Bank of Nova Scotia Lowers Stock Holdings in Warner Bros. Discovery, Inc. (NASDAQ:WBD) (2024)

Bank of Nova Scotia trimmed its position in Warner Bros. Discovery, Inc. (NASDAQ:WBD – Free Report) by 34.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 431,576 shares of the company’s stock after selling 224,991 shares during the quarter. Bank of Nova Scotia’s holdings in Warner Bros. Discovery were worth $4,911,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Fortis Group Advisors LLC purchased a new stake in shares of Warner Bros. Discovery in the third quarter worth about $25,000. Pacifica Partners Inc. lifted its holdings in shares of Warner Bros. Discovery by 118.2% in the fourth quarter. Pacifica Partners Inc. now owns 2,483 shares of the company’s stock worth $27,000 after buying an additional 1,345 shares in the last quarter. Headinvest LLC purchased a new stake in shares of Warner Bros. Discovery in the third quarter worth about $28,000. Systematic Alpha Investments LLC purchased a new stake in Warner Bros. Discovery in the third quarter valued at approximately $31,000. Finally, Rakuten Securities Inc. purchased a new stake in Warner Bros. Discovery in the fourth quarter valued at approximately $35,000. 59.95% of the stock is owned by hedge funds and other institutional investors.

Warner Bros. Discovery Trading Down 1.1 %

NASDAQ:WBD opened at $8.24 on Wednesday. The firm’s fifty day simple moving average is $8.21 and its 200 day simple moving average is $9.53. Warner Bros. Discovery, Inc. has a twelve month low of $7.34 and a twelve month 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.

Warner Bros. Discovery (NASDAQ:WBD – Get Free Report) last released its quarterly earnings results on Thursday, May 9th. The company reported ($0.40) earnings per share 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 the consensus estimate 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 was down 6.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.18 EPS. Equities analysts predict that Warner Bros. Discovery, Inc. will post -0.38 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Warner Bros. Discovery 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 note on Tuesday, April 23rd. Rosenblatt Securities raised shares of Warner Bros. Discovery from a “sell” rating to a “neutral” rating and raised their target price for the company from $7.00 to $10.00 in a research note on Thursday, March 21st. Barclays lowered their target price on shares of Warner Bros. Discovery from $10.00 to $9.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 29th. Finally, JPMorgan Chase & Co. reduced their price target on shares of 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 investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Warner Bros. Discovery has a consensus rating of “Moderate Buy” and a consensus target price of $13.16.

Read Our Latest Analysis on Warner Bros. Discovery

About Warner Bros. Discovery

(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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