Cullen Frost Bankers Inc. Sells 19,650 Shares of Warner Music Group Corp. (NASDAQ:WMG)

Cullen Frost Bankers Inc. cut its holdings in shares of Warner Music Group Corp. (NASDAQ:WMG - Free Report) by 7.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 236,332 shares of the company's stock after selling 19,650 shares during the period. Cullen Frost Bankers Inc.'s holdings in Warner Music Group were worth $7,326,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Assetmark Inc. increased its position in Warner Music Group by 7,659.8% during the 4th quarter. Assetmark Inc. now owns 95,833 shares of the company's stock valued at $2,971,000 after purchasing an additional 94,598 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Warner Music Group by 5.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 953,549 shares of the company's stock valued at $29,560,000 after buying an additional 48,772 shares during the period. SBI Securities Co. Ltd. bought a new position in Warner Music Group in the fourth quarter worth about $35,000. Hahn Capital Management LLC raised its stake in Warner Music Group by 31.3% in the fourth quarter. Hahn Capital Management LLC now owns 255,101 shares of the company's stock worth $7,908,000 after buying an additional 60,882 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Warner Music Group by 62.1% in the fourth quarter. Bank of New York Mellon Corp now owns 1,140,665 shares of the company's stock worth $35,361,000 after buying an additional 437,077 shares during the period. Institutional investors own 96.88% of the company's stock.

Remove Ads

Warner Music Group Stock Performance

Shares of WMG traded down $0.32 during trading hours on Monday, hitting $34.07. The stock had a trading volume of 2,856,288 shares, compared to its average volume of 1,991,506. The firm has a market capitalization of $17.73 billion, a PE ratio of 34.77, a PEG ratio of 1.03 and a beta of 1.33. 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 stock has a fifty day moving average price of $32.31 and a 200 day moving average price of $31.60. Warner Music Group Corp. has a 12 month low of $27.06 and a 12 month high of $36.64.

Warner Music Group (NASDAQ:WMG - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.34 by $0.11. Warner Music Group had a net margin of 8.07% and a return on equity of 79.01%. Analysts anticipate that Warner Music Group Corp. will post 1.39 EPS for the current year.

Warner Music Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 4th. Stockholders of record on Monday, February 24th were paid a $0.18 dividend. The ex-dividend date was Monday, February 24th. This represents a $0.72 annualized dividend and a dividend yield of 2.11%. Warner Music Group's dividend payout ratio (DPR) is 73.47%.

Analyst Ratings Changes

WMG has been the topic of a number of research reports. Guggenheim restated a "buy" rating and set a $40.00 target price on shares of Warner Music Group in a report on Friday, February 7th. Citigroup raised Warner Music Group from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $34.00 to $42.00 in a research report on Friday, February 14th. Morgan Stanley reduced their price objective on 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. Evercore ISI lowered their price objective on Warner Music Group from $36.00 to $35.00 and set an "outperform" rating for the company in a research note on Thursday, January 9th. Finally, Loop Capital cut their target price 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 investment analysts have rated the stock with a sell rating, four have issued a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $35.81.

Insiders Place Their Bets

In other news, Director Lincoln E. Benet sold 35,000 shares of the business's stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $30.96, for a total value of $1,083,600.00. Following the transaction, the director now directly owns 242,360 shares in the company, valued at $7,503,465.60. The trade was a 12.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Timothy Matusch sold 1,103 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 88,649 shares of the company's stock, valued at $3,234,802.01. The trade was a 1.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 64,333 shares of company stock worth $2,124,602 over the last quarter. 72.21% of the stock is currently owned by corporate 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.