Shares of Warner Music Group Corp. (NASDAQ:WMG – Get Rating) received an average rating of “moderate buy” from the fifteen rating agencies that cover the company, reports MarketBeat Ratings. Two equity research analysts rated the stock with a sell recommendation, two issued a hold recommendation and ten issued a buy recommendation on the company. The 12-month average price target among analysts who have updated their coverage of the stock over the past year is $40.38.
A number of research analysts have recently commented on WMG’s stock. Citigroup cut its price target on Warner Music Group shares from $31.00 to $27.00 and set a “neutral” rating on the stock in a Thursday, July 7 research report. Morgan Stanley cut its price target on shares of Warner Music Group from $37.00 to $34.00 and set an “overweight” rating on the stock in a Monday, July 25 research report. Truist Financial cut its price target on Warner Music Group shares from $40.00 to $35.00 and set a “buy” rating on the stock in a Tuesday, July 19 research report. JPMorgan Chase & Co. cut its price target on Warner Music Group shares from $40.00 to $34.00 and set an “overweight” rating on the stock in a Wednesday, July 13 report. Finally, Barclays cut its price target on Warner Music Group shares from $37.00 to $33.00 and set an “overweight” rating on the stock in a Tuesday, July 5 report.
Institutional investors weigh in on Warner Music Group
Institutional investors and hedge funds have recently bought and sold shares of the company. Verition Fund Management LLC acquired a new position in Warner Music Group in the second quarter worth approximately $270,000. Prelude Capital Management LLC purchased a new stake in Warner Music Group stock in the second quarter worth approximately $204,000. Legal & General Group Plc increased its position in Warner Music Group by 47.4% in the second quarter. Legal & General Group Plc now owns 96,125 shares in the company worth $2,342,000 after purchasing an additional 30,908 shares during the period. ExodusPoint Capital Management LP bought a new position in Warner Music Group in the second quarter worth $2,160,000. Finally, Goldman Sachs Group Inc. increased its position in Warner Music Group by 23.2% in the second quarter. Goldman Sachs Group Inc. now owns 434,161 shares of the company worth $10,576,000 after purchasing an additional 81,685 shares during the period. 22.44% of the shares are held by institutional investors and hedge funds.
Warner Music Group trades up 0.3%
Shares of WMG opened at $23.21 on Friday. The stock has a market capitalization of $11.95 billion, a price-to-earnings ratio of 27.96, a growth price-to-earnings ratio of 0.88 and a beta of 1.58. The company has a quick ratio of 0.58, a current ratio of 0.61 and a debt ratio of 22.01. Warner Music Group has a fifty-two week low of $22.75 and a fifty-two week high of $50.23. The company’s 50-day moving average price is $27.97 and its two-hundred-day moving average price is $29.41.
Warner Music Group (NASDAQ:WMG – Get Rating) last announced its quarterly results on Tuesday, August 9. The company reported earnings per share of $0.24 for the quarter, beating consensus analyst estimates of $0.18 by $0.06. The company posted revenue of $1.43 billion for the quarter, versus $1.41 billion for analysts. Warner Music Group achieved a net margin of 7.43% and a return on equity of 351.69%. Warner Music Group revenue increased 6.9% compared to the same quarter last year. In the same period a year earlier, the company posted earnings per share of $0.14. On average, analysts expect Warner Music Group to post an EPS of 0.91 for the current year.
Warner Music Group increases its dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 1. Investors of record on Wednesday August 24 received a dividend of $0.16. The ex-dividend date was Tuesday, August 23. This represents an annualized dividend of $0.64 and a yield of 2.76%. This is an increase from Warner Music Group’s previous quarterly dividend of $0.15. Warner Music Group’s dividend payout ratio is currently 77.11%.
Warner Music Group Company Profile
(Get a rating)
Warner Music Group Corp. operates as a music entertainment company in the United States, United Kingdom, Germany and internationally. The Company operates through the Recorded Music and Music Publishing segments. The Recorded Music segment is involved in the discovery and development of recording artists, as well as the related marketing, promotion, distribution, sale and licensing of music created by such recording artists; markets its music catalog through compilations and reissues of previously released music and video titles, as well as unreleased content; and operates primarily through a collection of record labels, such as Warner Records and Atlantic Records, as well as Asylum, Big Beat, Canvasback, East West, Erato, FFRR, Fueled by Ramen, Nonesuch, Parlophone, Reprise, Roadrunner, Sire, Spinnin’ Records, Warner Classics and Warner Music Nashville.
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