Envestnet Asset Management Inc. Sells 114,106 Shares of Warner Music Group Corp. (NASDAQ:WMG)

Envestnet Asset Management Inc. decreased its position in shares of Warner Music Group Corp. (NASDAQ:WMG - Free Report) by 41.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 160,201 shares of the company's stock after selling 114,106 shares during the period. Envestnet Asset Management Inc.'s holdings in Warner Music Group were worth $4,910,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Capital World Investors grew its position in Warner Music Group by 41.7% in the first quarter. Capital World Investors now owns 13,201,194 shares of the company's stock worth $435,903,000 after buying an additional 3,881,684 shares during the last quarter. Vanguard Group Inc. grew its position in Warner Music Group by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 11,861,877 shares of the company's stock worth $391,679,000 after purchasing an additional 192,215 shares in the last quarter. FIL Ltd grew its position in Warner Music Group by 85.6% during the 4th quarter. FIL Ltd now owns 5,198,892 shares of the company's stock worth $186,068,000 after purchasing an additional 2,397,232 shares in the last quarter. Cooke & Bieler LP grew its position in Warner Music Group by 19.6% during the 2nd quarter. Cooke & Bieler LP now owns 5,061,093 shares of the company's stock worth $155,122,000 after purchasing an additional 831,114 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its position in Warner Music Group by 87.1% during the 4th quarter. Point72 Asset Management L.P. now owns 2,713,747 shares of the company's stock worth $97,125,000 after purchasing an additional 1,263,690 shares in the last quarter. Institutional investors own 96.88% of the company's stock.

Insiders Place Their Bets

In other news, CEO Max Lousada sold 64,047 shares of the business's stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $28.25, for a total transaction of $1,809,327.75. Following the transaction, the chief executive officer now owns 2,909,422 shares in the company, valued at approximately $82,191,171.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders sold a total of 628,205 shares of company stock valued at $17,628,757 in the last quarter. Insiders own 73.35% of the company's stock.

Warner Music Group Stock Performance

Warner Music Group stock traded up $0.09 on Tuesday, reaching $31.39. 1,997,129 shares of the stock were exchanged, compared to its average volume of 1,885,010. The stock has a market cap of $16.26 billion, a PE ratio of 31.55, a PEG ratio of 1.31 and a beta of 1.37. The company has a current ratio of 0.69, a quick ratio of 0.67 and a debt-to-equity ratio of 6.26. Warner Music Group Corp. has a twelve month low of $27.06 and a twelve month high of $38.05. The firm has a fifty day moving average price of $29.20 and a two-hundred day moving average price of $30.98.

Warner Music Group (NASDAQ:WMG - Get Free Report) last released its earnings results on Wednesday, August 7th. The company reported $0.27 earnings per share for the quarter, topping analysts' consensus estimates of $0.25 by $0.02. The firm had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.58 billion. Warner Music Group had a net margin of 8.56% and a return on equity of 101.32%. Sell-side analysts anticipate that Warner Music Group Corp. will post 1.04 EPS for the current year.

Warner Music Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 4th. Shareholders of record on Tuesday, August 27th were given a dividend of $0.18 per share. This is a positive change from Warner Music Group's previous quarterly dividend of $0.17. The ex-dividend date was Tuesday, August 27th. This represents a $0.72 dividend on an annualized basis and a yield of 2.29%. Warner Music Group's payout ratio is currently 72.00%.

Analyst Ratings Changes

WMG has been the subject of a number of research reports. Tigress Financial decreased their target price on shares of 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. Wells Fargo & Company decreased their target price on shares of Warner Music Group from $37.00 to $34.00 and set an "equal weight" rating for the company in a research note on Thursday, August 8th. Wolfe Research initiated coverage on shares of Warner Music Group in a research note on Friday, July 12th. They set an "outperform" rating and a $37.00 target price for the company. Evercore ISI decreased 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 note on Thursday, August 8th. Finally, Macquarie reissued a "neutral" rating and set a $32.00 target price on shares of Warner Music Group in a research note on Thursday, August 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Warner Music Group has an average rating of "Moderate Buy" and an average price target of $36.92.

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.