Retirement Systems of Alabama Boosts Stake in Warner Music Group Corp. (NASDAQ:WMG)

Retirement Systems of Alabama boosted its holdings in Warner Music Group Corp. (NASDAQ:WMG - Free Report) by 23.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 424,083 shares of the company's stock after purchasing an additional 81,799 shares during the period. Retirement Systems of Alabama owned approximately 0.08% of Warner Music Group worth $13,274,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in WMG. Benjamin Edwards Inc. grew its holdings in Warner Music Group by 74.5% in the 2nd quarter. Benjamin Edwards Inc. now owns 953 shares of the company's stock worth $29,000 after acquiring an additional 407 shares during the last quarter. Concord Wealth Partners purchased a new stake in Warner Music Group in the 3rd quarter worth approximately $30,000. Assetmark Inc. grew its position 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 worth $39,000 after buying an additional 1,222 shares during the last quarter. ORG Wealth Partners LLC bought a new stake in shares of Warner Music Group in the 3rd quarter worth approximately $73,000. Finally, Itau Unibanco Holding S.A. bought a new position in shares of Warner Music Group during the second quarter valued at approximately $86,000. 96.88% of the stock is currently owned by hedge funds and other institutional investors.

Warner Music Group Stock Up 0.3 %

Shares of NASDAQ:WMG traded up $0.09 during trading on Monday, reaching $32.61. 1,634,219 shares of the stock traded hands, compared to its average volume of 1,802,813. Warner Music Group Corp. has a 52-week low of $27.06 and a 52-week high of $38.05. The stock has a market cap of $16.89 billion, a P/E ratio of 39.18, a price-to-earnings-growth ratio of 0.70 and a beta of 1.35. The stock has a 50-day moving average of $32.17 and a two-hundred day moving average of $30.71. The company has a debt-to-equity ratio of 5.95, a quick ratio of 0.65 and a current ratio of 0.68.

Warner Music Group (NASDAQ:WMG - Get Free Report) last announced its quarterly earnings results on Thursday, November 21st. The company reported $0.08 EPS for the quarter, missing analysts' consensus estimates of $0.28 by ($0.20). Warner Music Group had a return on equity of 69.29% and a net margin of 6.77%. The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.59 billion. During the same quarter in the prior year, the firm earned $0.34 earnings per share. The business's revenue was up 2.8% compared to the same quarter last year. As a group, sell-side analysts expect that Warner Music Group Corp. will post 1.34 earnings per share for the current fiscal year.

Warner Music Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 3rd. Investors of record on Tuesday, November 19th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend was Tuesday, November 19th. Warner Music Group's dividend payout ratio (DPR) is presently 86.75%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on WMG shares. JPMorgan Chase & Co. cut their price target on shares of 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 cut their target price on shares of Warner Music Group from $32.00 to $31.00 and set an "equal weight" rating on the stock in a research note on Friday, November 22nd. Guggenheim reaffirmed a "buy" rating and set a $44.00 price objective on shares of Warner Music Group in a research report on Wednesday, December 4th. Macquarie restated a "neutral" rating and set a $30.00 price target on shares of Warner Music Group in a research report on Friday, November 22nd. Finally, Loop Capital reduced their price target on Warner Music Group from $38.00 to $35.00 and set a "hold" rating on the stock in a research note on Monday, November 25th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $35.67.

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.