Assetmark Inc. Purchases 94,598 Shares of Warner Music Group Corp. (NASDAQ:WMG)

Assetmark Inc. lifted its stake in shares of Warner Music Group Corp. (NASDAQ:WMG - Free Report) by 7,659.8% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 95,833 shares of the company's stock after buying an additional 94,598 shares during the period. Assetmark Inc.'s holdings in Warner Music Group were worth $2,971,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. New York State Teachers Retirement System boosted its position in Warner Music Group by 3.2% during the 3rd quarter. New York State Teachers Retirement System now owns 20,743 shares of the company's stock worth $649,000 after buying an additional 643 shares during the period. Van ECK Associates Corp raised its stake in shares of Warner Music Group by 1.2% during the third quarter. Van ECK Associates Corp now owns 76,508 shares of the company's stock valued at $2,428,000 after acquiring an additional 900 shares during the last quarter. Bridges Investment Management Inc. lifted its holdings in shares of Warner Music Group by 30.0% during the third quarter. Bridges Investment Management Inc. now owns 42,390 shares of the company's stock worth $1,327,000 after purchasing an additional 9,790 shares during the period. Keystone Financial Services bought a new stake in shares of Warner Music Group in the third quarter worth $310,000. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in Warner Music Group by 4.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 86,896 shares of the company's stock valued at $2,720,000 after purchasing an additional 3,919 shares during the period. 96.88% of the stock is currently owned by institutional investors.

Remove Ads

Warner Music Group Stock Up 0.6 %

Shares of WMG stock traded up $0.21 on Wednesday, reaching $33.65. 99,800 shares of the company were exchanged, compared to its average volume of 1,845,087. The company has a debt-to-equity ratio of 5.67, a current ratio of 0.69 and a quick ratio of 0.67. The company has a 50-day moving average of $32.42 and a 200-day moving average of $31.66. The company has a market cap of $17.51 billion, a price-to-earnings ratio of 34.26, a PEG ratio of 1.03 and a beta of 1.33. Warner Music Group Corp. has a one year low of $27.06 and a one year high of $36.64.

Warner Music Group (NASDAQ:WMG - Get Free Report) last announced its quarterly 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%. Analysts anticipate that Warner Music Group Corp. will post 1.39 earnings per share for the current year.

Warner Music Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 4th. Investors of record on Monday, February 24th were given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.14%. The ex-dividend date of this dividend was Monday, February 24th. Warner Music Group's payout ratio is currently 73.47%.

Insiders Place Their Bets

In related news, Director Valentin Blavatnik sold 28,230 shares of Warner Music Group stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $35.45, for a total transaction of $1,000,753.50. Following the transaction, the director now owns 68,264 shares of the company's stock, valued at $2,419,958.80. The trade was a 29.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Timothy Matusch sold 1,103 shares of the company's stock in a transaction on Friday, February 14th. The stock was sold at an average price of $36.49, for a total value of $40,248.47. Following the sale, the executive vice president now 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 64,333 shares of company stock worth $2,124,602. Insiders own 72.21% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Evercore ISI cut their target price on Warner Music Group from $36.00 to $35.00 and set an "outperform" rating on the stock in a report on Thursday, January 9th. JPMorgan Chase & Co. reduced their target price on Warner Music Group from $41.00 to $40.00 and set an "overweight" rating on the stock in a report on Friday, November 22nd. Barclays decreased their target price on shares of Warner Music Group from $32.00 to $31.00 and set an "equal weight" rating for the company in a research report on Friday, November 22nd. Loop Capital dropped their price target on shares of Warner Music Group from $38.00 to $35.00 and set a "hold" rating on the stock in a research report on Monday, November 25th. Finally, Morgan Stanley decreased their price objective on shares of Warner Music Group from $38.00 to $37.00 and set an "overweight" rating for the company in a research report on Monday, January 13th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $35.81.

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.