Lord Abbett & CO. LLC increased its stake in shares of Warner Music Group Corp. (NASDAQ:WMG) by 172.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 405,577 shares of the company’s stock after buying an additional 256,562 shares during the period. Lord Abbett & CO. LLC owned about 0.08% of Warner Music Group worth $17,335,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in WMG. PNC Financial Services Group Inc. raised its position in Warner Music Group by 201.3% during the third quarter. PNC Financial Services Group Inc. now owns 958 shares of the company’s stock worth $41,000 after acquiring an additional 640 shares during the last quarter. FORA Capital LLC acquired a new position in Warner Music Group during the second quarter worth about $70,000. Stephens Inc. AR raised its position in Warner Music Group by 40.3% during the second quarter. Stephens Inc. AR now owns 4,759 shares of the company’s stock worth $172,000 after acquiring an additional 1,368 shares during the last quarter. Capital Square LLC acquired a new position in Warner Music Group during the third quarter worth about $229,000. Finally, Citigroup Inc. raised its position in Warner Music Group by 5.4% during the second quarter. Citigroup Inc. now owns 6,214 shares of the company’s stock worth $224,000 after acquiring an additional 316 shares during the last quarter. 18.96% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts have issued reports on WMG shares. Truist lifted their target price on shares of Warner Music Group from $42.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, October 12th. Bank of America downgraded shares of Warner Music Group from a “buy” rating to an “underperform” rating and lowered their target price for the company from $53.00 to $42.00 in a report on Tuesday, November 16th. Loop Capital boosted their target price on shares of Warner Music Group from $37.00 to $45.00 and gave the company a “hold” rating in a report on Tuesday, November 16th. Truist Securities boosted their target price on shares of Warner Music Group from $42.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, October 12th. Finally, Credit Suisse Group boosted their target price on shares of Warner Music Group from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Friday, November 26th. Two analysts have rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, Warner Music Group has a consensus rating of “Hold” and a consensus price target of $49.58.
WMG opened at $40.27 on Friday. The stock has a market capitalization of $20.72 billion, a PE ratio of 70.65, a P/E/G ratio of 1.12 and a beta of 0.98. The firm’s fifty day moving average price is $42.82 and its 200 day moving average price is $41.31. The company has a debt-to-equity ratio of 72.74, a current ratio of 0.60 and a quick ratio of 0.57. Warner Music Group Corp. has a 12-month low of $31.50 and a 12-month high of $50.23.
Warner Music Group (NASDAQ:WMG) last posted its quarterly earnings results on Monday, November 15th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.10). The company had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.36 billion. Warner Music Group had a net margin of 5.73% and a return on equity of 830.77%. The company’s revenue was up 22.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.02 earnings per share. On average, equities research analysts forecast that Warner Music Group Corp. will post 1.01 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, December 1st. Investors of record on Tuesday, November 23rd were issued a $0.15 dividend. The ex-dividend date of this dividend was Monday, November 22nd. This represents a $0.60 annualized dividend and a yield of 1.49%. Warner Music Group’s dividend payout ratio is presently 105.27%.
About Warner Music Group
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.
Featured Story: Asset Allocation Models, Which is Right For You?
Want to see what other hedge funds are holding WMG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Warner Music Group Corp. (NASDAQ:WMG).
Receive News & Ratings for Warner Music Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Warner Music Group and related companies with MarketBeat.com's FREE daily email newsletter.