Veracity Capital LLC Acquires New Holdings in Warner Music Group Corp. (NASDAQ:WMG)

Veracity Capital LLC bought a new position in shares of Warner Music Group Corp. (NASDAQ:WMG) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 11,295 shares of the company’s stock, valued at approximately $373,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of Warner Music Group by 6.2% during the fourth quarter. Vanguard Group Inc. now owns 11,669,662 shares of the company’s stock worth $417,657,000 after acquiring an additional 684,864 shares during the last quarter. Capital World Investors raised its holdings in Warner Music Group by 21.5% during the 4th quarter. Capital World Investors now owns 9,319,510 shares of the company’s stock worth $333,545,000 after purchasing an additional 1,651,571 shares during the last quarter. FIL Ltd lifted its position in shares of Warner Music Group by 85.6% in the 4th quarter. FIL Ltd now owns 5,198,892 shares of the company’s stock worth $186,068,000 after purchasing an additional 2,397,232 shares during the period. Point72 Asset Management L.P. boosted its stake in shares of Warner Music Group by 87.1% in the 4th quarter. Point72 Asset Management L.P. now owns 2,713,747 shares of the company’s stock valued at $97,125,000 after purchasing an additional 1,263,690 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in shares of Warner Music Group by 0.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,349,379 shares of the company’s stock worth $48,294,000 after buying an additional 8,202 shares during the period. 96.88% of the stock is currently owned by institutional investors and hedge funds.

Warner Music Group Stock Up 0.1 %

Shares of NASDAQ:WMG opened at $30.63 on Friday. The business’s 50 day moving average is $31.38 and its 200 day moving average is $33.55. Warner Music Group Corp. has a 12-month low of $25.28 and a 12-month high of $38.05. The stock has a market cap of $15.86 billion, a price-to-earnings ratio of 30.63, a PEG ratio of 1.95 and a beta of 1.38. The company has a quick ratio of 0.67, a current ratio of 0.69 and a debt-to-equity ratio of 6.81.

Warner Music Group (NASDAQ:WMG) last posted its earnings results on Thursday, May 9th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.07. Warner Music Group had a net margin of 8.28% and a return on equity of 120.42%. The firm had revenue of $1.49 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same quarter in the prior year, the business posted $0.06 EPS. The business’s revenue was up 6.8% compared to the same quarter last year. On average, sell-side analysts forecast that Warner Music Group Corp. will post 1 earnings per share for the current fiscal year.

Warner Music Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Thursday, May 23rd were issued a dividend of $0.17 per share. The ex-dividend date was Wednesday, May 22nd. This represents a $0.68 dividend on an annualized basis and a yield of 2.22%. Warner Music Group’s dividend payout ratio (DPR) is presently 68.00%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on WMG. Guggenheim cut their price target on shares of Warner Music Group from $46.00 to $45.00 and set a “buy” rating on the stock in a research report on Friday, April 5th. Loop Capital raised their target price on Warner Music Group from $36.00 to $38.00 and gave the stock a “hold” rating in a research note on Thursday, April 18th. Finally, Morgan Stanley began coverage on Warner Music Group in a report on Monday, May 6th. They issued an “overweight” rating and a $43.00 target price for the company. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Warner Music Group currently has an average rating of “Moderate Buy” and a consensus target price of $37.88.

Warner Music Group Company 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.