Warner Bros (WBD)

• Market cap: $26.4B
• 1 day: -2.36%
• 5 days: 4.46%
• 1 month: 10.34%
• 3 months: 5.38%
• 6 months: 40.36%
• Year to date: 1.13%
• 1 year: 12.64%
• 5 years: -56.50%
• 10 years: -56.50%
• Sector: Communication Services
• Industry: Cable & Other Pay Television Services

About: Warner Bros. Discovery was formed in 2022 through the combination of WarnerMedia and Discovery Communications. It operates in three global business segments: studios, networks, and direct-to-consumer. Warner Bros. Pictures is the crown jewel of the studios business, producing, distributing, and licensing movies and television shows. The networks business consists of basic cable networks, such as CNN, TNT, TBS, Discovery, HGTV, and the Food Network. Direct-to-consumer includes HBO and the firm's streaming platforms, which have now been consolidated to Max and Discovery+. Much of the DTC content is created within the firm's other two business segments. Each segment operates with a global reach, with Max available in over 60 countries.

Employees: 35,300

Fund manager confidence

Based on 2024 Q4 regulatory filings by fund managers ($100M+ AUM)

50% more funds holding in top 10

Funds holding in top 10: 14 [Q3] → 21 (+7) [Q4]

38% more first-time investments, than exits

New positions opened: 171 | Existing positions closed: 124

36% more capital invested

Capital invested by funds: $12.4B [Q3] → $16.8B (+$4.46B) [Q4]

3.63% more ownership

Funds ownership: 61.17% [Q3] → 64.8% (+3.63%) [Q4]

2% more call options, than puts

Call options by funds: $480M | Put options by funds: $469M

1% less funds holding

Funds holding: 1,126 [Q3] → 1,119 (-7) [Q4]

31% less repeat investments, than reductions

Existing positions increased: 314 | Existing positions reduced: 458

Research analyst outlook

7 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $10 7% downside
• Avg. target: $12.89 20% upside
• High target: $16 48% upside

7 analyst ratings

• positive: 4 57%
• neutral: 3 43%
• negative: 0 0%

JP Morgan David Karnovsky 64% 1-year accuracy 16 / 25 met price target	7% downside $10	Neutral Maintained	14 Jan 2025
Goldman Sachs Michael Ng 80% 1-year accuracy 24 / 30 met price target	0% downside $10.75	Neutral Maintained	19 Dec 2024
Rosenblatt Barton Crockett 68% 1-year accuracy 40 / 59 met price target	21% upside $13	Neutral Maintained	13 Dec 2024
Barrington Research James Goss 66% 1-year accuracy 65 / 98 met price target	48% upside $16	Outperform Maintained	13 Dec 2024
B of A Securities Jessica Reif Cohen 25% 1-year accuracy 1 / 4 met price target	30% upside $14	Buy Reiterated	12 Dec 2024