55,303 Shares in Warner Music Group Corp. $WMG Bought by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd purchased a new stake in Warner Music Group Corp. (NASDAQ:WMG) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 55,303 shares of the company’s stock, valued at approximately $1,506,000.

Several other hedge funds and other institutional investors have also modified their holdings of WMG. Envestnet Asset Management Inc. boosted its stake in Warner Music Group by 2.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 301,988 shares of the company’s stock valued at $8,226,000 after purchasing an additional 6,989 shares during the period. CWM LLC raised its holdings in shares of Warner Music Group by 528.0% during the second quarter. CWM LLC now owns 1,884 shares of the company’s stock valued at $51,000 after buying an additional 1,584 shares during the last quarter. Capital City Trust Co. FL boosted its position in shares of Warner Music Group by 20.0% during the second quarter. Capital City Trust Co. FL now owns 12,575 shares of the company’s stock worth $343,000 after buying an additional 2,097 shares during the period. Patriot Financial Group Insurance Agency LLC boosted its position in shares of Warner Music Group by 18.9% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 15,830 shares of the company’s stock worth $431,000 after buying an additional 2,512 shares during the period. Finally, Avior Wealth Management LLC acquired a new position in shares of Warner Music Group during the second quarter worth approximately $932,000. 96.88% of the stock is owned by institutional investors and hedge funds.

Warner Music Group Stock Up 0.5%

NASDAQ WMG opened at $31.96 on Monday. The company has a debt-to-equity ratio of 5.37, a current ratio of 0.66 and a quick ratio of 0.64. The company’s 50 day simple moving average is $33.15 and its 200 day simple moving average is $30.38. Warner Music Group Corp. has a 12 month low of $25.56 and a 12 month high of $36.64. The company has a market capitalization of $16.66 billion, a P/E ratio of 56.07, a PEG ratio of 0.95 and a beta of 1.32.

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

Warner Music Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 3rd. Investors of record on Wednesday, August 20th were issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Wednesday, August 20th. This is an increase from Warner Music Group’s previous quarterly dividend of $0.18. Warner Music Group’s payout ratio is presently 133.33%.

Analyst Ratings Changes

WMG has been the subject of several analyst reports. Redburn Atlantic upgraded Warner Music Group from a “strong sell” rating to a “hold” rating and set a $30.00 price objective for the company in a research report on Tuesday, July 15th. Citigroup boosted their price target on shares of Warner Music Group from $33.00 to $41.00 and gave the stock a “buy” rating in a research report on Tuesday, September 9th. Bank of America boosted their price target on shares of Warner Music Group from $33.00 to $36.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 1st. Zacks Research downgraded shares of Warner Music Group from a “hold” rating to a “strong sell” rating in a research report on Friday, October 10th. Finally, UBS Group set a $45.00 price target on shares of Warner Music Group in a research report on Wednesday, September 10th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $35.76.

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.