Allspring Global Investments Holdings LLC lessened its holdings in shares of Warner Music Group Corp. (NASDAQ:WMG – Free Report) by 4.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 76,266 shares of the company’s stock after selling 3,366 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Warner Music Group were worth $2,387,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also made changes to their positions in the business. Benjamin Edwards Inc. raised its position in Warner Music Group by 74.5% in the 2nd quarter. Benjamin Edwards Inc. now owns 953 shares of the company’s stock valued at $29,000 after purchasing an additional 407 shares in the last quarter. ORG Partners LLC increased its stake in shares of Warner Music Group by 5,790.5% during the second quarter. ORG Partners LLC now owns 1,237 shares of the company’s stock worth $37,000 after buying an additional 1,216 shares during the period. ORG Wealth Partners LLC acquired a new stake in Warner Music Group in the third quarter valued at approximately $73,000. Headlands Technologies LLC purchased a new position in Warner Music Group in the first quarter worth approximately $82,000. Finally, Itau Unibanco Holding S.A. acquired a new position in Warner Music Group during the 2nd quarter worth approximately $86,000. Hedge funds and other institutional investors own 96.88% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of brokerages have recently weighed in on WMG. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Warner Music Group from $42.00 to $36.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. Bank of America reaffirmed an “underperform” rating and set a $30.00 price target (down from $33.00) on shares of Warner Music Group in a report on Friday, October 4th. Evercore ISI dropped their price objective on Warner Music Group from $40.00 to $36.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Wells Fargo & Company decreased their target price on Warner Music Group from $37.00 to $34.00 and set an “equal weight” rating for the company in a research note on Thursday, August 8th. Finally, Tigress Financial lowered their price target on Warner Music Group from $52.00 to $44.00 and set a “buy” rating for the company in a report on Thursday, September 12th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $36.17.
Warner Music Group Stock Up 0.5 %
WMG stock opened at $32.20 on Wednesday. The company has a market cap of $16.68 billion, a price-to-earnings ratio of 30.96, a price-to-earnings-growth ratio of 1.05 and a beta of 1.38. The company has a fifty day moving average price of $30.32 and a 200 day moving average price of $30.71. The company has a debt-to-equity ratio of 6.26, a current ratio of 0.69 and a quick ratio of 0.67. Warner Music Group Corp. has a 12 month low of $27.06 and a 12 month high of $38.05.
Warner Music Group (NASDAQ:WMG – Get Free Report) last announced its earnings results on Wednesday, August 7th. The company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.02. The business had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.58 billion. Warner Music Group had a net margin of 8.56% and a return on equity of 101.32%. Sell-side analysts expect that Warner Music Group Corp. will post 1.05 earnings per share for the current year.
Warner Music Group Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 4th. Stockholders of record on Tuesday, August 27th were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.24%. The ex-dividend date of this dividend was Tuesday, August 27th. This is a boost from Warner Music Group’s previous quarterly dividend of $0.17. Warner Music Group’s dividend payout ratio is 69.23%.
Insider Buying and Selling
In other news, CEO Max Lousada sold 135,324 shares of Warner Music Group stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $28.17, for a total value of $3,812,077.08. Following the sale, the chief executive officer now owns 2,725,964 shares of the company’s stock, valued at $76,790,405.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 628,205 shares of company stock valued at $17,628,757 over the last three months. 73.35% of the stock is currently owned by company insiders.
About Warner Music Group
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.
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