Empowered Funds LLC Makes New $1.13 Million Investment in Warner Music Group Corp. (NASDAQ:WMG)

Empowered Funds LLC bought a new stake in Warner Music Group Corp. (NASDAQ:WMG - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 36,193 shares of the company's stock, valued at approximately $1,133,000.

A number of other institutional investors have also modified their holdings of the business. OneDigital Investment Advisors LLC purchased a new position in Warner Music Group in the third quarter valued at about $247,000. Victory Capital Management Inc. lifted its position in Warner Music Group by 127.7% during the third quarter. Victory Capital Management Inc. now owns 194,644 shares of the company's stock worth $6,092,000 after buying an additional 109,180 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its position in Warner Music Group by 4.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 86,896 shares of the company's stock worth $2,720,000 after purchasing an additional 3,919 shares during the last quarter. Keystone Financial Services acquired a new position in Warner Music Group in the third quarter valued at $310,000. Finally, Bridges Investment Management Inc. increased its position in Warner Music Group by 30.0% during the 3rd quarter. Bridges Investment Management Inc. now owns 42,390 shares of the company's stock worth $1,327,000 after purchasing an additional 9,790 shares in the last quarter. 96.88% of the stock is owned by institutional investors and hedge funds.

Warner Music Group Stock Up 2.1 %

Shares of WMG traded up $0.67 on Friday, reaching $31.85. The company's stock had a trading volume of 2,666,476 shares, compared to its average volume of 1,561,219. The company has a current ratio of 0.68, a quick ratio of 0.67 and a debt-to-equity ratio of 5.95. The stock has a market capitalization of $16.50 billion, a PE ratio of 38.37, a PEG ratio of 0.97 and a beta of 1.37. The firm has a fifty day moving average of $31.78 and a 200-day moving average of $30.68. Warner Music Group Corp. has a twelve month low of $27.06 and a twelve month high of $38.05.

Warner Music Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Tuesday, November 19th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $0.72 dividend on an annualized basis and a yield of 2.26%. Warner Music Group's dividend payout ratio (DPR) is currently 86.75%.

Insider Buying and Selling

In other Warner Music Group news, CEO Max Lousada sold 64,047 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $28.25, for a total transaction of $1,809,327.75. Following the sale, the chief executive officer now owns 2,909,422 shares in the company, valued at $82,191,171.50. This represents a 2.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In the last ninety days, insiders have sold 628,205 shares of company stock valued at $17,628,757. 73.35% of the stock is owned by insiders.

Wall Street Analyst Weigh In

WMG has been the subject of several recent analyst reports. Macquarie restated a "neutral" rating and set a $30.00 target price on shares of Warner Music Group in a research note on Friday. Deutsche Bank Aktiengesellschaft cut their target price on Warner Music Group from $42.00 to $36.00 and set a "buy" rating on the stock in a research report on Tuesday, August 13th. Barclays cut their target price on shares of Warner Music Group from $32.00 to $31.00 and set an "equal weight" rating for the company in a research report on Friday. Bank of America reissued an "underperform" rating and issued a $30.00 target price (down from $33.00) on shares of Warner Music Group in a research report on Friday, October 4th. Finally, Evercore ISI cut their target price on shares of Warner Music Group from $40.00 to $36.00 and set an "outperform" rating for the company in a research report on Thursday, August 8th. Two analysts have rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Warner Music Group has an average rating of "Hold" and an average price target of $36.00.

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.