Redburn Atlantic restated their sell rating on shares of Warner Music Group (NASDAQ:WMG – Free Report) in a research note published on Wednesday morning, Marketbeat Ratings reports. They currently have a $23.00 target price on the stock, up from their prior target price of $21.00.
Several other research analysts have also commented on WMG. Loop Capital increased their price target on shares of Warner Music Group from $36.00 to $38.00 and gave the stock a hold rating in a research note on Thursday, April 18th. Guggenheim lowered their target price on shares of Warner Music Group from $46.00 to $45.00 and set a buy rating on the stock in a research report on Friday, April 5th. Finally, Morgan Stanley started coverage on Warner Music Group in a research report on Monday, May 6th. They issued an overweight rating and a $43.00 price target for the company. One research analyst has rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $38.00.
Check Out Our Latest Research Report on Warner Music Group
Warner Music Group Stock Performance
Shares of Warner Music Group stock opened at $29.51 on Wednesday. The stock has a market cap of $15.28 billion, a PE ratio of 29.51, a price-to-earnings-growth ratio of 1.94 and a beta of 1.38. Warner Music Group has a 12 month low of $27.73 and a 12 month high of $38.05. The company has a quick ratio of 0.67, a current ratio of 0.69 and a debt-to-equity ratio of 6.81. The business has a fifty day simple moving average of $31.16 and a 200-day simple moving average of $33.40.
Warner Music Group (NASDAQ:WMG – Get Free Report) last released its earnings results on Thursday, May 9th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.07. The company had revenue of $1.49 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Warner Music Group had a return on equity of 120.42% and a net margin of 8.28%. The business’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.06 EPS. On average, sell-side analysts anticipate that Warner Music Group will post 1 EPS for the current fiscal year.
Warner Music Group Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Thursday, May 23rd were given a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 2.30%. The ex-dividend date of this dividend was Wednesday, May 22nd. Warner Music Group’s payout ratio is presently 68.00%.
Hedge Funds Weigh In On Warner Music Group
Several institutional investors and hedge funds have recently modified their holdings of the business. Capital World Investors raised its position in shares of Warner Music Group by 41.7% in the 1st quarter. Capital World Investors now owns 13,201,194 shares of the company’s stock valued at $435,903,000 after buying an additional 3,881,684 shares in the last quarter. Vanguard Group Inc. raised its position in Warner Music Group by 1.6% during the first quarter. Vanguard Group Inc. now owns 11,861,877 shares of the company’s stock valued at $391,679,000 after purchasing an additional 192,215 shares in the last quarter. FIL Ltd lifted its stake in Warner Music Group by 85.6% during the fourth quarter. FIL Ltd now owns 5,198,892 shares of the company’s stock worth $186,068,000 after purchasing an additional 2,397,232 shares during the last quarter. Point72 Asset Management L.P. boosted its holdings in shares of Warner Music Group by 87.1% in the 4th quarter. Point72 Asset Management L.P. now owns 2,713,747 shares of the company’s stock valued at $97,125,000 after purchasing an additional 1,263,690 shares in the last quarter. Finally, Fairview Capital Investment Management LLC increased its stake in shares of Warner Music Group by 1.6% in the 1st quarter. Fairview Capital Investment Management LLC now owns 1,739,692 shares of the company’s stock valued at $57,445,000 after purchasing an additional 27,252 shares during the last quarter. 96.88% of the stock is currently owned by institutional investors and hedge funds.
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.
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