MML Investors Services LLC bought a new position in Warner Music Group Corp. (NASDAQ:WMG - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 75,134 shares of the company's stock, valued at approximately $2,352,000.
Several other institutional investors also recently bought and sold shares of the business. Benjamin Edwards Inc. grew its holdings in shares of Warner Music Group by 74.5% during the 2nd quarter. Benjamin Edwards Inc. now owns 953 shares of the company's stock worth $29,000 after purchasing an additional 407 shares during the period. Concord Wealth Partners purchased a new stake in Warner Music Group during the third quarter worth approximately $30,000. Assetmark Inc. grew its stake in Warner Music Group by 9,400.0% during the third quarter. Assetmark Inc. now owns 1,235 shares of the company's stock worth $39,000 after buying an additional 1,222 shares during the period. ORG Wealth Partners LLC acquired a new stake in shares of Warner Music Group in the third quarter worth $73,000. Finally, Itau Unibanco Holding S.A. purchased a new position in shares of Warner Music Group in the 2nd quarter valued at $86,000. 96.88% of the stock is currently owned by institutional investors and hedge funds.
Warner Music Group Price Performance
Shares of Warner Music Group stock traded up $0.09 during trading on Monday, hitting $32.61. The stock had a trading volume of 1,634,219 shares, compared to its average volume of 1,802,813. The business has a fifty day moving average of $32.21 and a two-hundred day moving average of $30.73. Warner Music Group Corp. has a fifty-two week low of $27.06 and a fifty-two week high of $38.05. The firm has a market cap of $16.89 billion, a P/E ratio of 39.29, a PEG ratio of 0.70 and a beta of 1.35. The company has a debt-to-equity ratio of 5.95, a current ratio of 0.68 and a quick ratio of 0.65.
Warner Music Group (NASDAQ:WMG - Get Free Report) last released its earnings results on Thursday, November 21st. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.20). The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.59 billion. Warner Music Group had a net margin of 6.77% and a return on equity of 69.29%. The firm's revenue for the quarter was up 2.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.34 earnings per share. On average, sell-side analysts expect that Warner Music Group Corp. will post 1.34 earnings per share for the current fiscal year.
Warner Music Group Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Tuesday, December 3rd. Shareholders of record on Tuesday, November 19th were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend was Tuesday, November 19th. Warner Music Group's payout ratio is 86.75%.
Wall Street Analyst Weigh In
WMG has been the subject of several analyst reports. Guggenheim restated a "buy" rating and issued a $44.00 target price on shares of Warner Music Group in a research note on Wednesday, December 4th. Tigress Financial lowered their target price on Warner Music Group from $52.00 to $44.00 and set a "buy" rating for the company in a research note on Thursday, September 12th. JPMorgan Chase & Co. cut their price target on Warner Music Group from $41.00 to $40.00 and set an "overweight" rating on the stock in a research note on Friday, November 22nd. Loop Capital reduced their price target on Warner Music Group from $38.00 to $35.00 and set a "hold" rating for the company in a report on Monday, November 25th. Finally, Macquarie restated a "neutral" rating and set a $30.00 price objective on shares of Warner Music Group in a report on Friday, November 22nd. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, Warner Music Group has an average rating of "Hold" and an average target price of $35.67.
Read Our Latest Stock Report on WMG
About Warner Music Group
(
Free Report)
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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