Warner Music Group (NASDAQ:WMG) Price Target Raised to $34.00 at Guggenheim

Warner Music Group (NASDAQ:WMGGet Rating) had its target price upped by equities researchers at Guggenheim from $30.00 to $34.00 in a report issued on Friday, The Fly reports. Guggenheim’s price target indicates a potential upside of 11.81% from the company’s current price.

Other analysts have also recently issued research reports about the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of Warner Music Group in a research report on Friday, March 11th. They issued a “buy” rating and a $42.00 price objective for the company. Truist Financial lowered their price objective on shares of Warner Music Group from $45.00 to $40.00 in a research report on Monday, May 9th. Credit Suisse Group lowered their price objective on shares of Warner Music Group from $50.00 to $45.00 and set an “outperform” rating for the company in a research report on Wednesday, February 9th. Barclays lowered their price objective on shares of Warner Music Group from $49.00 to $37.00 in a research report on Wednesday, May 11th. Finally, Zacks Investment Research cut shares of Warner Music Group from a “hold” rating to a “sell” rating in a research report on Thursday, May 12th. Three analysts have rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $44.23.

Shares of Warner Music Group stock opened at $30.41 on Friday. The firm has a fifty day moving average of $32.13 and a two-hundred day moving average of $36.99. The stock has a market capitalization of $15.66 billion, a price-to-earnings ratio of 42.83, a PEG ratio of 1.14 and a beta of 1.32. Warner Music Group has a 52 week low of $24.39 and a 52 week high of $50.23. The company has a debt-to-equity ratio of 22.13, a quick ratio of 0.58 and a current ratio of 0.61.

Warner Music Group (NASDAQ:WMGGet Rating) last issued its earnings results on Tuesday, May 10th. The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.21 by ($0.03). The business had revenue of $1.38 billion for 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 362.14%. The business’s revenue was up 10.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.22 EPS. As a group, research analysts forecast that Warner Music Group will post 0.9 EPS for the current fiscal year.

In other news, Director Lincoln E. Benet sold 10,000 shares of the stock in a transaction dated Wednesday, March 30th. The shares were sold at an average price of $38.25, for a total transaction of $382,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 76.57% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. Westpac Banking Corp acquired a new stake in Warner Music Group in the 4th quarter valued at about $27,000. MBM Wealth Consultants LLC acquired a new stake in Warner Music Group in the 1st quarter valued at about $57,000. JustInvest LLC acquired a new stake in Warner Music Group in the 4th quarter valued at about $226,000. Mirabella Financial Services LLP acquired a new stake in Warner Music Group in the 1st quarter valued at about $230,000. Finally, Veritable L.P. acquired a new stake in Warner Music Group in the 3rd quarter valued at about $252,000. Institutional investors own 22.29% of the company’s stock.

About Warner Music Group (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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