Pullen Investment Management LLC Buys 20,160 Shares of Warner Music Group Corp. (NASDAQ:WMG)

Pullen Investment Management LLC raised its stake in Warner Music Group Corp. (NASDAQ:WMG - Free Report) by 67.6% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 49,993 shares of the company's stock after buying an additional 20,160 shares during the quarter. Pullen Investment Management LLC's holdings in Warner Music Group were worth $1,565,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. PNC Financial Services Group Inc. increased its holdings in shares of Warner Music Group by 627.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,485 shares of the company's stock valued at $125,000 after purchasing an additional 3,006 shares during the period. Veracity Capital LLC acquired a new position in Warner Music Group during the 1st quarter valued at about $373,000. Capstone Investment Advisors LLC raised its position in shares of Warner Music Group by 8.5% during the 1st quarter. Capstone Investment Advisors LLC now owns 12,516 shares of the company's stock worth $413,000 after buying an additional 984 shares in the last quarter. Capital City Trust Co. FL lifted its stake in shares of Warner Music Group by 5.5% in the 1st quarter. Capital City Trust Co. FL now owns 9,597 shares of the company's stock worth $317,000 after acquiring an additional 501 shares during the period. Finally, Quantbot Technologies LP lifted its stake in shares of Warner Music Group by 108.7% in the 1st quarter. Quantbot Technologies LP now owns 70,030 shares of the company's stock worth $2,312,000 after acquiring an additional 36,480 shares during the period. Institutional investors and hedge funds own 96.88% of the company's stock.

Warner Music Group Stock Up 1.3 %

Warner Music Group stock traded up $0.43 during mid-day trading on Friday, hitting $32.38. The company's stock had a trading volume of 788,984 shares, compared to its average volume of 1,836,579. The company has a debt-to-equity ratio of 6.26, a current ratio of 0.69 and a quick ratio of 0.67. Warner Music Group Corp. has a 52-week low of $27.06 and a 52-week high of $38.05. The firm's 50 day moving average is $30.20 and its 200 day moving average is $30.74. The company has a market cap of $16.77 billion, a PE ratio of 32.38, a price-to-earnings-growth ratio of 1.03 and a beta of 1.38.

Warner Music Group (NASDAQ:WMG - Get Free Report) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.25 by $0.02. Warner Music Group had a net margin of 8.56% and a return on equity of 101.32%. The business had revenue of $1.55 billion during the quarter, compared to analysts' expectations of $1.58 billion. On average, analysts anticipate that Warner Music Group Corp. will post 1.05 earnings per share for the current year.

Warner Music Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 4th. Stockholders of record on Tuesday, August 27th were paid a $0.18 dividend. The ex-dividend date was Tuesday, August 27th. This is an increase from Warner Music Group's previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.22%. Warner Music Group's dividend payout ratio is 72.00%.

Insider Activity at Warner Music Group

In related news, CEO Max Lousada sold 428,834 shares of the business's stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $28.00, for a total value of $12,007,352.00. Following the completion of the sale, the chief executive officer now owns 2,289,771 shares of the company's stock, valued at approximately $64,113,588. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Over the last 90 days, insiders sold 628,205 shares of company stock valued at $17,628,757. Insiders own 73.35% of the company's stock.

Wall Street Analyst Weigh In

WMG has been the subject of several research analyst reports. Tigress Financial cut their price objective on Warner Music Group from $52.00 to $44.00 and set a "buy" rating for the company in a report on Thursday, September 12th. Macquarie lowered their price objective on shares of Warner Music Group from $32.00 to $30.00 and set a "neutral" rating on the stock in a research note on Friday, October 11th. Bank of America restated an "underperform" rating and set a $30.00 target price (down from $33.00) on shares of Warner Music Group in a report on Friday, October 4th. Wells Fargo & Company cut their price objective on Warner Music Group from $37.00 to $34.00 and set an "equal weight" rating for the company in a research report on Thursday, August 8th. Finally, Redburn Atlantic reaffirmed a "sell" rating and set a $23.00 target price (up from $21.00) on shares of Warner Music Group in a research report on Wednesday, July 10th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $36.17.

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.