Chevy Chase Trust Holdings LLC Sells 11,218 Shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Chevy Chase Trust Holdings LLC lessened its position in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 0.9% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 1,233,170 shares of the company’s stock after selling 11,218 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Warner Bros. Discovery were worth $10,766,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in WBD. The Manufacturers Life Insurance Company boosted its position in shares of Warner Bros. Discovery by 17.0% during the fourth quarter. The Manufacturers Life Insurance Company now owns 25,534,218 shares of the company’s stock worth $290,579,000 after acquiring an additional 3,710,343 shares during the last quarter. Norges Bank bought a new position in Warner Bros. Discovery during the fourth quarter valued at $198,916,000. Boston Partners raised its stake in shares of Warner Bros. Discovery by 9.9% in the fourth quarter. Boston Partners now owns 15,640,771 shares of the company’s stock valued at $177,384,000 after acquiring an additional 1,414,952 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Warner Bros. Discovery by 4.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 13,672,632 shares of the company’s stock valued at $155,594,000 after acquiring an additional 575,123 shares during the period. Finally, Artisan Partners Limited Partnership raised its stake in shares of Warner Bros. Discovery by 1.5% in the fourth quarter. Artisan Partners Limited Partnership now owns 8,504,716 shares of the company’s stock valued at $96,784,000 after acquiring an additional 123,693 shares during the period. 59.95% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on WBD shares. KeyCorp raised shares of Warner Bros. Discovery from a “sector weight” rating to an “overweight” rating and set a $11.00 price target on the stock in a research note on Friday, May 10th. Wolfe Research downgraded shares of Warner Bros. Discovery from a “peer perform” rating to an “underperform” rating and set a $7.00 target price on the stock. in a research report on Tuesday, April 23rd. Needham & Company LLC restated a “hold” rating on shares of Warner Bros. Discovery in a report on Friday, May 10th. The Goldman Sachs Group started coverage on shares of Warner Bros. Discovery in a report on Tuesday, June 25th. They issued a “neutral” rating and a $8.50 price target on the stock. Finally, Barrington Research reiterated an “outperform” rating and issued a $15.00 target price on shares of Warner Bros. Discovery in a research note on Tuesday, May 28th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, Warner Bros. Discovery currently has a consensus rating of “Hold” and a consensus price target of $12.82.

Warner Bros. Discovery Trading Down 0.8 %

NASDAQ WBD traded down $0.06 during trading hours on Wednesday, reaching $7.28. The company had a trading volume of 10,056,055 shares, compared to its average volume of 27,705,705. The stock has a 50-day moving average of $7.72 and a 200 day moving average of $8.84. Warner Bros. Discovery, Inc. has a 1-year low of $6.94 and a 1-year high of $14.76. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.87. The stock has a market capitalization of $17.84 billion, a P/E ratio of -5.81 and a beta of 1.49.

Warner Bros. Discovery (NASDAQ:WBD) last announced its quarterly earnings results on Thursday, May 9th. The company reported ($0.40) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.16). The company had revenue of $9.96 billion during the quarter, compared to analysts’ expectations of $10.22 billion. Warner Bros. Discovery had a negative net margin of 7.45% and a negative return on equity of 6.58%. The business’s revenue for the quarter was down 6.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.18 earnings per share. As a group, research analysts anticipate that Warner Bros. Discovery, Inc. will post -0.38 earnings per share for the current fiscal year.

Warner Bros. Discovery 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.