Citigroup Lowers Warner Music Group (NASDAQ:WMG) Price Target to $31.00

Warner Music Group (NASDAQ:WMGGet Rating) had its target price dropped by research analysts at Citigroup from $41.00 to $31.00 in a report released on Tuesday, The Fly reports. Citigroup’s price objective would suggest a potential upside of 7.64% from the stock’s previous close.

WMG has been the topic of several other reports. Deutsche Bank Aktiengesellschaft began coverage on shares of Warner Music Group in a research note on Friday, March 11th. They issued a “buy” rating and a $42.00 price target on the stock. Barclays decreased their price target on shares of Warner Music Group from $49.00 to $37.00 in a research note on Wednesday, May 11th. Redburn Partners restated a “sell” rating on shares of Warner Music Group in a research note on Monday, April 25th. Truist Financial reduced their price objective on shares of Warner Music Group from $45.00 to $40.00 in a research note on Monday, May 9th. Finally, Guggenheim reduced their price objective on shares of Warner Music Group from $50.00 to $39.00 in a research note on Thursday, April 21st. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $44.62.

Shares of WMG opened at $28.80 on Tuesday. The firm has a market capitalization of $14.83 billion, a PE ratio of 40.56, a PEG ratio of 1.05 and a beta of 1.32. The company’s 50-day moving average is $33.74 and its 200-day moving average is $38.56. Warner Music Group has a fifty-two week low of $24.39 and a fifty-two week high of $50.23. The company has a debt-to-equity ratio of 22.36, a current ratio of 0.60 and a quick ratio of 0.58.

Warner Music Group (NASDAQ:WMGGet Rating) last issued its quarterly earnings data on Tuesday, May 10th. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.21 by ($0.03). The company had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.37 billion. Warner Music Group had a net margin of 6.45% and a return on equity of 421.73%. Warner Music Group’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.22 earnings per share. Analysts predict that Warner Music Group will post 0.93 earnings per share for the current fiscal year.

In other Warner Music Group news, Director Lincoln E. Benet sold 20,000 shares of the firm’s stock in a transaction on Monday, February 28th. The stock was sold at an average price of $35.64, for a total transaction of $712,800.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lincoln E. Benet sold 10,000 shares of the firm’s stock in a transaction on Wednesday, March 2nd. The shares were sold at an average price of $35.80, for a total value of $358,000.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 60,000 shares of company stock valued at $2,165,000. 76.57% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Eagle Bay Advisors LLC increased its position in shares of Warner Music Group by 100.0% during the 3rd quarter. Eagle Bay Advisors LLC now owns 600 shares of the company’s stock valued at $26,000 after purchasing an additional 300 shares during the last quarter. Westpac Banking Corp bought a new position in Warner Music Group in the 4th quarter valued at $27,000. PNC Financial Services Group Inc. grew its position in Warner Music Group by 201.3% in the 3rd quarter. PNC Financial Services Group Inc. now owns 958 shares of the company’s stock valued at $41,000 after acquiring an additional 640 shares during the last quarter. MBM Wealth Consultants LLC bought a new position in Warner Music Group in the 1st quarter valued at $57,000. Finally, JustInvest LLC bought a new position in Warner Music Group in the 4th quarter valued at $226,000. 22.29% of the stock is currently owned by institutional investors.

Warner Music Group Company Profile (Get Rating)

Warner Music Group Corp. operates as a music entertainment company in the United States, the United Kingdom, Germany, and internationally. The company operates through Recorded Music and Music Publishing segments. The Recorded Music segment is involved in the discovery and development of recording artists, as well as related marketing, promotion, distribution, sale, and licensing of music created by such recording artists; markets its music catalog through compilations and reissuances of previously released music and video titles, as well as previously unreleased materials; and conducts its operation 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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