Here’s Why Warner Bros. Discovery (WBD) Declined in Q4

Smead Capital Management, an investment management company, released its “Smead Value Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund delivered 13.72% compared to a 7.56% gain for the S&P 500 Index and a 12.42% rise for the Russell 1000 Value Index. However, in 2022, the fund lost 2.78% compared to an 18.11% decline in the S&P 500 and a 7.54% loss in the Russell 1000 Value Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Smead Capital Management highlighted stocks like Warner Bros. Discovery, Inc. (NASDAQ:WBD) in the Q4 2022 investor letter. Headquartered in New York, New York, Warner Bros. Discovery, Inc. (NASDAQ:WBD) is a media company. On January 23, 2023, Warner Bros. Discovery, Inc. (NASDAQ:WBD) stock closed at $13.51 per share. One-month return of Warner Bros. Discovery, Inc. (NASDAQ:WBD) was 46.37%, and its shares lost 49.70% of their value over the last 52 weeks. Warner Bros. Discovery, Inc. (NASDAQ:WBD) has a market capitalization of $32.808 billion.

Smead Capital Management made the following comment about Warner Bros. Discovery, Inc. (NASDAQ:WBD) in its Q4 2022 investor letter:

“Detractors for the quarter were Warner Bros. Discovery, Inc. (NASDAQ:WBD), Ovintiv (OVV) and Qualcomm (QCOM). Warner has drowned in the disappointment of the food fight in the streaming world and the disintegration of the cable food chain monopoly. However, they are the low-cost producer of TV and movie entertainment (if that ever becomes valuable again).”

Photo by ThisisEngineering RAEng on Unsplash

Warner Bros. Discovery, Inc. (NASDAQ:WBD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 61 hedge fund portfolios held Warner Bros. Discovery, Inc. (NASDAQ:WBD) at the end of the third quarter, which was 68 in the previous quarter.

We discussed Warner Bros. Discovery, Inc. (NASDAQ:WBD) in another article and shared O’keefe Stevens Advisory’s views on the company. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.

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