Victory Capital Management Inc. Grows Position in Warner Music Group Corp. (NASDAQ:WMG)

Victory Capital Management Inc. raised its holdings in Warner Music Group Corp. (NASDAQ:WMG - Free Report) by 127.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 194,644 shares of the company's stock after purchasing an additional 109,180 shares during the quarter. Victory Capital Management Inc.'s holdings in Warner Music Group were worth $6,092,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Benjamin Edwards Inc. grew its stake in shares of Warner Music Group by 74.5% in the second quarter. Benjamin Edwards Inc. now owns 953 shares of the company's stock worth $29,000 after acquiring an additional 407 shares in the last quarter. Concord Wealth Partners purchased a new stake in Warner Music Group during the 3rd quarter worth about $30,000. ORG Partners LLC raised its position in Warner Music Group by 5,790.5% in the 2nd quarter. ORG Partners LLC now owns 1,237 shares of the company's stock valued at $37,000 after purchasing an additional 1,216 shares in the last quarter. Assetmark Inc. boosted its stake in shares of Warner Music Group by 9,400.0% in the 3rd quarter. Assetmark Inc. now owns 1,235 shares of the company's stock valued at $39,000 after buying an additional 1,222 shares during the period. Finally, ORG Wealth Partners LLC acquired a new position in shares of Warner Music Group during the third quarter worth about $73,000. Institutional investors and hedge funds own 96.88% of the company's stock.

Warner Music Group Stock Performance

Shares of WMG traded up $0.67 during mid-day trading on Friday, reaching $31.85. 2,666,476 shares of the company's stock were exchanged, compared to its average volume of 1,561,219. The business's fifty day simple moving average is $31.78 and its 200-day simple moving average is $30.65. The stock has a market capitalization of $16.50 billion, a PE ratio of 38.37, a price-to-earnings-growth ratio of 0.97 and a beta of 1.37. Warner Music Group Corp. has a 52-week low of $27.06 and a 52-week high of $38.05. The company has a debt-to-equity ratio of 5.95, a current ratio of 0.68 and a quick ratio of 0.67.

Warner Music Group Announces Dividend

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

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Evercore ISI reduced their target price on shares of Warner Music Group from $40.00 to $36.00 and set an "outperform" rating on the stock in a report on Thursday, August 8th. Macquarie reaffirmed a "neutral" rating and set a $30.00 price objective on shares of Warner Music Group in a research report on Friday. Wells Fargo & Company lowered 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. Deutsche Bank Aktiengesellschaft cut their price target on Warner Music Group from $42.00 to $36.00 and set a "buy" rating on the stock in a research note on Tuesday, August 13th. Finally, Barclays lowered their price objective on Warner Music Group from $32.00 to $31.00 and set an "equal weight" rating for the company in a research report on Friday. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Warner Music Group has an average rating of "Hold" and a consensus price target of $36.00.

Insider Buying and Selling at Warner Music Group

In other news, CEO Max Lousada sold 135,324 shares of the company's stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $28.17, for a total transaction of $3,812,077.08. Following the completion of the sale, the chief executive officer now owns 2,725,964 shares in the company, valued at $76,790,405.88. This represents a 4.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last three months, insiders have sold 628,205 shares of company stock worth $17,628,757. 73.35% of the stock is owned by company insiders.

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.