele Royce Advisors’ investment portfolio, making the stock its 24th biggest holding. Biechele Royce Advisors’ holdings in Warner Bros. Discovery were worth $2,605,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in WBD. Family Firm Inc. bought a new stake in shares of Warner Bros. Discovery during the 2nd quarter worth $26,000. Crewe Advisors LLC acquired a new position in shares of Warner Bros. Discovery in the first quarter worth about $27,000. OFI Invest Asset Management increased its position in shares of Warner Bros. Discovery by 45.9% in the second quarter. OFI Invest Asset Management now owns 3,879 shares of the company’s stock worth $27,000 after acquiring an additional 1,221 shares in the last quarter. Transcendent Capital Group LLC raised its holdings in shares of Warner Bros. Discovery by 665.4% during the first quarter. Transcendent Capital Group LLC now owns 4,003 shares of the company’s stock valued at $35,000 after acquiring an additional 3,480 shares during the period. Finally, LRI Investments LLC acquired a new position in Warner Bros. Discovery in the 1st quarter worth about $39,000. 59.95% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

WBD has been the subject of several analyst reports. Wells Fargo & Company reduced their price objective on shares of Warner Bros. Discovery from $9.00 to $7.00 and set an “equal weight” rating for the company in a research note on Thursday, August 8th. Macquarie lowered their price objective on Warner Bros. Discovery from $9.00 to $8.00 and set a “neutral” rating on the stock in a report on Monday, August 12th. Barrington Research restated an “outperform” rating and issued a $12.00 price objective on shares of Warner Bros. Discovery in a research note on Tuesday, July 23rd. Evercore ISI dropped their price objective on shares of Warner Bros. Discovery from $10.00 to $9.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Finally, Moffett Nathanson lowered their target price on shares of Warner Bros. Discovery from $10.00 to $9.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Warner Bros. Discovery presently has an average rating of “Hold” and an average price target of $10.66.

Warner Bros. Discovery Price Performance

WBD stock traded up $0.10 during trading on Friday, reaching $8.23. 26,744,978 shares of the company were exchanged, compared to its average volume of 28,824,248. Warner Bros. Discovery, Inc. has a twelve month low of $6.64 and a twelve month high of $12.70. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.76 and a quick ratio of 0.76. The company has a market capitalization of $20.18 billion, a price-to-earnings ratio of -1.71 and a beta of 1.48. The company has a 50-day moving average of $7.83 and a two-hundred day moving average of $7.82.

Warner Bros. Discovery (NASDAQ:WBD) last announced its earnings results on Wednesday, August 7th. The company reported ($4.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.18) by ($3.89). The firm had revenue of $9.71 billion for the quarter, compared to the consensus estimate of $10.07 billion. Warner Bros. Discovery had a negative return on equity of 27.28% and a negative net margin of 29.47%. Warner Bros. Discovery’s quarterly revenue was down 6.2% on a year-over-year basis. During the same period in the prior year, the business earned ($0.51) EPS. As a group, equities analysts predict that Warner Bros. Discovery, Inc. will post -4.5 earnings per share for the current fiscal year.

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.