Warner Music Group (NASDAQ:WMG) Upgraded to “Neutral” at Bank of America

Bank of America upgraded shares of Warner Music Group (NASDAQ:WMGGet Rating) from an underperform rating to a neutral rating in a research note published on Wednesday, MarketBeat.com reports. Bank of America currently has $33.00 price objective on the stock.

Several other equities analysts also recently commented on WMG. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Warner Music Group from $35.00 to $30.00 and set a buy rating on the stock in a research report on Monday, October 24th. Barclays lowered their target price on shares of Warner Music Group from $33.00 to $30.00 in a research report on Tuesday, October 11th. The Goldman Sachs Group began coverage on shares of Warner Music Group in a research report on Monday, October 10th. They set a buy rating and a $32.00 target price on the stock. Morgan Stanley lowered their price target on Warner Music Group from $34.00 to $31.00 and set an overweight rating on the stock in a research report on Tuesday, October 11th. Finally, Guggenheim lowered their price target on Warner Music Group to $30.00 in a research report on Thursday, October 20th. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Warner Music Group currently has a consensus rating of Moderate Buy and an average price target of $36.42.

Warner Music Group Trading Up 3.5 %

Warner Music Group stock opened at $32.19 on Wednesday. The company has a debt-to-equity ratio of 22.01, a current ratio of 0.61 and a quick ratio of 0.58. The company has a market capitalization of $16.57 billion, a price-to-earnings ratio of 30.37, a PEG ratio of 1.41 and a beta of 1.55. Warner Music Group has a one year low of $21.57 and a one year high of $44.64. The company’s fifty day moving average price is $25.60 and its two-hundred day moving average price is $27.02.

Warner Music Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Tuesday, November 22nd will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date of this dividend is Monday, November 21st. Warner Music Group’s dividend payout ratio (DPR) is presently 60.38%.

Institutional Investors Weigh In On Warner Music Group

Institutional investors have recently added to or reduced their stakes in the company. Lazard Asset Management LLC grew its position in Warner Music Group by 0.9% during the second quarter. Lazard Asset Management LLC now owns 669,989 shares of the company’s stock worth $16,320,000 after buying an additional 6,029 shares in the last quarter. Bank of Montreal Can lifted its stake in Warner Music Group by 1,640.6% during the first quarter. Bank of Montreal Can now owns 292,755 shares of the company’s stock worth $11,101,000 after purchasing an additional 275,936 shares during the period. Capital Square LLC lifted its stake in Warner Music Group by 38.9% during the first quarter. Capital Square LLC now owns 7,135 shares of the company’s stock worth $270,000 after purchasing an additional 2,000 shares during the period. Oppenheimer Asset Management Inc. lifted its stake in Warner Music Group by 7.0% during the first quarter. Oppenheimer Asset Management Inc. now owns 9,024 shares of the company’s stock worth $342,000 after purchasing an additional 590 shares during the period. Finally, Clear Street Markets LLC bought a new position in Warner Music Group during the second quarter worth about $49,000. 22.44% of the stock is owned by institutional investors and hedge funds.

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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Analyst Recommendations for Warner Music Group (NASDAQ:WMG)

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