Victory Capital Management Inc. reduced its stake in Warner Music Group Corp. (NASDAQ: WMG – Get a rating) by 1.3% in the first quarter, according to its latest 13F filing with the Securities & Exchange Commission. The institutional investor held 100,298 shares of the company after selling 1,328 shares during the period. Victory Capital Management Inc.’s holdings in Warner Music Group were worth $2,986,000 when it last filed with the Securities & Exchange Commission.
A number of other institutional investors have also been buying and selling stocks recently. CIBC Asset Management Inc increased its stake in Warner Music Group by 2.0% in the 4th quarter. CIBC Asset Management Inc. now owns 21,001 shares of the company worth $907,000 after purchasing 419 additional shares in the last quarter. Stephens Inc. AR increased its stake in Warner Music Group by 8.0% in the fourth quarter. Stephens Inc. AR now owns 5,847 shares of the company worth $252,000 after purchasing an additional 432 shares in the last quarter. Advisor Group Holdings Inc. increased its stake in Warner Music Group by 7.1% in the fourth quarter. Advisor Group Holdings Inc. now owns 7,523 shares of the company worth $325,000 after buying 496 additional shares in the last quarter. Westpac Banking Corp acquired a new stake in Warner Music Group during Q4 valued at approximately $27,000. Finally, DNB Asset Management AS increased its stake in Warner Music Group by 0.6% during the 1st quarter. DNB Asset Management AS now owns 116,411 shares of the company valued at $4,406,000 after acquiring an additional 640 shares during the period. 22.29% of the shares are currently held by institutional investors and hedge funds.
A Wall Street analyst gives his opinion
WMG has been the subject of several research reports. Morgan Stanley lowered its price target on Warner Music Group shares from $37.00 to $34.00 and set an “overweight” rating for the company in a Monday, July 25 research note. TheStreet upgraded the shares of Warner Music Group from a “c-” rating to a “d+” rating in a Thursday, July 14, research memo. Truist Financial cut its price target on Warner Music Group shares from $40.00 to $35.00 and set a “buy” rating for the company in a Tuesday, July 19 research note. Redburn Partners rephrased a “sell” rating on Warner Music Group shares in a Monday, April 25 research note. Finally, Guggenheim raised its price target on Warner Music Group shares from $30.00 to $34.00 and gave the company a “buy” rating in a Friday, June 3 research note. Two investment analysts gave the stock a sell rating, two gave the company a hold rating and ten gave the company a buy rating. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $40.38.
Warner Music Group Awards Performance
Shares of NASDAQ WMG opened at $29.89 on Thursday. The company has a market capitalization of $15.39 billion, a PE ratio of 42.34, a PEG ratio of 1.28 and a beta of 1.56. The company has a fifty-day moving average of $27.29 and a 200-day moving average of $32.03. The company has a debt ratio of 22.13, a quick ratio of 0.58 and a current ratio of 0.61. Warner Music Group Corp. has a one-year low of $23.74 and a one-year high of $50.23.
Warner Music Group (NASDAQ: WMG – Get a rating) last released its quarterly results on Tuesday, August 9. The company reported EPS of $0.24 for the quarter, beating the consensus estimate of $0.19 by $0.05. The company posted revenue of $1.43 billion in the quarter, compared to analysts’ estimates of $1.41 billion. Warner Music Group had a net margin of 6.45% and a return on equity of 362.14%. The company’s revenue increased by 6.9% compared to the same quarter last year. In the same quarter of the previous year, the company achieved EPS of $0.14. As a group, research analysts predict that Warner Music Group Corp. will show an EPS of 0.85 for the current fiscal year.
Warner Music Group dividend announcement
The company also recently announced a quarterly dividend, which was paid on Wednesday, June 1. Shareholders of record on Monday, May 23 received a dividend of $0.15 per share. This represents a dividend of $0.60 on an annualized basis and a dividend yield of 2.01%. The ex-dividend date was Friday, May 20. Warner Music Group’s payout ratio is 84.51%.
Warner Band Profile
Warner Music Group Corp. operates as a music entertainment company in the United States, United Kingdom, Germany and internationally. The Company operates through the Recorded Music and Music Publishing segments. The Recorded Music segment is involved in the discovery and development of recording artists, as well as the related marketing, promotion, distribution, sale and licensing of music created by such recording artists; markets its music catalog through compilations and reissues of previously released music and video titles, as well as previously unreleased material; and operates 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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