Bank of New York Mellon Corp Sells 4,905 Shares of Warner Music Group Corp. (NASDAQ:WMG)

Bank of New York Mellon Corp lessened its stake in Warner Music Group Corp. (NASDAQ:WMG) by 0.4% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,135,760 shares of the company’s stock after selling 4,905 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.22% of Warner Music Group worth $35,606,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of WMG. Charles Schwab Investment Management Inc. raised its stake in shares of Warner Music Group by 5.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 953,549 shares of the company’s stock valued at $29,560,000 after buying an additional 48,772 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Warner Music Group in the fourth quarter valued at $10,881,000. Corient Private Wealth LLC bought a new stake in shares of Warner Music Group in the fourth quarter valued at $218,000. Blueshift Asset Management LLC bought a new stake in shares of Warner Music Group in the fourth quarter valued at $321,000. Finally, Quantbot Technologies LP raised its stake in shares of Warner Music Group by 17.2% in the fourth quarter. Quantbot Technologies LP now owns 51,945 shares of the company’s stock valued at $1,610,000 after buying an additional 7,608 shares during the period. Institutional investors own 96.88% of the company’s stock.

Warner Music Group Stock Performance

Warner Music Group stock opened at $30.46 on Tuesday. The firm has a 50 day simple moving average of $27.38 and a 200-day simple moving average of $30.09. Warner Music Group Corp. has a 1-year low of $25.56 and a 1-year high of $36.64. The company has a debt-to-equity ratio of 5.43, a current ratio of 0.66 and a quick ratio of 0.64. The stock has a market cap of $15.88 billion, a price-to-earnings ratio of 35.01, a price-to-earnings-growth ratio of 1.13 and a beta of 1.24.

Warner Music Group (NASDAQ:WMG) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.21). Warner Music Group had a return on equity of 64.64% and a net margin of 7.14%. The company had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same period in the previous year, the business posted $0.18 EPS. The business’s revenue for the quarter was down .7% on a year-over-year basis. On average, analysts expect that Warner Music Group Corp. will post 1.39 EPS for the current year.

Warner Music Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 3rd. Investors of record on Tuesday, May 27th were given a $0.18 dividend. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $0.72 dividend on an annualized basis and a yield of 2.36%. Warner Music Group’s dividend payout ratio (DPR) is presently 82.76%.

Analyst Ratings Changes

Several equities analysts recently commented on the company. JPMorgan Chase & Co. boosted their target price on Warner Music Group from $32.00 to $33.00 and gave the stock an “overweight” rating in a research report on Monday, July 7th. Citigroup restated a “buy” rating and set a $34.00 target price (down from $35.00) on shares of Warner Music Group in a research report on Thursday, May 29th. Wolfe Research upgraded Warner Music Group to a “strong-buy” rating in a research report on Thursday, May 8th. Bank of America upgraded Warner Music Group from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $28.00 to $33.00 in a research report on Wednesday, July 9th. Finally, Guggenheim reduced their target price on Warner Music Group from $40.00 to $37.00 and set a “buy” rating for the company in a research report on Friday, May 9th. Eight equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $34.19.

Warner Music Group Company Profile

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.