Brokerages Set Warner Music Group Corp. (NASDAQ:WMG) PT at $36.88

Warner Music Group Corp. (NASDAQ:WMG) has been given an average recommendation of “Moderate Buy” by the seventeen ratings firms that are presently covering the firm, MarketBeat Ratings reports. Six investment analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $36.88.

A number of analysts have recently weighed in on the company. Guggenheim lowered their price objective on Warner Music Group from $46.00 to $45.00 and set a “buy” rating for the company in a research report on Friday, April 5th. Redburn Atlantic raised Warner Music Group from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $17.00 to $21.00 in a research report on Monday, February 5th. Finally, Loop Capital raised their price objective on Warner Music Group from $36.00 to $38.00 and gave the stock a “hold” rating in a research report on Thursday, April 18th.

Hedge Funds Weigh In On Warner Music Group

Several institutional investors and hedge funds have recently modified their holdings of WMG. Exchange Traded Concepts LLC increased its stake in shares of Warner Music Group by 206.9% in the 3rd quarter. Exchange Traded Concepts LLC now owns 8,679 shares of the company’s stock valued at $273,000 after purchasing an additional 5,851 shares in the last quarter. Handelsbanken Fonder AB purchased a new stake in Warner Music Group during the 3rd quarter worth approximately $243,000. Bank of New York Mellon Corp increased its stake in Warner Music Group by 1.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 854,556 shares of the company’s stock worth $26,833,000 after buying an additional 8,291 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in Warner Music Group by 1.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,193,040 shares of the company’s stock worth $68,862,000 after buying an additional 36,322 shares in the last quarter. Finally, K.J. Harrison & Partners Inc increased its stake in Warner Music Group by 18.5% during the 3rd quarter. K.J. Harrison & Partners Inc now owns 119,100 shares of the company’s stock worth $3,740,000 after buying an additional 18,600 shares in the last quarter. Hedge funds and other institutional investors own 96.88% of the company’s stock.

Warner Music Group Trading Up 1.3 %

Shares of NASDAQ:WMG opened at $33.43 on Monday. Warner Music Group has a 12-month low of $23.62 and a 12-month high of $38.05. The business’s fifty day simple moving average is $33.60 and its 200-day simple moving average is $34.04. The company has a market capitalization of $17.31 billion, a PE ratio of 37.99, a P/E/G ratio of 2.07 and a beta of 1.46. The company has a current ratio of 0.70, a quick ratio of 0.67 and a debt-to-equity ratio of 6.50.

Warner Music Group (NASDAQ:WMG) last announced its quarterly earnings results on Wednesday, February 7th. The company reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.13). The company had revenue of $1.75 billion during the quarter, compared to analysts’ expectations of $1.68 billion. Warner Music Group had a net margin of 7.42% and a return on equity of 128.86%. As a group, equities research analysts predict that Warner Music Group will post 0.99 earnings per share for the current fiscal year.

Warner Music Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Thursday, February 22nd were paid a $0.17 dividend. The ex-dividend date was Wednesday, February 21st. This represents a $0.68 annualized dividend and a dividend yield of 2.03%. Warner Music Group’s dividend payout ratio is presently 77.27%.

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.