Bank of New York Mellon Corp Cuts Holdings in Warner Bros. Discovery, Inc. $WBD

Bank of New York Mellon Corp lessened its holdings in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 4.0% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 12,777,598 shares of the company’s stock after selling 531,395 shares during the period. Bank of New York Mellon Corp owned approximately 0.51% of Warner Bros. Discovery worth $350,873,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of WBD. Three Seasons Wealth LLC raised its stake in shares of Warner Bros. Discovery by 14.5% during the 1st quarter. Three Seasons Wealth LLC now owns 125,334 shares of the company’s stock worth $3,442,000 after purchasing an additional 15,861 shares during the period. Harel Insurance Investments & Financial Services Ltd. bought a new stake in Warner Bros. Discovery in the first quarter worth about $251,000. Calamos Advisors LLC boosted its stake in Warner Bros. Discovery by 817.7% in the first quarter. Calamos Advisors LLC now owns 1,150,350 shares of the company’s stock valued at $31,589,000 after acquiring an additional 1,024,996 shares during the last quarter. Bleakley Financial Group LLC boosted its stake in Warner Bros. Discovery by 10.1% in the first quarter. Bleakley Financial Group LLC now owns 48,085 shares of the company’s stock valued at $1,320,000 after acquiring an additional 4,399 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of Warner Bros. Discovery by 3.3% during the 1st quarter. Principal Financial Group Inc. now owns 2,839,154 shares of the company’s stock valued at $77,963,000 after acquiring an additional 91,082 shares during the period. 59.95% of the stock is owned by institutional investors.

Warner Bros. Discovery Trading Down 1.5%

NASDAQ:WBD opened at $26.87 on Friday. The company has a fifty day moving average of $26.85 and a 200 day moving average of $27.49. Warner Bros. Discovery, Inc. has a 52 week low of $10.76 and a 52 week high of $30.00. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.92. The firm has a market capitalization of $67.37 billion, a P/E ratio of -38.39 and a beta of 1.54.

Warner Bros. Discovery (NASDAQ:WBD) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($1.17) EPS for the quarter, missing the consensus estimate 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 the consensus estimate of $8.89 billion. During the same period last year, the company posted ($0.18) earnings per share. The business’s revenue was down 1.0% on a year-over-year basis. On average, research analysts predict that Warner Bros. Discovery, Inc. will post -1.07 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Guggenheim reiterated a “neutral” rating on shares of Warner Bros. Discovery in a research report on Thursday, May 7th. Seaport Research Partners raised Warner Bros. Discovery from a “neutral” rating to a “buy” rating and set a $31.00 target price for the company in a research note on Monday, June 29th. UBS Group increased their price target on shares of Warner Bros. Discovery from $30.00 to $31.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. KeyCorp restated an “overweight” rating on shares of Warner Bros. Discovery in a report on Friday, April 24th. Finally, Zacks Research upgraded shares of Warner Bros. Discovery from a “strong sell” rating to a “hold” rating in a report on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $27.04.

Key Warner Bros. Discovery News

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

• Negative Sentiment: A federal judge will rule by July 22 on California’s request to temporarily freeze Paramount’s $111 billion takeover of Warner Bros. Discovery, increasing the risk of a near-term delay to the deal. Judge delays ruling on California’s bid to freeze Paramount’s $111B takeover of Warner Bros. Discovery
• Negative Sentiment: California and 11 other Democratic state attorneys general are pushing an antitrust case to pause the merger, and media reports suggest Warner Bros. Discovery and Paramount may have to delay closing while the legal fight plays out. Warner Bros. Discovery (WBD) Faces State Lawsuit Over $110 Billion Merger Pause
• Neutral Sentiment: Paramount has publicly argued the states’ antitrust case is unusually weak, but that defense does not remove the immediate legal uncertainty around the transaction. Paramount Calls the States’ Antitrust Case Against Warner Bros. Merger ‘One of the Weakest’ in Modern History
• Neutral Sentiment: Several shareholder lawsuits and related responses have added more headlines, but these appear secondary to the main issue: whether regulators or the court will block or delay the deal. Paramount and Warner Bros expect a delay in closing the deal

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.