New South Capital Management Inc. Sells 589,406 Shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD)

New South Capital Management Inc. lessened its stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 12.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,986,581 shares of the company’s stock after selling 589,406 shares during the period. Warner Bros. Discovery makes up approximately 1.3% of New South Capital Management Inc.’s holdings, making the stock its 29th largest position. New South Capital Management Inc. owned about 0.16% of Warner Bros. Discovery worth $29,660,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Lake Street Advisors Group LLC purchased a new position in Warner Bros. Discovery during the second quarter valued at $103,000. Savant Capital LLC boosted its holdings in Warner Bros. Discovery by 21.9% in the 2nd quarter. Savant Capital LLC now owns 98,182 shares of the company’s stock worth $730,000 after buying an additional 17,642 shares during the period. Candriam S.C.A. increased its stake in Warner Bros. Discovery by 9.5% in the 2nd quarter. Candriam S.C.A. now owns 164,476 shares of the company’s stock worth $1,224,000 after buying an additional 14,269 shares in the last quarter. Foundry Partners LLC bought a new stake in Warner Bros. Discovery during the second quarter valued at about $352,000. Finally, Columbia Asset Management purchased a new position in shares of Warner Bros. Discovery in the second quarter valued at about $170,000. 59.95% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on WBD shares. Deutsche Bank Aktiengesellschaft decreased their target price on Warner Bros. Discovery from $16.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Macquarie reduced their price objective on shares of Warner Bros. Discovery from $9.00 to $8.00 and set a “neutral” rating on the stock in a research report on Monday, August 12th. Benchmark dropped their target price on shares of Warner Bros. Discovery from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Barrington Research reaffirmed an “outperform” rating and set a $12.00 target price on shares of Warner Bros. Discovery in a research note on Tuesday, July 23rd. Finally, TD Cowen decreased their price target on shares of Warner Bros. Discovery from $15.00 to $14.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $10.98.

Warner Bros. Discovery Stock Down 2.7 %

Shares of WBD opened at $7.22 on Friday. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 1.06. The business has a fifty day moving average of $7.72 and a 200 day moving average of $8.03. The company has a market cap of $17.69 billion, a PE ratio of -5.82 and a beta of 1.48. Warner Bros. Discovery, Inc. has a 52-week low of $6.64 and a 52-week high of $12.70.

Warner Bros. Discovery (NASDAQ:WBD) last released its earnings results on Wednesday, August 7th. The company reported ($4.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($3.89). The firm had revenue of $9.71 billion during 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 revenue was down 6.2% compared to the same quarter last year. During the same quarter last year, the business posted ($0.51) EPS. On average, sell-side analysts expect that Warner Bros. Discovery, Inc. will post -3.65 EPS for the current 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.