Quest Partners LLC Increases Holdings in Warner Music Group Corp. (NASDAQ:WMG)

Quest Partners LLC lifted its position in shares of Warner Music Group Corp. (NASDAQ:WMG) by 657.9% during the 3rd quarter, Holdings Channel.com reports. The fund owned 10,042 shares of the company’s stock after buying an additional 8,717 shares during the period. Quest Partners LLC’s holdings in Warner Music Group were worth $314,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Concord Wealth Partners purchased a new stake in Warner Music Group in the 3rd quarter valued at approximately $30,000. Benjamin Edwards Inc. lifted its stake in Warner Music Group by 74.5% in the 2nd quarter. Benjamin Edwards Inc. now owns 953 shares of the company’s stock valued at $29,000 after buying an additional 407 shares in the last quarter. Assetmark Inc. lifted its stake in Warner Music Group by 9,400.0% in the 3rd quarter. Assetmark Inc. now owns 1,235 shares of the company’s stock valued at $39,000 after buying an additional 1,222 shares in the last quarter. ORG Partners LLC lifted its stake in shares of Warner Music Group by 5,790.5% during the 2nd quarter. ORG Partners LLC now owns 1,237 shares of the company’s stock worth $37,000 after purchasing an additional 1,216 shares during the period. Finally, ORG Wealth Partners LLC purchased a new position in shares of Warner Music Group during the 3rd quarter worth $73,000. Hedge funds and other institutional investors own 96.88% of the company’s stock.

Warner Music Group Stock Up 0.6 %

Shares of NASDAQ WMG opened at $32.05 on Tuesday. Warner Music Group Corp. has a 12-month low of $27.06 and a 12-month high of $38.05. The company has a market cap of $16.60 billion, a P/E ratio of 38.61, a P/E/G ratio of 1.00 and a beta of 1.37. The company has a current ratio of 0.68, a quick ratio of 0.65 and a debt-to-equity ratio of 5.95. The stock has a fifty day moving average price of $31.82 and a 200 day moving average price of $30.61.

Warner Music Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Tuesday, November 19th will be issued a $0.18 dividend. The ex-dividend date is Tuesday, November 19th. This represents a $0.72 annualized dividend and a yield of 2.25%. Warner Music Group’s dividend payout ratio is currently 86.75%.

Analyst Ratings Changes

A number of brokerages have weighed in on WMG. Wells Fargo & Company reduced their price target on Warner Music Group from $37.00 to $34.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 8th. Tigress Financial reduced their price target on Warner Music Group from $52.00 to $44.00 and set a “buy” rating on the stock in a research note on Thursday, September 12th. JPMorgan Chase & Co. reduced their price target on Warner Music Group from $41.00 to $40.00 and set an “overweight” rating on the stock in a research note on Friday. Barclays reduced their price target on Warner Music Group from $32.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Friday. Finally, Bank of America reissued an “underperform” rating and set a $30.00 price target (down previously from $33.00) on shares of Warner Music Group in a research note on Friday, October 4th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $35.79.

Insider Activity

In other news, CEO Max Lousada sold 64,047 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $28.25, for a total transaction of $1,809,327.75. Following the completion of the sale, the chief executive officer now directly owns 2,909,422 shares in the company, valued at $82,191,171.50. This trade represents a 2.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 628,205 shares of company stock worth $17,628,757 over the last ninety days. Corporate insiders own 73.35% of the company’s stock.

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.