Warner Music Group (NASDAQ:WMG – Get Rating) was downgraded by Barclays from an "overweight" rating to an "equal weight" rating in a research note issued to investors on Monday, The Fly reports. They currently have a $35.00 price target on the stock. Barclays's target price suggests a potential downside of 1.33% from the stock's current price.
A number of other research firms have also weighed in on WMG. Atlantic Securities upgraded shares of Warner Music Group from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $34.00 to $41.00 in a research note on Monday, December 19th. Truist Financial dropped their price target on shares of Warner Music Group from $39.00 to $37.00 and set a "buy" rating on the stock in a report on Tuesday, January 17th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Warner Music Group from $30.00 to $37.00 in a report on Wednesday, November 23rd. The Goldman Sachs Group initiated coverage on shares of Warner Music Group in a report on Monday, October 10th. They set a "buy" rating and a $32.00 price target on the stock. Finally, Credit Suisse Group dropped their price target on shares of Warner Music Group from $43.00 to $36.00 and set an "outperform" rating on the stock in a report on Wednesday, November 23rd. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, Warner Music Group presently has a consensus rating of "Moderate Buy" and a consensus price target of $36.45.
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Warner Music Group Stock Down 0.2 %
Shares of Warner Music Group stock opened at $35.47 on Monday. The company has a debt-to-equity ratio of 22.21, a current ratio of 0.64 and a quick ratio of 0.60. The company has a 50-day moving average of $33.96 and a 200 day moving average of $29.38. The firm has a market cap of $18.26 billion, a price-to-earnings ratio of 33.46, a PEG ratio of 4.82 and a beta of 1.58. Warner Music Group has a 1 year low of $21.57 and a 1 year high of $44.64.
Warner Music Group (NASDAQ:WMG – Get Rating) last issued its quarterly earnings results on Tuesday, November 22nd. The company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.15. The company had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.40 billion. Warner Music Group had a net
margin of 9.31% and a return on equity of 342.19%. As a group, sell-side analysts anticipate that Warner Music Group will post 1.04 earnings per share for the current fiscal year.
Insider Buying and Selling
In other Warner Music Group news, Director Lincoln E. Benet sold 15,000 shares of the business's stock in a transaction on Wednesday, November 30th. The shares were sold at an average price of $34.03, for a total transaction of $510,450.00. Following the transaction, the director now owns 399,341 shares in the company, valued at $13,589,574.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Lincoln E. Benet sold 15,000 shares of the business's stock in a transaction on Wednesday, November 30th. The shares were sold at an average price of $34.03, for a total transaction of $510,450.00. Following the completion of the sale, the director now directly owns 399,341 shares of the company's stock, valued at $13,589,574.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lincoln E. Benet sold 20,000 shares of the business's stock in a transaction on Monday, November 28th. The shares were sold at an average price of $32.32, for a total transaction of $646,400.00. Following the sale, the director now directly owns 414,341 shares of the company's stock, valued at $13,391,501.12. The disclosure for this sale can be found here. 75.21% of the stock is currently owned by company insiders.
Institutional Trading of Warner Music Group
A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in Warner Music Group by 0.6% in the third quarter. Vanguard Group Inc. now owns 10,284,488 shares of the company's stock worth $238,703,000 after purchasing an additional 58,655 shares in the last quarter. Caledonia Private Investments Pty Ltd increased its holdings in Warner Music Group by 0.8% in the 2nd quarter. Caledonia Private Investments Pty Ltd now owns 7,258,456 shares of the company's stock worth $176,816,000 after buying an additional 54,463 shares during the period. Darlington Partners Capital Management LP increased its holdings in Warner Music Group by 0.9% in the 3rd quarter. Darlington Partners Capital Management LP now owns 6,664,730 shares of the company's stock worth $154,688,000 after buying an additional 57,038 shares during the period. BlackRock Inc. increased its holdings in Warner Music Group by 7.1% in the 3rd quarter. BlackRock Inc. now owns 4,871,662 shares of the company's stock worth $113,071,000 after buying an additional 323,128 shares during the period. Finally, Darsana Capital Partners LP increased its holdings in Warner Music Group by 28.6% in the 2nd quarter. Darsana Capital Partners LP now owns 4,500,000 shares of the company's stock worth $109,620,000 after buying an additional 1,000,000 shares during the period. 23.10% of the stock is owned by hedge funds and other institutional investors.
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. 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.
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