RNC Capital Management LLC Sells 88,003 Shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD)

RNC Capital Management LLC reduced its position in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 25.2% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 260,552 shares of the company’s stock after selling 88,003 shares during the quarter. RNC Capital Management LLC’s holdings in Warner Bros. Discovery were worth $2,965,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Country Trust Bank raised its holdings in Warner Bros. Discovery by 76.0% in the 3rd quarter. Country Trust Bank now owns 2,314 shares of the company’s stock worth $25,000 after purchasing an additional 999 shares in the last quarter. Fortis Group Advisors LLC bought a new position in Warner Bros. Discovery in the 3rd quarter worth $25,000. Peoples Bank KS bought a new position in Warner Bros. Discovery in the 3rd quarter worth $27,000. Pacifica Partners Inc. raised its holdings in Warner Bros. Discovery by 118.2% in the 4th quarter. Pacifica Partners Inc. now owns 2,483 shares of the company’s stock worth $27,000 after purchasing an additional 1,345 shares in the last quarter. Finally, Milestone Investment Advisors LLC bought a new position in Warner Bros. Discovery in the 3rd quarter worth $28,000. 59.95% of the stock is currently owned by institutional investors.

Warner Bros. Discovery Price Performance

WBD opened at $8.64 on Thursday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.93 and a current ratio of 0.93. The stock has a market capitalization of $21.08 billion, a P/E ratio of -6.75 and a beta of 1.51. The company’s 50-day simple moving average is $9.37 and its two-hundred day simple moving average is $10.36. Warner Bros. Discovery, Inc. has a 52-week low of $8.02 and a 52-week high of $15.56.

Warner Bros. Discovery (NASDAQ:WBD) last posted its earnings results on Friday, February 23rd. The company reported ($0.16) earnings per share (EPS) 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 the consensus estimate of $10.34 billion. Warner Bros. Discovery had a negative net margin of 7.57% and a negative return on equity of 3.48%. Warner Bros. Discovery’s revenue was down 6.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.42 EPS. As a group, analysts predict that Warner Bros. Discovery, Inc. will post -0.34 EPS for the current year.

Analyst Ratings Changes

WBD has been the topic of a number of recent research reports. Citigroup reduced their target price on shares of Warner Bros. Discovery from $16.00 to $14.00 and set a “buy” rating on the stock in a research report on Thursday, February 29th. Rosenblatt Securities raised shares of Warner Bros. Discovery from a “sell” rating to a “neutral” rating and upped their target price for the stock from $7.00 to $10.00 in a research report on Thursday, March 21st. Redburn Atlantic downgraded shares of Warner Bros. Discovery from a “buy” rating to a “neutral” rating and set a $11.00 target price on the stock. in a research report on Thursday, January 11th. Benchmark reaffirmed a “buy” rating and issued a $20.00 target price on shares of Warner Bros. Discovery in a research report on Monday, March 4th. Finally, Wells Fargo & Company downgraded shares of Warner Bros. Discovery from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $16.00 to $12.00 in a research report on Monday, January 29th. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Warner Bros. Discovery currently has a consensus rating of “Moderate Buy” and an average target price of $14.24.

About Warner Bros. Discovery

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.