Bank of Nova Scotia Grows Position in Warner Bros. Discovery, Inc. $WBD

Bank of Nova Scotia boosted its holdings in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 17.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,998,709 shares of the company’s stock after acquiring an additional 738,783 shares during the period. Bank of Nova Scotia’s holdings in Warner Bros. Discovery were worth $137,265,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. DLD Asset Management LP raised its stake in Warner Bros. Discovery by 66.1% in the first quarter. DLD Asset Management LP now owns 28,400 shares of the company’s stock worth $780,000 after buying an additional 11,300 shares in the last quarter. Levin Capital Strategies L.P. purchased a new position in shares of Warner Bros. Discovery in the 1st quarter valued at $275,000. ABN Amro Investment Solutions purchased a new position in shares of Warner Bros. Discovery in the 1st quarter valued at $2,484,000. Oslo Pensjonsforsikring AS bought a new position in shares of Warner Bros. Discovery in the 1st quarter worth $341,000. Finally, Andra AP fonden raised its position in shares of Warner Bros. Discovery by 84.9% in the 1st quarter. Andra AP fonden now owns 517,235 shares of the company’s stock worth $14,203,000 after acquiring an additional 237,435 shares in the last quarter. Hedge funds and other institutional investors own 59.95% of the company’s stock.

Warner Bros. Discovery Trading Up 0.4%

Shares of Warner Bros. Discovery stock opened at $25.95 on Friday. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.73 and a quick ratio of 0.73. The firm has a fifty day moving average price of $26.74 and a 200 day moving average price of $27.40. Warner Bros. Discovery, Inc. has a 1 year low of $10.76 and a 1 year high of $30.00. The stock has a market cap of $65.06 billion, a PE ratio of -37.07 and a beta of 1.54.

Warner Bros. Discovery (NASDAQ:WBD) last posted its earnings results on Wednesday, May 6th. The company reported ($1.17) earnings per share (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 business had revenue of $8.89 billion for the quarter, compared to analyst estimates of $8.89 billion. During the same quarter in the prior year, the firm earned ($0.18) earnings per share. The company’s revenue for the quarter was down 1.0% on a year-over-year basis. Equities research analysts predict that Warner Bros. Discovery, Inc. will post -1.07 earnings per share for the current year.

Wall Street Analysts Forecast Growth

WBD has been the subject of several analyst reports. Zacks Research raised shares of Warner Bros. Discovery from a “strong sell” rating to a “hold” rating in a research report on Monday, June 1st. KeyCorp reaffirmed an “overweight” rating on shares of Warner Bros. Discovery in a research report on Friday, April 24th. Huber Research upgraded shares of Warner Bros. Discovery from an “underweight” rating to an “overweight” rating in a research note on Monday, June 1st. Guggenheim reissued a “neutral” rating on shares of Warner Bros. Discovery in a research report on Thursday, May 7th. Finally, Weiss Ratings downgraded shares of Warner Bros. Discovery from a “hold (c-)” rating to a “sell (d-)” rating in a research note on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $27.04.

Key Stories Impacting Warner Bros. Discovery

Here are the key news stories impacting Warner Bros. Discovery this week:

• Positive Sentiment: Warner Bros. Discovery received European Commission approval for the Paramount Skydance acquisition, removing a major international regulatory hurdle and improving the odds that the deal can eventually close. European Commission Approves Paramount Skydance Corporation Acquisition of Warner Bros. Discovery
• Positive Sentiment: Analysts and market commentary continue to frame the media sector as entering a consolidation phase, which supports the view that WBD remains a strategic takeover target. The Netflix-Lionsgate Rumor Exposed a Bigger Shift in Media M&A (WBD)
• Neutral Sentiment: The EU approval came with conditions, including changes to Paramount’s distribution arrangements, so the deal still faces execution risk even after the regulatory green light. EU regulators clear with conditions Paramount’s $110 billion bid for Warner Bros
• Negative Sentiment: A federal judge paused the Paramount-WBD transaction through mid-August while considering lawsuits from state attorneys general and the Writers Guild, extending the timeline and adding legal uncertainty. Paramount-Warner Bros deal paused through August 17, judge rules
• Negative Sentiment: Heavy put-option buying suggests some traders are positioning for downside or hedging against a failed or delayed deal. Traders Buy Large Volume of Put Options on Warner Bros. Discovery (NASDAQ:WBD)

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.