Sunbelt Securities Inc. Sells 8,231 Shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Sunbelt Securities Inc. trimmed its stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 50.5% in the 3rd quarter, HoldingsChannel reports. The fund owned 8,057 shares of the company’s stock after selling 8,231 shares during the quarter. Sunbelt Securities Inc.’s holdings in Warner Bros. Discovery were worth $66,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Family Firm Inc. acquired a new stake in Warner Bros. Discovery in the second quarter valued at approximately $26,000. Future Financial Wealth Managment LLC acquired a new stake in shares of Warner Bros. Discovery in the 3rd quarter worth $41,000. Larson Financial Group LLC grew its stake in Warner Bros. Discovery by 54.1% during the 3rd quarter. Larson Financial Group LLC now owns 4,998 shares of the company’s stock worth $41,000 after buying an additional 1,754 shares during the last quarter. Quarry LP grew its stake in Warner Bros. Discovery by 2,185.1% during the 2nd quarter. Quarry LP now owns 6,307 shares of the company’s stock worth $47,000 after buying an additional 6,031 shares during the last quarter. Finally, Brooklyn Investment Group purchased a new stake in Warner Bros. Discovery in the third quarter valued at about $51,000. 59.95% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Wolfe Research upgraded Warner Bros. Discovery from an “underperform” rating to a “peer perform” rating in a research note on Monday, November 11th. Macquarie boosted their target price on shares of Warner Bros. Discovery from $8.00 to $9.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Rosenblatt Securities raised their price target on shares of Warner Bros. Discovery from $9.00 to $13.00 and gave the stock a “neutral” rating in a report on Friday. Needham & Company LLC reissued a “hold” rating on shares of Warner Bros. Discovery in a report on Thursday, October 10th. Finally, Benchmark restated a “buy” rating and issued a $18.00 target price on shares of Warner Bros. Discovery in a research note on Friday, September 13th. Twelve equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $11.33.

Warner Bros. Discovery Stock Down 3.4 %

WBD opened at $12.07 on Monday. The company has a fifty day moving average of $9.11 and a two-hundred day moving average of $8.24. The stock has a market capitalization of $29.61 billion, a price-to-earnings ratio of -2.64 and a beta of 1.52. Warner Bros. Discovery, Inc. has a fifty-two week low of $6.64 and a fifty-two week high of $12.70. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.80 and a current ratio of 0.80.

Warner Bros. Discovery (NASDAQ:WBD) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.12. Warner Bros. Discovery had a negative return on equity of 27.56% and a negative net margin of 28.34%. The company had revenue of $9.62 billion during the quarter, compared to analysts’ expectations of $9.79 billion. During the same quarter in the prior year, the firm posted ($0.17) EPS. Warner Bros. Discovery’s quarterly revenue was down 3.6% compared to the same quarter last year. On average, research analysts expect that Warner Bros. Discovery, Inc. will post -4.37 earnings per share for the current 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.