Cullen Frost Bankers Inc. Has $488,000 Position in Warner Music Group Corp. $WMG

Cullen Frost Bankers Inc. reduced its stake in Warner Music Group Corp. (NASDAQ:WMG) by 92.0% during the 2nd quarter, Holdings Channel.com reports. The firm owned 17,930 shares of the company’s stock after selling 204,819 shares during the period. Cullen Frost Bankers Inc.’s holdings in Warner Music Group were worth $488,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. GAMMA Investing LLC increased its position in Warner Music Group by 71.4% during the first quarter. GAMMA Investing LLC now owns 3,040 shares of the company’s stock worth $95,000 after acquiring an additional 1,266 shares during the period. State of Alaska Department of Revenue increased its position in Warner Music Group by 5.1% during the first quarter. State of Alaska Department of Revenue now owns 16,980 shares of the company’s stock worth $532,000 after acquiring an additional 830 shares during the period. Westfuller Advisors LLC increased its position in Warner Music Group by 27.9% during the first quarter. Westfuller Advisors LLC now owns 22,980 shares of the company’s stock worth $720,000 after acquiring an additional 5,010 shares during the period. New York State Teachers Retirement System increased its position in Warner Music Group by 7.2% during the first quarter. New York State Teachers Retirement System now owns 22,243 shares of the company’s stock worth $697,000 after acquiring an additional 1,500 shares during the period. Finally, Oregon Public Employees Retirement Fund increased its position in Warner Music Group by 2.4% during the first quarter. Oregon Public Employees Retirement Fund now owns 29,510 shares of the company’s stock worth $925,000 after acquiring an additional 700 shares during the period. 96.88% of the stock is currently owned by institutional investors and hedge funds.

Warner Music Group Trading Down 1.6%

WMG opened at $32.82 on Friday. The company’s 50 day moving average is $33.24 and its 200-day moving average is $30.26. Warner Music Group Corp. has a 1-year low of $25.56 and a 1-year high of $36.64. The company has a current ratio of 0.66, a quick ratio of 0.64 and a debt-to-equity ratio of 5.37. The company has a market cap of $17.11 billion, a P/E ratio of 57.58, a PEG ratio of 1.01 and a beta of 1.32.

Warner Music Group (NASDAQ:WMG) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.03) earnings per share 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 company had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.59 billion. During the same quarter in the previous year, the business posted $0.27 earnings per share. The company’s revenue for the quarter was up 8.7% on a year-over-year basis. Equities research analysts predict 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 declared a quarterly dividend, which was paid on Wednesday, September 3rd. Stockholders of record on Wednesday, August 20th were paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date was Wednesday, August 20th. This is an increase from Warner Music Group’s previous quarterly dividend of $0.18. Warner Music Group’s dividend payout ratio is 133.33%.

Analyst Ratings Changes

A number of research firms recently commented on WMG. Wells Fargo & Company set a $39.00 price target on shares of Warner Music Group and gave the stock an “overweight” rating in a research report on Tuesday, October 14th. Citigroup raised their price target on shares of Warner Music Group from $33.00 to $41.00 and gave the stock a “buy” rating in a research report on Tuesday, September 9th. Barclays increased their price objective on shares of Warner Music Group from $28.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 9th. JPMorgan Chase & Co. increased their price objective on shares of Warner Music Group from $36.00 to $40.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 8th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Warner Music Group in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Warner Music Group has a consensus rating of “Hold” and a consensus target price of $35.53.

Warner Music Group 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.