KeyCorp Cuts Warner Bros. Discovery (NASDAQ:WBD) Price Target to $16.00
KeyCorp has reduced its price target for Warner Bros. Discovery (NASDAQ:WBD) from $18.00 to $16.00 while maintaining an "overweight" rating. This new target suggests a potential upside of 41.51% from the current price of $11.31. Other analysts have varied opinions, with some maintaining hold ratings and others increasing their target prices. The stock has seen a decline of 4.7% recently, and the company reported earnings of $0.63 per share, exceeding estimates. Institutional investors have also been active in modifying their holdings in WBD.
Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) had its price objective dropped by KeyCorp from $18.00 to $16.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. KeyCorp's price objective would indicate a potential upside of 41.51% from the company's current price.
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WBD has been the topic of several other reports. Needham & Company LLC reissued a "hold" rating on shares of Warner Bros. Discovery in a research note on Tuesday, June 10th. Barclays increased their target price on shares of Warner Bros. Discovery from $9.00 to $13.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 9th. Morgan Stanley increased their target price on shares of Warner Bros. Discovery from $10.00 to $13.00 and gave the stock an "equal weight" rating in a research note on Wednesday. Guggenheim reissued a "buy" rating on shares of Warner Bros. Discovery in a research note on Tuesday, June 10th. Finally, Wells Fargo & Company increased their target price on shares of Warner Bros. Discovery from $10.00 to $11.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 2nd. Twelve equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $12.71.
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Warner Bros. Discovery Stock Down 4.7%
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Shares of WBD stock traded down $0.55 during trading hours on Friday, reaching $11.31. 9,268,742 shares of the company's stock were exchanged, compared to its average volume of 46,681,309. The stock's 50 day moving average is $11.50 and its 200-day moving average is $10.32. The company has a market cap of $27.76 billion, a price-to-earnings ratio of -2.58 and a beta of 1.57. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.99. Warner Bros. Discovery has a fifty-two week low of $6.64 and a fifty-two week high of $13.86.
Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.63 earnings per share for the quarter, beating analysts' consensus estimates of ($0.16) by $0.79. Warner Bros. Discovery had a negative net margin of 28.16% and a negative return on equity of 30.56%. The firm had revenue of $9.81 billion for the quarter, compared to analyst estimates of $9.73 billion. During the same period in the previous year, the company earned ($4.07) earnings per share. The business's quarterly revenue was up 1.0% compared to the same quarter last year. Analysts predict that Warner Bros. Discovery will post -4.33 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Warner Bros. Discovery
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Several institutional investors have recently modified their holdings of WBD. Brighton Jones LLC lifted its position in shares of Warner Bros. Discovery by 304.9% during the 4th quarter. Brighton Jones LLC now owns 68,950 shares of the company's stock worth $729,000 after purchasing an additional 51,920 shares during the last quarter. Federated Hermes Inc. lifted its position in shares of Warner Bros. Discovery by 5.2% during the 4th quarter. Federated Hermes Inc. now owns 32,118 shares of the company's stock worth $339,000 after purchasing an additional 1,598 shares during the last quarter. FMR LLC raised its stake in Warner Bros. Discovery by 478.5% during the 4th quarter. FMR LLC now owns 14,278,600 shares of the company's stock worth $150,925,000 after acquiring an additional 11,810,191 shares in the last quarter. Cerity Partners LLC raised its stake in Warner Bros. Discovery by 17.2% during the 4th quarter. Cerity Partners LLC now owns 246,205 shares of the company's stock worth $2,602,000 after acquiring an additional 36,101 shares in the last quarter. Finally, Bank of Nova Scotia raised its stake in Warner Bros. Discovery by 3.5% during the 4th quarter. Bank of Nova Scotia now owns 301,335 shares of the company's stock worth $3,185,000 after acquiring an additional 10,315 shares in the last quarter. 59.95% of the stock is owned by hedge funds and other institutional investors.
About Warner Bros. Discovery
(Get Free Report)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.
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