Universal Music Group (OTCMKTS:UMGNF) Downgraded by Wells Fargo & Company to Equal Weight

Wells Fargo & Company downgraded shares of Universal Music Group (OTCMKTS:UMGNF) from an overweight rating to an equal weight rating in a research report sent to investors on Monday, MarketBeat.com reports.

UMGNF has been the subject of several other research reports. Moffett Nathanson initiated coverage on Universal Music Group in a report on Tuesday, January 27th. They set a “buy” rating for the company. Morgan Stanley reiterated an “overweight” rating on shares of Universal Music Group in a report on Friday, January 9th. Finally, Guggenheim upgraded Universal Music Group from a “neutral” rating to a “buy” rating in a report on Tuesday, March 31st. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Universal Music Group has an average rating of “Moderate Buy”.

Universal Music Group Stock Performance

Universal Music Group stock opened at $19.85 on Monday. The business has a fifty day moving average of $21.63 and a two-hundred day moving average of $24.65. Universal Music Group has a twelve month low of $17.36 and a twelve month high of $33.77.

About Universal Music Group

Universal Music Group (OTCMKTS:UMGNF) is one of the world’s leading music entertainment companies, engaged in recorded music, music publishing, merchandising and brand partnerships. The company’s recorded music division encompasses a roster of major labels—such as Interscope Geffen A&M, Capitol Music Group, Republic Records, Island Records and Decca—and works with a diverse array of artists across genres ranging from pop and hip-hop to classical and jazz. Its music publishing arm, Universal Music Publishing Group, administers and exploits compositions by both established songwriters and emerging talent, providing licensing services for film, television, advertising and digital platforms.

Headquartered in Santa Monica, California, Universal Music Group operates on a truly global scale with regional offices in North America, Europe, Latin America, Asia-Pacific and Africa.