Warner Music Group (NASDAQ:WMG) Hits New 12-Month High at $47.67

Warner Music Group Corp. (NASDAQ:WMG) reached a new 52-week high on Thursday . The stock traded as high as $47.67 and last traded at $47.35, with a volume of 2967 shares changing hands. The stock had previously closed at $46.53.

Several equities analysts have commented on the company. Barclays raised Warner Music Group from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $38.00 to $48.00 in a research report on Thursday, September 23rd. Truist Securities upped their price objective on Warner Music Group from $42.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday. Zacks Investment Research raised Warner Music Group from a “hold” rating to a “buy” rating and set a $52.00 price objective on the stock in a research report on Wednesday. Credit Suisse Group raised Warner Music Group from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $37.00 to $48.00 in a research report on Tuesday, September 21st. Finally, Morgan Stanley upped their price objective on Warner Music Group from $46.00 to $53.00 and gave the company an “overweight” rating in a research report on Friday, October 8th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $48.75.

The business has a 50 day simple moving average of $39.91 and a 200 day simple moving average of $37.36. The company has a quick ratio of 0.57, a current ratio of 0.60 and a debt-to-equity ratio of 35.44. The company has a market capitalization of $24.57 billion, a PE ratio of 89.48 and a beta of 1.27.

Warner Music Group (NASDAQ:WMG) last released its quarterly earnings results on Monday, August 2nd. The company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.02. Warner Music Group had a return on equity of 1,558.97% and a net margin of 5.44%. The company had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.20 billion. During the same period last year, the business posted ($0.94) earnings per share. The firm’s revenue was up 32.7% compared to the same quarter last year. Equities analysts expect that Warner Music Group Corp. will post 0.74 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 1st. Shareholders of record on Wednesday, August 25th were paid a $0.15 dividend. The ex-dividend date was Tuesday, August 24th. This is a boost from Warner Music Group’s previous quarterly dividend of $0.12. This represents a $0.60 dividend on an annualized basis and a yield of 1.26%. Warner Music Group’s dividend payout ratio (DPR) is -92.31%.

In related news, major shareholder Ai Entertainment Holdings Llc sold 2,330,259 shares of the firm’s stock in a transaction dated Friday, September 24th. The stock was sold at an average price of $43.73, for a total transaction of $101,902,226.07. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Max Lousada sold 510,165 shares of the firm’s stock in a transaction dated Wednesday, September 29th. The stock was sold at an average price of $41.05, for a total value of $20,942,273.25. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,974,331 shares of company stock valued at $241,149,489. 80.51% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Parametric Portfolio Associates LLC lifted its position in shares of Warner Music Group by 14.9% in the second quarter. Parametric Portfolio Associates LLC now owns 25,324 shares of the company’s stock valued at $913,000 after acquiring an additional 3,289 shares in the last quarter. Marshall Wace LLP purchased a new position in shares of Warner Music Group in the second quarter valued at approximately $2,735,000. Marshall Wace North America L.P. purchased a new position in shares of Warner Music Group in the second quarter valued at approximately $2,782,000. Morgan Stanley lifted its position in shares of Warner Music Group by 78.0% in the second quarter. Morgan Stanley now owns 1,189,242 shares of the company’s stock valued at $42,860,000 after acquiring an additional 521,151 shares in the last quarter. Finally, Invesco Ltd. lifted its position in shares of Warner Music Group by 16.0% in the second quarter. Invesco Ltd. now owns 2,801,034 shares of the company’s stock valued at $100,950,000 after acquiring an additional 385,507 shares in the last quarter. 16.84% of the stock is currently owned by institutional investors.

Warner Music Group Company Profile (NASDAQ:WMG)

Warner Music Group Corp. operates as a music entertainment company in the United States, the United Kingdom, 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 the related marketing, promotion, distribution, sale, and licensing of music created by such artists.

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