Bank of Montreal Can Lowers Holdings in Warner Music Group Corp. (NASDAQ:WMG)

Bank of Montreal Can lessened its holdings in Warner Music Group Corp. (NASDAQ:WMG - Free Report) by 58.2% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 246,082 shares of the company's stock after selling 341,959 shares during the period. Bank of Montreal Can's holdings in Warner Music Group were worth $7,678,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Concord Wealth Partners purchased a new stake in shares of Warner Music Group during the third quarter valued at about $30,000. Benjamin Edwards Inc. lifted its position in Warner Music Group by 74.5% during the second quarter. Benjamin Edwards Inc. now owns 953 shares of the company's stock valued at $29,000 after acquiring an additional 407 shares during the last quarter. Assetmark Inc. grew its holdings in Warner Music Group by 9,400.0% in the third quarter. Assetmark Inc. now owns 1,235 shares of the company's stock worth $39,000 after purchasing an additional 1,222 shares during the last quarter. ORG Partners LLC lifted its holdings in shares of Warner Music Group by 5,790.5% during the 2nd quarter. ORG Partners LLC now owns 1,237 shares of the company's stock valued at $37,000 after purchasing an additional 1,216 shares during the last quarter. Finally, ORG Wealth Partners LLC acquired a new stake in shares of Warner Music Group in the 3rd quarter worth $73,000. 96.88% of the stock is owned by hedge funds and other institutional investors.

Warner Music Group Trading Up 0.2 %

NASDAQ WMG traded up $0.08 on Tuesday, reaching $32.25. The stock had a trading volume of 151,976 shares, compared to its average volume of 1,805,044. Warner Music Group Corp. has a 12-month low of $27.06 and a 12-month high of $38.05. The stock has a fifty day moving average price of $31.97 and a two-hundred day moving average price of $30.62. The firm has a market capitalization of $16.71 billion, a price-to-earnings ratio of 38.76, a P/E/G ratio of 0.70 and a beta of 1.35. The company has a quick ratio of 0.65, a current ratio of 0.68 and a debt-to-equity ratio of 5.95.

Warner Music Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 3rd. Stockholders of record on Tuesday, November 19th will be given a dividend of $0.18 per share. The ex-dividend date is Tuesday, November 19th. This represents a $0.72 annualized dividend and a dividend yield of 2.23%. Warner Music Group's dividend payout ratio is presently 86.75%.

Insider Activity

In other Warner Music Group news, CEO Max Lousada sold 428,834 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $28.00, for a total value of $12,007,352.00. Following the sale, the chief executive officer now directly owns 2,289,771 shares of the company's stock, valued at approximately $64,113,588. This represents a 15.77 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders own 73.35% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Guggenheim reiterated a "buy" rating and issued a $44.00 price target on shares of Warner Music Group in a research note on Friday, November 22nd. Macquarie reaffirmed a "neutral" rating and set a $30.00 price objective on shares of Warner Music Group in a research note on Friday, November 22nd. Loop Capital cut their price objective on shares of Warner Music Group from $38.00 to $35.00 and set a "hold" rating for the company in a report on Monday, November 25th. Barclays lowered their target price on shares of Warner Music Group from $32.00 to $31.00 and set an "equal weight" rating on the stock in a research note on Friday, November 22nd. Finally, Bank of America reaffirmed an "underperform" rating and issued a $30.00 price target (down previously from $33.00) on shares of Warner Music Group in a report on Friday, October 4th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $35.67.

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.