Putnam Investments LLC Sells 117,913 Shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Posted by Defense World Staff on Sep 16th, 2023

Putnam Investments LLC trimmed its holdings in Warner Bros. Discovery, Inc. (NASDAQ:WBD – Free Report) by 17.2% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 567,742 shares of the company’s stock after selling 117,913 shares during the quarter. Putnam Investments LLC’s holdings in Warner Bros. Discovery were worth $8,573,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Heritage Wealth Management LLC increased its holdings in Warner Bros. Discovery by 170.7% in the 4th quarter. Heritage Wealth Management LLC now owns 2,634 shares of the company’s stock worth $25,000 after buying an additional 1,661 shares in the last quarter. Manchester Capital Management LLC boosted its position in Warner Bros. Discovery by 274.6% in the first quarter. Manchester Capital Management LLC now owns 1,817 shares of the company’s stock worth $27,000 after purchasing an additional 1,332 shares during the last quarter. Oakworth Capital Inc. boosted its position in Warner Bros. Discovery by 378.9% in the first quarter. Oakworth Capital Inc. now owns 2,107 shares of the company’s stock worth $32,000 after purchasing an additional 1,667 shares during the last quarter. KB Financial Partners LLC purchased a new position in Warner Bros. Discovery in the first quarter worth about $32,000. Finally, CVA Family Office LLC boosted its position in Warner Bros. Discovery by 55.4% in the fourth quarter. CVA Family Office LLC now owns 3,449 shares of the company’s stock worth $33,000 after purchasing an additional 1,230 shares during the last quarter. 58.26% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on WBD shares. Wolfe Research cut Warner Bros. Discovery from an “outperform” rating to a “peer perform” rating in a research report on Friday, July 7th. Evercore ISI dropped their target price on Warner Bros. Discovery from $25.00 to $20.00 and set an “outperform” rating on the stock in a research report on Monday, July 24th. Barclays lifted their price objective on Warner Bros. Discovery from $14.00 to $15.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 8th. Morgan Stanley reaffirmed an “equal weight” rating and set a $15.00 price objective on shares of Warner Bros. Discovery in a research report on Friday, August 4th. Finally, Benchmark reaffirmed a “buy” rating and set a $26.00 price objective on shares of Warner Bros. Discovery in a research report on Monday, August 7th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $20.66.

Read Our Latest Analysis on Warner Bros. Discovery

Warner Bros. Discovery Stock Performance

NASDAQ:WBD opened at $11.84 on Friday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.81 and a quick ratio of 0.81. Warner Bros. Discovery, Inc. has a 1 year low of $8.82 and a 1 year high of $16.34. The stock’s 50 day simple moving average is $12.71 and its two-hundred day simple moving average is $13.16. The company has a market cap of $28.86 billion, a price-to-earnings ratio of -4.29 and a beta of 1.51.

Warner Bros. Discovery (NASDAQ:WBD – Get Free Report) last released its quarterly earnings data on Thursday, August 3rd. The company reported ($0.51) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.12). Warner Bros. Discovery had a positive return on equity of 1.27% and a negative net margin of 16.04%. The firm had revenue of $10.36 billion during the quarter, compared to the consensus estimate of $10.44 billion. During the same period in the previous year, the firm earned ($0.11) EPS. The business’s revenue was up 5.4% compared to the same quarter last year. As a group, equities analysts anticipate that Warner Bros. Discovery, Inc. will post -1.01 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Gerhard Zeiler bought 38,000 shares of the business’s stock in a transaction dated Monday, August 7th. The shares were purchased at an average price of $14.09 per share, with a total value of $535,420.00. Following the transaction, the insider now owns 329,032 shares in the company, valued at approximately $4,636,060.88. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.60% of the company’s stock.

About Warner Bros. Discovery

(Free Report)

Warner Bros. Discovery, Inc, operates 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 lienses television programs to third parties and networks 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.