Toronto Dominion Bank Reduces Position in Warner Music Group Corp. (NASDAQ:WMG)

Toronto Dominion Bank reduced its position in Warner Music Group Corp. (NASDAQ:WMG – Get Rating) by 15.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,624 shares of the company’s stock after selling 835 shares during the quarter. Toronto Dominion Bank’s holdings in Warner Music Group were worth $162,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in WMG. Gabelli Funds LLC grew its holdings in shares of Warner Music Group by 3.8% in the third quarter. Gabelli Funds LLC now owns 27,000 shares of the company’s stock worth $627,000 after purchasing an additional 1,000 shares during the last quarter. Bank of Montreal Can increased its position in shares of Warner Music Group by 759.3% during the fourth quarter. Bank of Montreal Can now owns 158,062 shares of the company’s stock worth $5,608,000 after acquiring an additional 139,668 shares during the period. Vista Equity Partners Management LLC raised its stake in shares of Warner Music Group by 119.8% during the third quarter. Vista Equity Partners Management LLC now owns 459,070 shares of the company’s stock valued at $10,655,000 after acquiring an additional 250,217 shares in the last quarter. US Bancorp DE boosted its holdings in shares of Warner Music Group by 1.2% in the third quarter. US Bancorp DE now owns 35,109 shares of the company’s stock valued at $815,000 after purchasing an additional 424 shares during the period. Finally, QVIDTVM Management LLC bought a new position in Warner Music Group in the third quarter worth approximately $11,044,000. 23.10% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Lincoln E. Benet sold 30,000 shares of Warner Music Group stock in a transaction that occurred on Friday, February 24th. The shares were sold at an average price of $32.14, for a total value of $964,200.00. Following the completion of the sale, the director now directly owns 349,341 shares in the company, valued at approximately $11,227,819.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Lincoln E. Benet sold 20,000 shares of the stock in a transaction dated Tuesday, February 21st. The stock was sold at an average price of $32.00, for a total value of $640,000.00. Following the transaction, the director now directly owns 379,341 shares of the company’s stock, valued at $12,138,912. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lincoln E. Benet sold 30,000 shares of the firm’s stock in a transaction dated Friday, February 24th. The stock was sold at an average price of $32.14, for a total value of $964,200.00. Following the completion of the transaction, the director now owns 349,341 shares of the company’s stock, valued at $11,227,819.74. The disclosure for this sale can be found here. Corporate insiders own 75.21% of the company’s stock.

Warner Music Group Stock Performance

Shares of WMG stock opened at $25.85 on Friday. Warner Music Group Corp. has a 12-month low of $21.57 and a 12-month high of $38.76. The business’s fifty day simple moving average is $30.64 and its 200-day simple moving average is $32.05. The company has a current ratio of 0.70, a quick ratio of 0.67 and a debt-to-equity ratio of 13.99. The company has a market cap of $13.31 billion, a PE ratio of 31.91, a PEG ratio of 3.44 and a beta of 1.58.

Warner Music Group (NASDAQ:WMG – Get Rating) last announced its earnings results on Tuesday, May 9th. The company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.14). The business had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.37 billion. Warner Music Group had a net margin of 8.39% and a return on equity of 244.53%. The company’s quarterly revenue was up 1.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.18 earnings per share. Analysts expect that Warner Music Group Corp. will post 0.91 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on WMG. Barclays lowered their target price on Warner Music Group from $35.00 to $34.00 and set an “equal weight” rating for the company in a report on Friday, April 14th. Credit Suisse Group reiterated an “outperform” rating and set a $36.00 target price on shares of Warner Music Group in a report on Monday, February 13th. The Goldman Sachs Group boosted their price target on shares of Warner Music Group from $35.00 to $39.00 and gave the company a “buy” rating in a report on Friday, February 10th. Truist Financial dropped their price objective on shares of Warner Music Group from $39.00 to $37.00 and set a “buy” rating on the stock in a research note on Tuesday, January 17th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Warner Music Group from $37.00 to $43.00 in a research note on Monday, January 30th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $37.45.

Warner Music Group Company Profile

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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.