Auto Owners Insurance Co Sells 34,640 Shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) (2024)

Auto Owners Insurance Co lowered its stake in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD – Free Report) by 59.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 23,527 shares of the company’s stock after selling 34,640 shares during the period. Auto Owners Insurance Co’s holdings in Warner Bros. Discovery were worth $268,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of WBD. Norges Bank bought a new position in shares of Warner Bros. Discovery during the 4th quarter worth approximately $198,916,000. Invesco Ltd. increased its position in shares of Warner Bros. Discovery by 16.6% during the third quarter. Invesco Ltd. now owns 28,184,613 shares of the company’s stock worth $306,085,000 after purchasing an additional 4,016,888 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Warner Bros. Discovery by 17.0% during the 4th quarter. The Manufacturers Life Insurance Company now owns 25,534,218 shares of the company’s stock valued at $290,579,000 after purchasing an additional 3,710,343 shares during the last quarter. Schonfeld Strategic Advisors LLC boosted its position in shares of Warner Bros. Discovery by 1,232.7% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 1,648,036 shares of the company’s stock worth $17,898,000 after purchasing an additional 1,524,370 shares in the last quarter. Finally, ING Groep NV grew its stake in Warner Bros. Discovery by 3,010.0% during the 4th quarter. ING Groep NV now owns 1,538,503 shares of the company’s stock worth $17,508,000 after buying an additional 1,489,034 shares during the last quarter. Institutional investors own 59.95% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on WBD. Rosenblatt Securities raised Warner Bros. Discovery from a “sell” rating to a “neutral” rating and raised their price target for the stock from $7.00 to $10.00 in a report on Thursday, March 21st. Benchmark reiterated a “buy” rating and issued a $20.00 target price on shares of Warner Bros. Discovery in a research note on Monday, March 4th. Barrington Research restated an “outperform” rating and set a $15.00 price target on shares of Warner Bros. Discovery in a research note on Tuesday, May 28th. KeyCorp upgraded shares of Warner Bros. Discovery from a “sector weight” rating to an “overweight” rating and set a $11.00 price objective for the company in a research note on Friday, May 10th. Finally, JPMorgan Chase & Co. cut their target price on Warner Bros. Discovery from $13.00 to $10.00 and set a “neutral” rating on the stock in a research report on Monday, February 26th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, Warner Bros. Discovery currently has a consensus rating of “Moderate Buy” and an average target price of $13.16.

View Our Latest Research Report on WBD

Warner Bros. Discovery Stock Performance

Shares of NASDAQ WBD traded up $0.03 during midday trading on Wednesday, reaching $8.27. 8,901,373 shares of the stock were exchanged, compared to its average volume of 28,018,186. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.87. The firm has a 50-day simple moving average of $8.20 and a two-hundred day simple moving average of $9.51. Warner Bros. Discovery, Inc. has a twelve month low of $7.34 and a twelve month high of $14.76. The firm has a market cap of $20.26 billion, a price-to-earnings ratio of -6.65 and a beta of 1.53.

Warner Bros. Discovery (NASDAQ:WBD – Get Free Report) last released 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 firm had revenue of $9.96 billion for the quarter, compared to analyst estimates 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 firm’s quarterly revenue was down 6.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.18 EPS. As a group, analysts anticipate that Warner Bros. Discovery, Inc. will post -0.38 EPS for the current fiscal year.

Warner Bros. Discovery Company Profile

(Free Report)

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.

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