Wed Sep 25 08:24:50 UTC 2024: ## Federated Hermes Cuts Warner Bros. Discovery Stake, While Other Funds Adjust Positions
**New York, NY (MarketBeat News) -** Federated Hermes Inc., a prominent institutional investor, significantly reduced its stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD) during the second quarter, according to a recent filing with the Securities and Exchange Commission. The firm sold 92.4% of its holdings, leaving it with just 28,818 shares valued at $214,000 as of the end of June.
This move comes amidst a period of mixed activity from other hedge funds regarding their positions in Warner Bros. Discovery. While Federated Hermes sold off a large portion of its holdings, other investors made significant changes to their portfolios. Family Firm Inc. and Crewe Advisors LLC both acquired new positions in the company, while OFI Invest Asset Management and First Financial Corp IN increased their holdings in the second and first quarters, respectively.
The company’s stock opened at $8.32 on Wednesday, with a market capitalization of $20.39 billion. Despite the recent activity from investors, analysts remain divided on the stock’s future. While Benchmark maintains a “buy” rating and a $18.00 price target, Moffett Nathanson, JPMorgan Chase & Co., Morgan Stanley, and Sanford C. Bernstein have all downgraded their ratings and lowered their price targets in recent months.
Overall, the consensus rating for Warner Bros. Discovery remains “Hold” with a target price of $10.93, according to MarketBeat.com. The company’s performance continues to be closely watched as it navigates the evolving media landscape.
First Piper 