Cohen Klingenstein LLC Takes $927,000 Position in Warner Bros. Discovery, Inc. $WBD

Cohen Klingenstein LLC acquired a new position in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) in the first quarter, Holdings Channel reports. The fund acquired 33,756 shares of the company’s stock, valued at approximately $927,000.

Several other institutional investors have also made changes to their positions in the business. Brighton Jones LLC lifted its stake in Warner Bros. Discovery by 304.9% during the fourth quarter. Brighton Jones LLC now owns 68,950 shares of the company’s stock worth $729,000 after purchasing an additional 51,920 shares during the period. NewEdge Advisors LLC grew its stake in shares of Warner Bros. Discovery by 50.5% in the 1st quarter. NewEdge Advisors LLC now owns 63,254 shares of the company’s stock valued at $679,000 after purchasing an additional 21,228 shares during the period. Empowered Funds LLC grew its stake in shares of Warner Bros. Discovery by 6.2% in the 1st quarter. Empowered Funds LLC now owns 65,082 shares of the company’s stock valued at $698,000 after purchasing an additional 3,779 shares during the period. Focus Partners Wealth grew its stake in shares of Warner Bros. Discovery by 91.6% in the 1st quarter. Focus Partners Wealth now owns 116,821 shares of the company’s stock valued at $1,254,000 after purchasing an additional 55,837 shares during the period. Finally, Baird Financial Group Inc. raised its holdings in shares of Warner Bros. Discovery by 3.8% in the 2nd quarter. Baird Financial Group Inc. now owns 111,450 shares of the company’s stock worth $1,277,000 after buying an additional 4,062 shares in the last quarter. 59.95% of the stock is currently owned by institutional investors and hedge funds.

Warner Bros. Discovery Stock Performance

NASDAQ WBD opened at $26.20 on Friday. Warner Bros. Discovery, Inc. has a 1-year low of $10.27 and a 1-year high of $30.00. The company has a 50 day moving average of $27.02 and a 200-day moving average of $27.63. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.92. The firm has a market cap of $65.69 billion, a price-to-earnings ratio of -37.43 and a beta of 1.54.

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

Wall Street Analyst Weigh In

Several equities analysts recently commented on WBD shares. Arete Research restated a “neutral” rating and set a $31.25 target price on shares of Warner Bros. Discovery in a research report on Friday, February 27th. Deutsche Bank Aktiengesellschaft cut Warner Bros. Discovery from a “buy” rating to a “hold” rating and upped their price target for the company from $29.50 to $31.00 in a research report on Friday, February 27th. Argus dropped their price objective on Warner Bros. Discovery from $32.00 to $31.00 and set a “buy” rating for the company in a research note on Tuesday, March 3rd. Moffett Nathanson raised Warner Bros. Discovery from a “hold” rating to a “strong-buy” rating in a report on Sunday, March 8th. Finally, Sanford C. Bernstein boosted their target price on shares of Warner Bros. Discovery from $23.50 to $27.75 and gave the company a “market perform” rating in a research note on Tuesday, February 24th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Warner Bros. Discovery presently has an average rating of “Hold” and a consensus price target of $27.04.

Warner Bros. Discovery 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.