Warner Music Group (NASDAQ:WMG) Reaches New 12-Month Low at $24.21

Warner Music Group Corp. (NASDAQ:WMGGet Rating) reached a new 52-week low on Thursday . The company traded as low as $24.21 and last traded at $24.31, with a volume of 9806 shares trading hands. The stock had previously closed at $26.19.

A number of equities research analysts have weighed in on WMG shares. Deutsche Bank Aktiengesellschaft started coverage on Warner Music Group in a research report on Friday, March 11th. They set a “buy” rating and a $42.00 price target on the stock. Guggenheim raised their price target on Warner Music Group from $30.00 to $34.00 and gave the company a “buy” rating in a research report on Friday, June 3rd. Truist Financial reduced their price objective on Warner Music Group from $45.00 to $40.00 in a research note on Monday, May 9th. Citigroup reduced their price objective on Warner Music Group from $41.00 to $31.00 and set a “na” rating on the stock in a research note on Tuesday, May 17th. Finally, Barclays reduced their price objective on Warner Music Group from $49.00 to $37.00 in a research note on Wednesday, May 11th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $43.58.

The company has a debt-to-equity ratio of 22.13, a current ratio of 0.61 and a quick ratio of 0.58. The company has a market capitalization of $12.56 billion, a P/E ratio of 36.89, a PEG ratio of 1.05 and a beta of 1.32. The company has a 50 day moving average of $30.36 and a 200-day moving average of $36.02.

Warner Music Group (NASDAQ:WMGGet Rating) last posted its quarterly earnings data on Tuesday, May 10th. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.21 by ($0.03). The firm had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.37 billion. Warner Music Group had a net margin of 6.45% and a return on equity of 362.14%. The business’s revenue was up 10.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.22 earnings per share. Research analysts predict that Warner Music Group Corp. will post 0.9 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 1st. Shareholders of record on Monday, May 23rd were given a dividend of $0.15 per share. The ex-dividend date was Friday, May 20th. This represents a $0.60 annualized dividend and a yield of 2.46%. Warner Music Group’s payout ratio is 84.51%.

In other Warner Music Group news, Director Lincoln E. Benet sold 10,000 shares of Warner Music Group stock in a transaction that occurred on Wednesday, March 30th. The stock was sold at an average price of $38.25, for a total transaction of $382,500.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 76.57% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in WMG. Morgan Stanley lifted its holdings in shares of Warner Music Group by 78.0% during the second quarter. Morgan Stanley now owns 1,189,242 shares of the company’s stock valued at $42,860,000 after purchasing an additional 521,151 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in Warner Music Group by 113.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 20,725 shares of the company’s stock worth $886,000 after acquiring an additional 11,012 shares during the last quarter. Hsbc Holdings PLC purchased a new position in Warner Music Group in the 3rd quarter worth approximately $387,000. Dimensional Fund Advisors LP raised its holdings in Warner Music Group by 320.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 87,229 shares of the company’s stock worth $3,728,000 after acquiring an additional 66,477 shares during the last quarter. Finally, Royal Bank of Canada raised its holdings in Warner Music Group by 889.1% in the 3rd quarter. Royal Bank of Canada now owns 88,986 shares of the company’s stock worth $3,803,000 after acquiring an additional 79,989 shares during the last quarter. Hedge funds and other institutional investors own 22.29% of the company’s stock.

Warner Music Group Company Profile (NASDAQ:WMG)

Warner Music Group Corp. operates as a music entertainment company in the United States, the United Kingdom, Germany, and internationally. The company 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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