Patriot Financial Group Insurance Agency LLC Boosts Holdings in Warner Music Group Corp. $WMG

Patriot Financial Group Insurance Agency LLC grew its holdings in Warner Music Group Corp. (NASDAQ:WMG) by 18.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 15,830 shares of the company’s stock after purchasing an additional 2,512 shares during the quarter. Patriot Financial Group Insurance Agency LLC’s holdings in Warner Music Group were worth $431,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Principal Financial Group Inc. boosted its stake in shares of Warner Music Group by 2.9% in the first quarter. Principal Financial Group Inc. now owns 326,449 shares of the company’s stock valued at $10,234,000 after purchasing an additional 9,103 shares during the period. GAMMA Investing LLC raised its holdings in Warner Music Group by 5,272.3% in the first quarter. GAMMA Investing LLC now owns 95,304 shares of the company’s stock valued at $3,040,000 after acquiring an additional 93,530 shares in the last quarter. Exchange Traded Concepts LLC raised its holdings in Warner Music Group by 88.0% in the first quarter. Exchange Traded Concepts LLC now owns 59,437 shares of the company’s stock valued at $1,863,000 after acquiring an additional 27,821 shares in the last quarter. FORA Capital LLC acquired a new stake in Warner Music Group in the first quarter valued at approximately $1,157,000. Finally, Vanguard Group Inc. raised its holdings in Warner Music Group by 10.1% in the first quarter. Vanguard Group Inc. now owns 14,379,667 shares of the company’s stock valued at $450,803,000 after acquiring an additional 1,316,979 shares in the last quarter. Hedge funds and other institutional investors own 96.88% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on WMG shares. UBS Group set a $45.00 target price on shares of Warner Music Group in a report on Wednesday, September 10th. Redburn Atlantic raised shares of Warner Music Group from a “strong sell” rating to a “hold” rating and set a $30.00 target price on the stock in a report on Tuesday, July 15th. The Goldman Sachs Group raised their target price on shares of Warner Music Group from $28.00 to $31.00 and gave the company a “neutral” rating in a report on Tuesday, August 12th. Bank of America raised their target price on shares of Warner Music Group from $33.00 to $36.00 and gave the company a “neutral” rating in a report on Wednesday. Finally, JPMorgan Chase & Co. raised their price objective on shares of Warner Music Group from $32.00 to $33.00 and gave the stock an “overweight” rating in a report on Monday, July 7th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $34.82.

Warner Music Group Stock Down 1.0%

WMG stock opened at $33.85 on Friday. The company has a current ratio of 0.66, a quick ratio of 0.64 and a debt-to-equity ratio of 5.37. Warner Music Group Corp. has a twelve month low of $25.56 and a twelve month high of $36.64. The company’s 50 day moving average is $32.60 and its two-hundred day moving average is $30.09. The stock has a market cap of $17.64 billion, a P/E ratio of 59.39, a PEG ratio of 1.06 and a beta of 1.32.

Warner Music Group (NASDAQ:WMG) last announced its earnings results on Thursday, August 7th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.30). Warner Music Group had a net margin of 4.59% and a return on equity of 39.95%. The business had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.59 billion. During the same period in the previous year, the firm earned $0.27 earnings per share. The business’s revenue was up 8.7% compared to the same quarter last year. Research analysts expect that Warner Music Group Corp. will post 1.39 earnings per share for the current fiscal year.

Warner Music Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 3rd. Shareholders of record on Wednesday, August 20th were given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Wednesday, August 20th. This is a positive change from Warner Music Group’s previous quarterly dividend of $0.18. Warner Music Group’s payout ratio is 133.33%.

About Warner Music Group

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.