Warner Bros. Discovery, Inc. $WBD Position Raised by Allstate Corp

Allstate Corp raised its stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 107.3% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 176,870 shares of the company’s stock after buying an additional 91,536 shares during the quarter. Allstate Corp’s holdings in Warner Bros. Discovery were worth $5,097,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently added to or reduced their stakes in WBD. JFS Wealth Advisors LLC raised its stake in shares of Warner Bros. Discovery by 12.4% during the fourth quarter. JFS Wealth Advisors LLC now owns 3,425 shares of the company’s stock valued at $99,000 after purchasing an additional 378 shares in the last quarter. Salomon & Ludwin LLC raised its stake in shares of Warner Bros. Discovery by 20.2% during the fourth quarter. Salomon & Ludwin LLC now owns 2,494 shares of the company’s stock valued at $71,000 after purchasing an additional 419 shares in the last quarter. CYBER HORNET ETFs LLC raised its stake in shares of Warner Bros. Discovery by 7.1% during the fourth quarter. CYBER HORNET ETFs LLC now owns 6,396 shares of the company’s stock valued at $184,000 after purchasing an additional 425 shares in the last quarter. Optas LLC raised its stake in shares of Warner Bros. Discovery by 3.0% during the fourth quarter. Optas LLC now owns 15,120 shares of the company’s stock valued at $436,000 after purchasing an additional 435 shares in the last quarter. Finally, Armstrong Advisory Group Inc. raised its stake in shares of Warner Bros. Discovery by 7.7% during the fourth quarter. Armstrong Advisory Group Inc. now owns 6,095 shares of the company’s stock valued at $176,000 after purchasing an additional 436 shares in the last quarter. 59.95% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on WBD. Rothschild & Co Redburn set a $31.00 target price on Warner Bros. Discovery and gave the stock a “neutral” rating in a report on Tuesday, February 17th. Weiss Ratings lowered Warner Bros. Discovery from a “hold (c-)” rating to a “sell (d-)” rating in a report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft lowered Warner Bros. Discovery from a “buy” rating to a “hold” rating and lifted their target price for the stock from $29.50 to $31.00 in a report on Friday, February 27th. Guggenheim reaffirmed a “neutral” rating on shares of Warner Bros. Discovery in a report on Thursday, May 7th. Finally, Raymond James Financial reaffirmed an “underperform” rating on shares of Warner Bros. Discovery in a report on Friday, February 27th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, thirteen have given a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $26.36.

Warner Bros. Discovery Price Performance

WBD stock opened at $27.00 on Wednesday. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.92. Warner Bros. Discovery, Inc. has a one year low of $9.11 and a one year high of $30.00. The firm has a market capitalization of $67.69 billion, a PE ratio of -38.57 and a beta of 1.57. The firm has a 50-day moving average of $27.25 and a two-hundred day moving average of $27.19.

Warner Bros. Discovery (NASDAQ:WBD) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($1.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($1.07). Warner Bros. Discovery had a negative net margin of 4.67% and a negative return on equity of 4.77%. The firm had revenue of $8.89 billion for the quarter, compared to analysts’ expectations of $8.89 billion. During the same period in the prior year, the company posted ($0.18) earnings per share. Warner Bros. Discovery’s quarterly revenue was down 1.0% compared to the same quarter last year. On average, analysts forecast that Warner Bros. Discovery, Inc. will post -0.71 earnings per share for the current year.

Insider Activity

In other Warner Bros. Discovery news, Director Fazal F. Merchant sold 35,000 shares of the firm’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $27.48, for a total transaction of $961,800.00. Following the completion of the sale, the director directly owned 95,539 shares in the company, valued at approximately $2,625,411.72. This trade represents a 26.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Gerhard Zeiler sold 600,000 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $28.02, for a total value of $16,812,000.00. Following the sale, the insider owned 672,649 shares of the company’s stock, valued at $18,847,624.98. The trade was a 47.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 8,206,827 shares of company stock worth $230,674,025. Corporate insiders own 1.90% of the company’s stock.

Warner Bros. Discovery Company Profile

Warner Bros. Discovery (NASDAQ: WBD) is a global media and entertainment company formed when WarnerMedia and Discovery, Inc combined their businesses in 2022. Headquartered in New York City, the company assembles a broad portfolio of film and television production, linear and cable networks, streaming services and consumer distribution operations. Its assets span well-known studio brands, premium scripted and unscripted programming, news and factual entertainment, and licensed franchise properties.

The company’s core activities include film and television production and distribution through units such as Warner Bros.