Mutual of America Capital Management LLC Sells 2,069 Shares of Warner Music Group Corp. $WMG

Mutual of America Capital Management LLC reduced its stake in Warner Music Group Corp. (NASDAQ:WMG) by 2.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,550 shares of the company’s stock after selling 2,069 shares during the period. Mutual of America Capital Management LLC’s holdings in Warner Music Group were worth $1,976,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in WMG. Independent Franchise Partners LLP grew its stake in Warner Music Group by 127.0% in the 1st quarter. Independent Franchise Partners LLP now owns 13,378,864 shares of the company’s stock worth $419,427,000 after acquiring an additional 7,483,839 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Warner Music Group by 36.6% in the 1st quarter. JPMorgan Chase & Co. now owns 15,296,700 shares of the company’s stock worth $479,552,000 after purchasing an additional 4,097,688 shares during the period. Vanguard Group Inc. boosted its stake in shares of Warner Music Group by 10.1% during the first quarter. Vanguard Group Inc. now owns 14,379,667 shares of the company’s stock valued at $450,803,000 after purchasing an additional 1,316,979 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Warner Music Group by 2,198.4% during the first quarter. BNP Paribas Financial Markets now owns 999,613 shares of the company’s stock valued at $31,338,000 after purchasing an additional 956,121 shares in the last quarter. Finally, Millennium Management LLC boosted its stake in shares of Warner Music Group by 2,000.6% during the first quarter. Millennium Management LLC now owns 810,315 shares of the company’s stock valued at $25,403,000 after purchasing an additional 771,740 shares in the last quarter. 96.88% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Redburn Atlantic upgraded shares of Warner Music Group from a “strong sell” rating to a “hold” rating and set a $30.00 price objective on the stock in a research note on Tuesday, July 15th. Tigress Financial increased their price objective on shares of Warner Music Group from $44.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, September 10th. The Goldman Sachs Group increased their price objective on shares of Warner Music Group from $28.00 to $31.00 and gave the company a “neutral” rating in a research note on Tuesday, August 12th. Cowen reiterated a “buy” rating on shares of Warner Music Group in a research note on Thursday, August 7th. Finally, Rothschild & Co Redburn upgraded shares of Warner Music Group from a “sell” rating to a “neutral” rating and set a $30.00 price objective on the stock in a research note on Tuesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Warner Music Group currently has an average rating of “Hold” and an average target price of $35.53.

Warner Music Group Trading Down 1.6%

Shares of Warner Music Group stock opened at $32.82 on Friday. The company has a fifty day simple moving average of $33.24 and a 200-day simple moving average of $30.27. Warner Music Group Corp. has a 12-month low of $25.56 and a 12-month high of $36.64. The company has a current ratio of 0.66, a quick ratio of 0.64 and a debt-to-equity ratio of 5.37. The stock has a market cap of $17.11 billion, a price-to-earnings ratio of 57.58, a PEG ratio of 1.00 and a beta of 1.32.

Warner Music Group (NASDAQ:WMG) last issued its earnings results on Thursday, August 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.30). Warner Music Group had a net margin of 4.59% and a return on equity of 39.95%. The company had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.59 billion. During the same quarter in the previous year, the company posted $0.27 EPS. The company’s quarterly revenue was up 8.7% on a year-over-year basis. On average, equities analysts forecast that Warner Music Group Corp. will post 1.39 EPS for the current fiscal year.

Warner Music Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 3rd. Investors of record on Wednesday, August 20th were given a $0.19 dividend. This is a positive change from Warner Music Group’s previous quarterly dividend of $0.18. The ex-dividend date was Wednesday, August 20th. This represents a $0.76 annualized dividend and a yield of 2.3%. Warner Music Group’s payout ratio is currently 133.33%.

Warner Music Group 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.