Pitcairn Co. Has $743,000 Holdings in Warner Music Group Corp. (NASDAQ:WMG)

Pitcairn Co. decreased its position in Warner Music Group Corp. (NASDAQ:WMGGet Rating) by 6.5% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 17,203 shares of the company’s stock after selling 1,203 shares during the period. Pitcairn Co.’s holdings in Warner Music Group were worth $743,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Aureus Asset Management LLC lifted its stake in Warner Music Group by 18.0% in the 4th quarter. Aureus Asset Management LLC now owns 79,103 shares of the company’s stock worth $3,416,000 after acquiring an additional 12,091 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Warner Music Group by 7.9% during the fourth quarter. Geode Capital Management LLC now owns 985,829 shares of the company’s stock worth $42,568,000 after purchasing an additional 72,189 shares during the period. Charles Schwab Investment Management Inc. grew its position in Warner Music Group by 6.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 497,760 shares of the company’s stock valued at $21,494,000 after purchasing an additional 30,626 shares in the last quarter. Qube Research & Technologies Ltd increased its stake in Warner Music Group by 54.4% in the 4th quarter. Qube Research & Technologies Ltd now owns 51,198 shares of the company’s stock valued at $2,211,000 after buying an additional 18,042 shares during the period. Finally, TD Asset Management Inc. lifted its position in Warner Music Group by 100.0% in the 4th quarter. TD Asset Management Inc. now owns 333,418 shares of the company’s stock worth $14,397,000 after buying an additional 166,709 shares in the last quarter. Hedge funds and other institutional investors own 22.29% of the company’s stock.

NASDAQ WMG opened at $28.94 on Friday. Warner Music Group Corp. has a 1 year low of $24.39 and a 1 year high of $50.23. The company has a fifty day simple moving average of $32.87 and a 200 day simple moving average of $37.61. The company has a current ratio of 0.61, a quick ratio of 0.58 and a debt-to-equity ratio of 22.13. The company has a market cap of $14.90 billion, a P/E ratio of 40.76, a P/E/G ratio of 1.15 and a beta of 1.32.

Warner Music Group (NASDAQ:WMGGet Rating) last released its quarterly earnings results on Tuesday, May 10th. The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.03). The firm had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.37 billion. Warner Music Group had a net margin of 6.45% and a return on equity of 362.14%. The firm’s revenue was up 10.1% on a year-over-year basis. During the same quarter last year, the company earned $0.22 earnings per share. Equities research analysts forecast that Warner Music Group Corp. will post 0.9 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 1st. Shareholders of record on Monday, May 23rd will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date is Friday, May 20th. Warner Music Group’s dividend payout ratio (DPR) is currently 84.51%.

WMG has been the topic of a number of research reports. Redburn Partners reaffirmed a “sell” rating on shares of Warner Music Group in a research note on Monday, April 25th. Deutsche Bank Aktiengesellschaft began coverage on Warner Music Group in a research report on Friday, March 11th. They issued a “buy” rating and a $42.00 target price on the stock. Truist Financial reduced their price target on Warner Music Group from $45.00 to $40.00 in a report on Monday, May 9th. Guggenheim dropped their price objective on Warner Music Group from $50.00 to $39.00 in a report on Thursday, April 21st. Finally, Citigroup cut their price objective on shares of Warner Music Group from $41.00 to $31.00 and set a “na” rating on the stock in a research report on Tuesday, May 17th. Three analysts have rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $44.62.

In other news, Director Lincoln E. Benet sold 20,000 shares of the company’s stock in a transaction dated Monday, February 28th. The shares were sold at an average price of $35.64, for a total transaction of $712,800.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lincoln E. Benet sold 10,000 shares of the stock in a transaction dated Friday, March 4th. The shares were sold at an average price of $33.20, for a total transaction of $332,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 60,000 shares of company stock worth $2,165,000. Company insiders own 76.57% of the company’s stock.

Warner Music Group Profile (Get Rating)

Warner Music Group Corp. operates as a music entertainment company in the United States, the United Kingdom, Germany, 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 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.

See Also

Institutional Ownership by Quarter for Warner Music Group (NASDAQ:WMG)

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