Brokerages Set Warner Music Group Corp. (NASDAQ:WMG) PT at $37.18

Warner Music Group Corp. (NASDAQ:WMG) has received a consensus recommendation of “Moderate Buy” from the seventeen brokerages that are covering the firm, MarketBeat reports. Six equities research analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $37.18.

A number of brokerages have weighed in on WMG. Guggenheim lowered their price target on 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. Loop Capital upped their price target on Warner Music Group from $36.00 to $38.00 and gave the company a “hold” rating in a research report on Thursday, April 18th. Morgan Stanley began coverage on Warner Music Group in a research report on Monday, May 6th. They issued an “overweight” rating and a $43.00 price target on the stock. Finally, Redburn Atlantic upgraded Warner Music Group from a “sell” rating to a “neutral” rating and upped their price target for the company from $17.00 to $21.00 in a research report on Monday, February 5th.

Institutional Investors Weigh In On Warner Music Group

Hedge funds have recently modified their holdings of the business. NEOS Investment Management LLC raised its position in Warner Music Group by 5.0% in the 4th quarter. NEOS Investment Management LLC now owns 7,917 shares of the company’s stock valued at $283,000 after buying an additional 377 shares during the last quarter. Blair William & Co. IL raised its position in Warner Music Group by 0.3% in the 1st quarter. Blair William & Co. IL now owns 154,747 shares of the company’s stock valued at $5,110,000 after buying an additional 405 shares during the last quarter. Capital City Trust Co. FL raised its position in Warner Music Group by 5.5% in the 1st quarter. Capital City Trust Co. FL now owns 9,597 shares of the company’s stock valued at $317,000 after buying an additional 501 shares during the last quarter. Exchange Traded Concepts LLC raised its position in Warner Music Group by 6.3% in the 4th quarter. Exchange Traded Concepts LLC now owns 9,224 shares of the company’s stock valued at $330,000 after buying an additional 545 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC raised its position in Warner Music Group by 6.3% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 13,141 shares of the company’s stock valued at $434,000 after buying an additional 773 shares during the last quarter. Institutional investors and hedge funds own 96.88% of the company’s stock.

Warner Music Group Stock Performance

Shares of NASDAQ WMG opened at $30.46 on Friday. The business has a fifty day simple moving average of $33.02 and a 200 day simple moving average of $34.13. The company has a current ratio of 0.69, a quick ratio of 0.67 and a debt-to-equity ratio of 6.81. The firm has a market capitalization of $15.78 billion, a price-to-earnings ratio of 30.46, a PEG ratio of 1.95 and a beta of 1.43. Warner Music Group has a one year low of $23.62 and a one year high of $38.05.

Warner Music Group (NASDAQ:WMG) last announced its quarterly earnings results on Thursday, May 9th. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.07. Warner Music Group had a return on equity of 120.42% and a net margin of 8.28%. The firm had revenue of $1.49 billion for the quarter, compared to analysts’ expectations of $1.48 billion. During the same period in the prior year, the business posted $0.06 earnings per share. The business’s revenue was up 6.8% compared to the same quarter last year. Sell-side analysts expect that Warner Music Group will post 0.99 EPS for the current year.

Warner Music Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Thursday, May 23rd will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date is Wednesday, May 22nd. Warner Music Group’s dividend payout ratio is currently 68.00%.

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.