Shares of Warner Music Group Corp. (NASDAQ:WMG – Get Rating) reached a new 52-week low on Tuesday . The company traded as low as $23.74 and last traded at $23.78, with a volume of 1333606 shares traded. The stock had previously closed at $24.00.
Analyst Ratings Changes
Several equities analysts have recently commented on the company. Truist Financial cut their price target on Warner Music Group from $40.00 to $35.00 and set a "buy" rating on the stock in a research note on Tuesday, July 19th. Guggenheim raised their price objective on Warner Music Group from $30.00 to $34.00 and gave the company a "buy" rating in a research report on Friday, June 3rd. TheStreet downgraded Warner Music Group from a "c-" rating to a "d+" rating in a research report on Thursday, July 14th. Barclays lowered their price target on Warner Music Group from $37.00 to $33.00 and set an "overweight" rating for the company in a report on Tuesday, July 5th. Finally, JPMorgan Chase & Co. lowered their price target on Warner Music Group from $40.00 to $34.00 and set an "overweight" rating for the company in a report on Wednesday, July 13th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $40.38.
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Warner Music Group Stock Performance
The firm has a 50-day moving average of $28.31 and a two-hundred day moving average of $29.68. The company has a quick ratio of 0.58, a current ratio of 0.61 and a debt-to-equity ratio of 22.01. The company has a market capitalization of $12.24 billion, a PE ratio of 28.92, a PEG ratio of 0.95 and a beta of 1.58.
Warner Music Group (NASDAQ:WMG – Get Rating) last posted its quarterly earnings data on Tuesday, August 9th. The company reported $0.24 EPS for the quarter, beating analysts' consensus estimates of $0.18 by $0.06. The business had revenue of $1.43 billion during the quarter, compared to analysts' expectations of $1.41 billion. Warner Music Group had a return on equity of 351.69% and a net
margin of 7.43%. The business's revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.14 earnings per share. Research analysts anticipate that Warner Music Group Corp. will post 0.91 EPS for the current year.
Warner Music Group Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Wednesday, August 24th were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 2.69%. The ex-dividend date was Tuesday, August 23rd. This is a positive change from Warner Music Group's previous quarterly dividend of $0.15. Warner Music Group's dividend payout ratio is 77.11%.
Institutional Investors Weigh In On Warner Music Group
Several institutional investors and hedge funds have recently modified their holdings of the company. SG Americas Securities LLC increased its holdings in Warner Music Group by 14.3% during the 1st quarter. SG Americas Securities LLC now owns 80,563 shares of the company's stock worth $3,049,000 after purchasing an additional 10,086 shares during the period. PDT Partners LLC increased its holdings in shares of Warner Music Group by 58.8% in the 4th quarter. PDT Partners LLC now owns 130,722 shares of the company's stock valued at $5,645,000 after acquiring an additional 48,422 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Warner Music Group by 597.8% in the 1st quarter. Assenagon Asset Management S.A. now owns 1,244,870 shares of the company's stock valued at $47,118,000 after acquiring an additional 1,066,475 shares during the last quarter. Bank of Montreal Can increased its holdings in shares of Warner Music Group by 1,640.6% in the 1st quarter. Bank of Montreal Can now owns 292,755 shares of the company's stock valued at $11,101,000 after acquiring an additional 275,936 shares during the last quarter. Finally, Capital Square LLC increased its holdings in shares of Warner Music Group by 38.9% in the 1st quarter. Capital Square LLC now owns 7,135 shares of the company's stock valued at $270,000 after acquiring an additional 2,000 shares during the last quarter. Hedge funds and other institutional investors own 22.44% of the company's stock.
Warner Music Group Company Profile
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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.
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