Norges Bank purchased a new position in shares of Warner Music Group Corp. (NASDAQ:WMG - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 873,820 shares of the company's stock, valued at approximately $27,088,000. Norges Bank owned approximately 0.17% of Warner Music Group at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of the business. Patriot Financial Group Insurance Agency LLC boosted its holdings in shares of Warner Music Group by 3.4% in the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 12,269 shares of the company's stock valued at $380,000 after buying an additional 408 shares during the last quarter. Keystone Financial Services lifted its stake in Warner Music Group by 4.4% in the fourth quarter. Keystone Financial Services now owns 10,336 shares of the company's stock valued at $320,000 after acquiring an additional 432 shares during the last quarter. Rosenberg Matthew Hamilton grew its position in shares of Warner Music Group by 14.0% in the 4th quarter. Rosenberg Matthew Hamilton now owns 3,705 shares of the company's stock valued at $115,000 after acquiring an additional 455 shares during the period. Fifth Third Bancorp increased its stake in shares of Warner Music Group by 13.1% during the 4th quarter. Fifth Third Bancorp now owns 3,967 shares of the company's stock worth $123,000 after purchasing an additional 458 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Warner Music Group by 1.0% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 77,058 shares of the company's stock valued at $2,389,000 after purchasing an additional 792 shares during the period. 96.88% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of equities analysts recently commented on WMG shares. Guggenheim reiterated a "buy" rating and set a $40.00 price target on shares of Warner Music Group in a report on Friday, February 7th. Macquarie reissued a "neutral" rating and set a $30.00 target price on shares of Warner Music Group in a report on Thursday, January 30th. UBS Group dropped their price target 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. Evercore ISI reduced their price objective on shares of Warner Music Group from $36.00 to $35.00 and set an "outperform" rating for the company in a research report on Thursday, January 9th. Finally, Citigroup raised shares of Warner Music Group from a "neutral" rating to a "buy" rating and increased their price objective for the company from $34.00 to $42.00 in a research report on Friday, February 14th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $35.76.
View Our Latest Stock Report on WMG
Warner Music Group Price Performance
Shares of WMG stock traded up $0.12 during trading on Friday, hitting $29.03. The company had a trading volume of 1,502,332 shares, compared to its average volume of 1,958,632. The stock's 50-day moving average price is $32.72 and its 200 day moving average price is $31.98. Warner Music Group Corp. has a one year low of $27.06 and a one year high of $36.64. The company has a debt-to-equity ratio of 5.67, a quick ratio of 0.67 and a current ratio of 0.69. The firm has a market capitalization of $15.11 billion, a P/E ratio of 29.62, a price-to-earnings-growth ratio of 1.03 and a beta of 1.32.
Warner Music Group (NASDAQ:WMG - Get Free Report) last released its earnings results on Thursday, February 6th. The company reported $0.45 earnings per share (EPS) for the quarter, topping 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%. Equities analysts expect that Warner Music Group Corp. will post 1.39 EPS for the current fiscal year.
Warner Music Group Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, March 4th. Shareholders of record on Monday, February 24th were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.48%. The ex-dividend date was Monday, February 24th. Warner Music Group's dividend payout ratio is currently 73.47%.
Insider Activity
In other news, EVP Timothy Matusch sold 1,000 shares of Warner Music Group stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $31.43, for a total value of $31,430.00. Following the transaction, the executive vice president now owns 87,649 shares in the company, valued at approximately $2,754,808.07. This trade represents a 1.13 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Valentin Blavatnik sold 28,230 shares of the company's stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $35.45, for a total value of $1,000,753.50. Following the sale, the director now owns 68,264 shares of the company's stock, valued at approximately $2,419,958.80. This represents a 29.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 30,333 shares of company stock worth $1,072,432. 72.21% of the stock is currently owned by corporate insiders.
About Warner Music Group
(
Free Report)
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.
Featured Articles
Before you consider Warner Music Group, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Warner Music Group wasn't on the list.
While Warner Music Group currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Enter your email to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
