PNC Financial Services Group Inc. Buys 105,670 Shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD)

PNC Financial Services Group Inc. boosted its stake in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 25.8% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 515,077 shares of the company’s stock after buying an additional 105,670 shares during the period. PNC Financial Services Group Inc.’s holdings in Warner Bros. Discovery were worth $4,249,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sessa Capital IM L.P. increased its holdings in shares of Warner Bros. Discovery by 28.8% in the 2nd quarter. Sessa Capital IM L.P. now owns 22,784,883 shares of the company’s stock worth $169,520,000 after purchasing an additional 5,100,000 shares in the last quarter. EdgePoint Investment Group Inc. lifted its position in Warner Bros. Discovery by 1.1% during the second quarter. EdgePoint Investment Group Inc. now owns 20,855,527 shares of the company’s stock valued at $155,165,000 after purchasing an additional 235,192 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Warner Bros. Discovery by 5.3% during the second quarter. Bank of New York Mellon Corp now owns 14,192,814 shares of the company’s stock valued at $105,595,000 after purchasing an additional 719,869 shares in the last quarter. Yacktman Asset Management LP lifted its position in Warner Bros. Discovery by 1.2% during the second quarter. Yacktman Asset Management LP now owns 8,152,369 shares of the company’s stock valued at $60,654,000 after purchasing an additional 100,565 shares in the last quarter. Finally, Thompson Siegel & Walmsley LLC raised its holdings in Warner Bros. Discovery by 23.9% during the second quarter. Thompson Siegel & Walmsley LLC now owns 7,542,407 shares of the company’s stock valued at $56,116,000 after acquiring an additional 1,452,913 shares during the period. Institutional investors own 59.95% of the company’s stock.

Warner Bros. Discovery Trading Down 1.2 %

Shares of Warner Bros. Discovery stock opened at $10.11 on Monday. The firm’s 50-day moving average price is $8.34 and its 200 day moving average price is $7.95. The firm has a market capitalization of $24.80 billion, a PE ratio of -2.21 and a beta of 1.48. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.03. Warner Bros. Discovery, Inc. has a twelve month low of $6.64 and a twelve month high of $12.70.

Warner Bros. Discovery (NASDAQ:WBD) last posted its earnings results on Thursday, November 7th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.12. Warner Bros. Discovery had a negative net margin of 28.34% and a negative return on equity of 27.56%. The firm had revenue of $9.62 billion during the quarter, compared to the consensus estimate of $9.79 billion. During the same quarter last year, the firm earned ($0.17) EPS. The firm’s revenue for the quarter was down 3.6% on a year-over-year basis. On average, sell-side analysts predict that Warner Bros. Discovery, Inc. will post -4.37 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have commented on WBD shares. Morgan Stanley decreased their price target on Warner Bros. Discovery from $10.00 to $9.00 and set an “equal weight” rating on the stock in a report on Monday, July 29th. TD Cowen dropped their target price on Warner Bros. Discovery from $15.00 to $14.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Benchmark reiterated a “buy” rating and issued a $18.00 price target on shares of Warner Bros. Discovery in a report on Friday, September 13th. Raymond James boosted their price objective on shares of Warner Bros. Discovery from $11.00 to $12.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Finally, Wells Fargo & Company reduced their price target on Warner Bros. Discovery from $9.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 8th. Twelve research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $10.55.

Warner Bros. Discovery Profile

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.