Raymond James Financial Inc. purchased a new stake in Warner Music Group Corp. (NASDAQ:WMG - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 350,989 shares of the company's stock, valued at approximately $10,881,000. Raymond James Financial Inc. owned about 0.07% of Warner Music Group at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in WMG. Patriot Financial Group Insurance Agency LLC raised its stake in shares of Warner Music Group by 3.4% in the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 12,269 shares of the company's stock valued at $380,000 after acquiring an additional 408 shares during the period. Keystone Financial Services grew its holdings in Warner Music Group by 4.4% during the 4th quarter. Keystone Financial Services now owns 10,336 shares of the company's stock valued at $320,000 after purchasing an additional 432 shares during the last quarter. Rosenberg Matthew Hamilton raised its position in Warner Music Group by 14.0% in the 4th quarter. Rosenberg Matthew Hamilton now owns 3,705 shares of the company's stock worth $115,000 after purchasing an additional 455 shares during the period. Fifth Third Bancorp lifted its stake in Warner Music Group by 13.1% in the fourth 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 boosted its position in shares of Warner Music Group by 1.0% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 77,058 shares of the company's stock valued at $2,389,000 after buying an additional 792 shares during the period. Institutional investors own 96.88% of the company's stock.
Insider Transactions at Warner Music Group
In related news, EVP Timothy Matusch sold 1,103 shares of the stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $36.49, for a total value of $40,248.47. Following the completion of the transaction, the executive vice president now directly owns 88,649 shares of the company's stock, valued at $3,234,802.01. This trade represents a 1.23 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Valentin Blavatnik sold 28,230 shares of the firm'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 completion of the transaction, the director now owns 68,264 shares of the company's stock, valued at $2,419,958.80. This trade represents a 29.26 % decrease in their position. The disclosure for this sale can be found here. Insiders own 72.21% of the company's stock.
Warner Music Group Stock Down 0.3 %
WMG stock traded down $0.11 during trading on Monday, reaching $32.33. 3,059,981 shares of the company traded hands, compared to its average volume of 1,904,593. The business has a 50 day simple moving average of $32.79 and a 200 day simple moving average of $31.89. Warner Music Group Corp. has a 12 month low of $27.06 and a 12 month 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 company has a market capitalization of $16.82 billion, a price-to-earnings ratio of 32.99, a price-to-earnings-growth ratio of 1.03 and a beta of 1.33.
Warner Music Group (NASDAQ:WMG - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The company reported $0.45 earnings per share for the quarter, beating analysts' consensus estimates of $0.34 by $0.11. Warner Music Group had a net margin of 8.07% and a return on equity of 79.01%. On average, equities research analysts anticipate that Warner Music Group Corp. will post 1.39 earnings per share for the current fiscal year.
Warner Music Group Dividend Announcement
The company also recently declared 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 2.23%. The ex-dividend date was Monday, February 24th. Warner Music Group's dividend payout ratio is currently 73.47%.
Analyst Upgrades and Downgrades
A number of equities research analysts recently issued reports on WMG shares. Citigroup raised Warner Music Group from a "neutral" rating to a "buy" rating and raised their price target for the stock from $34.00 to $42.00 in a research note on Friday, February 14th. Guggenheim reissued a "buy" rating and set a $40.00 target price on shares of Warner Music Group in a research note on Friday, February 7th. Morgan Stanley reduced their price target on shares of Warner Music Group from $38.00 to $37.00 and set an "overweight" rating on the stock in a research note on Monday, January 13th. Loop Capital lowered their price objective on shares of Warner Music Group from $38.00 to $35.00 and set a "hold" rating for the company in a research report on Monday, November 25th. Finally, Evercore ISI reduced their target price on shares of Warner Music Group from $36.00 to $35.00 and set an "outperform" rating on the stock in a research report on Thursday, January 9th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $35.81.
View Our Latest Stock Report on Warner Music Group
Warner Music Group Profile
(
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.
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