Allspring Global Investments Holdings LLC Trims Stock Position in Warner Music Group Corp. (NASDAQ:WMG)

Allspring Global Investments Holdings LLC cut its stake in Warner Music Group Corp. (NASDAQ:WMGFree Report) by 81.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 81,401 shares of the company’s stock after selling 349,296 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Warner Music Group were worth $2,688,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Fifth Third Bancorp bought a new position in Warner Music Group in the fourth quarter worth about $38,000. Mather Group LLC. bought a new position in shares of Warner Music Group in the 1st quarter worth approximately $45,000. SRS Capital Advisors Inc. purchased a new position in shares of Warner Music Group in the 4th quarter valued at approximately $46,000. Ramirez Asset Management Inc. bought a new stake in shares of Warner Music Group during the third quarter valued at approximately $75,000. Finally, PNC Financial Services Group Inc. grew its stake in Warner Music Group by 627.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,485 shares of the company’s stock worth $125,000 after purchasing an additional 3,006 shares during the period. 96.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

WMG has been the subject of several recent research reports. Loop Capital raised their price objective on Warner Music Group from $36.00 to $38.00 and gave the company a “hold” rating in a research report on Thursday, April 18th. Guggenheim lowered their price target on shares of Warner Music Group from $46.00 to $45.00 and set a “buy” rating for the company in a research report on Friday, April 5th. Finally, Morgan Stanley started coverage on shares of Warner Music Group in a report on Monday, May 6th. They issued an “overweight” rating and a $43.00 price objective on the stock. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Warner Music Group presently has an average rating of “Moderate Buy” and an average price target of $37.88.

Get Our Latest Research Report on WMG

Warner Music Group Trading Up 1.2 %

Shares of NASDAQ:WMG opened at $30.61 on Wednesday. Warner Music Group Corp. has a 1 year low of $25.28 and a 1 year high of $38.05. The stock’s fifty day moving average price is $31.43 and its 200-day moving average price is $33.59. The company has a market cap of $15.85 billion, a P/E ratio of 30.61, a PEG ratio of 1.95 and a beta of 1.38. The company has a debt-to-equity ratio of 6.81, a current ratio of 0.69 and a quick ratio of 0.67.

Warner Music Group (NASDAQ:WMGGet Free Report) last announced its quarterly earnings results on Thursday, May 9th. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.07. Warner Music Group had a net margin of 8.28% and a return on equity of 120.42%. The firm had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter last year, the firm posted $0.06 EPS. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. Sell-side analysts expect that Warner Music Group Corp. will post 1 earnings per share for the current year.

Warner Music Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Thursday, May 23rd were paid a dividend of $0.17 per share. The ex-dividend date of this dividend was Wednesday, May 22nd. This represents a $0.68 dividend on an annualized basis and a yield of 2.22%. Warner Music Group’s dividend payout ratio is presently 68.00%.

Warner Music Group Profile

(Free Report)

Warner Music Group Corp. operates as a music entertainment company in the United States, the United Kingdom, Germany, and internationally. It 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.

See Also

Institutional Ownership by Quarter for Warner Music Group (NASDAQ:WMG)

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