Choreo LLC Purchases New Shares in Warner Music Group Corp. (NASDAQ:WMG)

Choreo LLC bought a new position in shares of Warner Music Group Corp. (NASDAQ:WMG - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 14,944 shares of the company's stock, valued at approximately $463,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Mawer Investment Management Ltd. raised its position in Warner Music Group by 2,699.4% during the third quarter. Mawer Investment Management Ltd. now owns 8,217,467 shares of the company's stock valued at $257,207,000 after buying an additional 7,923,926 shares during the period. D1 Capital Partners L.P. raised its position in Warner Music Group by 91.5% during the third quarter. D1 Capital Partners L.P. now owns 5,264,498 shares of the company's stock valued at $164,779,000 after buying an additional 2,514,715 shares during the period. JPMorgan Chase & Co. raised its position in Warner Music Group by 37.1% during the third quarter. JPMorgan Chase & Co. now owns 8,754,504 shares of the company's stock valued at $274,016,000 after buying an additional 2,370,973 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Warner Music Group by 2,198.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 507,533 shares of the company's stock valued at $15,886,000 after buying an additional 485,447 shares during the period. Finally, Raymond James & Associates raised its position in Warner Music Group by 1,041.3% during the third quarter. Raymond James & Associates now owns 363,347 shares of the company's stock valued at $11,373,000 after buying an additional 331,511 shares during the period. 96.88% of the stock is owned by institutional investors and hedge funds.

Warner Music Group Stock Performance

NASDAQ:WMG traded up $1.19 during mid-day trading on Friday, hitting $36.30. 3,193,361 shares of the company's stock traded hands, compared to its average volume of 1,884,132. The firm has a 50 day moving average of $31.45 and a two-hundred day moving average of $30.93. Warner Music Group Corp. has a 12 month low of $27.06 and a 12 month high of $36.81. The firm has a market capitalization of $18.80 billion, a price-to-earnings ratio of 37.04, a price-to-earnings-growth ratio of 0.94 and a beta of 1.35. The company has a current ratio of 0.69, a quick ratio of 0.65 and a debt-to-equity ratio of 5.67.

Warner Music Group (NASDAQ:WMG - Get Free Report) last announced its earnings results on Thursday, February 6th. The company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.11. Warner Music Group had a return on equity of 79.01% and a net margin of 8.07%. On average, equities analysts forecast that Warner Music Group Corp. will post 1.3 earnings per share for the current fiscal year.

Warner Music Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 4th. Investors of record on Monday, February 24th will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.98%. Warner Music Group's payout ratio is 73.47%.

Analyst Ratings Changes

A number of research analysts have commented on the company. Citigroup upgraded Warner Music Group from a "neutral" rating to a "buy" rating and boosted their target price for the company from $34.00 to $42.00 in a research note on Friday. Barclays lowered their target price on 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. Loop Capital lowered their target price on Warner Music Group from $38.00 to $35.00 and set a "hold" rating on the stock in a research note on Monday, November 25th. UBS Group lowered their target price on Warner Music Group from $43.00 to $41.00 and set a "buy" rating on the stock in a research note on Friday, January 10th. Finally, Guggenheim restated a "buy" rating and issued a $40.00 target price on shares of Warner Music Group in a research note on Friday, February 7th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $35.81.

Insider Activity at Warner Music Group

In other Warner Music Group news, Director Lincoln E. Benet sold 35,000 shares of the company's stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $30.96, for a total value of $1,083,600.00. Following the completion of the transaction, the director now owns 242,360 shares of the company's stock, valued at $7,503,465.60. This represents a 12.62 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 72.21% of the stock is owned by corporate insiders.

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.