Retirement Systems of Alabama Sells 345,580 Shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Retirement Systems of Alabama reduced its stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 8.0% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 3,970,918 shares of the company’s stock after selling 345,580 shares during the quarter. Retirement Systems of Alabama owned approximately 0.16% of Warner Bros. Discovery worth $32,760,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Family Firm Inc. acquired a new stake in shares of Warner Bros. Discovery during the 2nd quarter worth approximately $26,000. OFI Invest Asset Management lifted its holdings in Warner Bros. Discovery by 45.9% during the 2nd quarter. OFI Invest Asset Management now owns 3,879 shares of the company’s stock worth $27,000 after buying an additional 1,221 shares in the last quarter. Future Financial Wealth Managment LLC bought a new position in shares of Warner Bros. Discovery in the 3rd quarter valued at about $41,000. Larson Financial Group LLC raised its position in shares of Warner Bros. Discovery by 54.1% in the 3rd quarter. Larson Financial Group LLC now owns 4,998 shares of the company’s stock valued at $41,000 after acquiring an additional 1,754 shares during the period. Finally, Quarry LP boosted its holdings in shares of Warner Bros. Discovery by 2,185.1% in the second quarter. Quarry LP now owns 6,307 shares of the company’s stock valued at $47,000 after buying an additional 6,031 shares during the period. 59.95% of the stock is currently owned by institutional investors and hedge funds.

Warner Bros. Discovery Stock Performance

WBD opened at $12.07 on Friday. The business has a 50 day moving average price of $9.11 and a two-hundred day moving average price of $8.24. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market capitalization of $29.61 billion, a price-to-earnings ratio of -2.64 and a beta of 1.52. Warner Bros. Discovery, Inc. has a 1-year low of $6.64 and a 1-year high of $12.70.

Warner Bros. Discovery (NASDAQ:WBD) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.12. Warner Bros. Discovery had a negative return on equity of 27.56% and a negative net margin of 28.34%. The business had revenue of $9.62 billion during the quarter, compared to analyst estimates of $9.79 billion. During the same period last year, the company posted ($0.17) EPS. The company’s revenue was down 3.6% compared to the same quarter last year. Research analysts predict that Warner Bros. Discovery, Inc. will post -4.37 EPS for the current fiscal year.

Analyst Ratings Changes

WBD has been the subject of several recent analyst reports. KeyCorp upped their price objective on shares of Warner Bros. Discovery from $11.00 to $14.00 and gave the stock an “overweight” rating in a research report on Tuesday. The Goldman Sachs Group lifted their price target on shares of Warner Bros. Discovery from $7.50 to $8.50 and gave the company a “neutral” rating in a research report on Monday, October 7th. Benchmark restated a “buy” rating and issued a $18.00 target price on shares of Warner Bros. Discovery in a research note on Friday, September 13th. Rosenblatt Securities increased their price target on Warner Bros. Discovery from $9.00 to $13.00 and gave the stock a “neutral” rating in a research note on Friday. Finally, Macquarie increased their price objective on Warner Bros. Discovery from $8.00 to $9.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Twelve research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, Warner Bros. Discovery currently has an average rating of “Hold” and a consensus target price of $11.33.

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.