Lorne Steinberg Wealth Management Inc. Increases Stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Lorne Steinberg Wealth Management Inc. increased its holdings in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 2.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 222,527 shares of the company’s stock after acquiring an additional 5,493 shares during the quarter. Lorne Steinberg Wealth Management Inc.’s holdings in Warner Bros. Discovery were worth $2,532,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Fortis Group Advisors LLC purchased a new stake in shares of Warner Bros. Discovery in the 3rd quarter worth approximately $25,000. Peoples Bank KS bought a new position in Warner Bros. Discovery in the third quarter worth approximately $27,000. Pacifica Partners Inc. lifted its holdings in Warner Bros. Discovery by 118.2% during the fourth quarter. Pacifica Partners Inc. now owns 2,483 shares of the company’s stock worth $27,000 after buying an additional 1,345 shares during the period. Milestone Investment Advisors LLC bought a new stake in Warner Bros. Discovery during the 3rd quarter valued at $28,000. Finally, Headinvest LLC purchased a new position in shares of Warner Bros. Discovery in the 3rd quarter valued at $28,000. 59.95% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on WBD shares. Benchmark restated a “buy” rating and set a $20.00 price objective on shares of Warner Bros. Discovery in a research note on Monday, March 4th. Wells Fargo & Company cut shares of Warner Bros. Discovery from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $16.00 to $12.00 in a report on Monday, January 29th. JPMorgan Chase & Co. cut their price objective on shares of Warner Bros. Discovery from $13.00 to $10.00 and set a “neutral” rating on the stock in a research report on Monday, February 26th. Wolfe Research cut shares of Warner Bros. Discovery from a “peer perform” rating to an “underperform” rating and set a $7.00 target price for the company. in a research report on Tuesday. Finally, Barclays cut their price target on shares of Warner Bros. Discovery from $10.00 to $9.00 and set an “equal weight” rating on the stock in a report on Thursday, February 29th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.83.

Warner Bros. Discovery Stock Performance

WBD traded down $0.16 during midday trading on Wednesday, hitting $8.28. 9,874,774 shares of the company were exchanged, compared to its average volume of 26,359,727. The firm has a market capitalization of $20.20 billion, a price-to-earnings ratio of -6.52 and a beta of 1.51. The company’s 50 day simple moving average is $8.72 and its 200 day simple moving average is $10.02. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.90. Warner Bros. Discovery, Inc. has a 1-year low of $8.02 and a 1-year high of $14.76.

Warner Bros. Discovery (NASDAQ:WBD) last announced its quarterly earnings results on Friday, February 23rd. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.05). The company had revenue of $10.28 billion for the quarter, compared to analysts’ expectations of $10.34 billion. Warner Bros. Discovery had a negative net margin of 7.57% and a negative return on equity of 3.48%. The firm’s revenue was down 6.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.42 earnings per share. As a group, sell-side analysts predict that Warner Bros. Discovery, Inc. will post -0.35 earnings per share for the current year.

Warner Bros. Discovery Company 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.