Warner Music Group (NASDAQ:WMG – Free Report) had its target price cut by Barclays from $32.00 to $31.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have an equal weight rating on the stock.
A number of other analysts have also recently weighed in on the stock. Wells Fargo & Company reduced their price objective on shares of Warner Music Group from $37.00 to $34.00 and set an “equal weight” rating for the company in a research note on Thursday, August 8th. Evercore ISI decreased their price target on shares of Warner Music Group from $40.00 to $36.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Tigress Financial lowered their price target on Warner Music Group from $52.00 to $44.00 and set a “buy” rating on the stock in a research report on Thursday, September 12th. Macquarie cut their price objective on Warner Music Group from $32.00 to $30.00 and set a “neutral” rating for the company in a research report on Friday, October 11th. Finally, Bank of America reaffirmed an “underperform” rating and issued a $30.00 target price (down previously from $33.00) on shares of Warner Music Group in a report on Friday, October 4th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $35.79.
View Our Latest Research Report on Warner Music Group
Warner Music Group Price Performance
Warner Music Group Announces Dividend
The firm 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 dividend on an annualized basis and a dividend yield of 2.25%. Warner Music Group’s dividend payout ratio is 86.75%.
Insider Buying and Selling at Warner Music Group
In related news, CEO Max Lousada sold 428,834 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $28.00, for a total value of $12,007,352.00. Following the transaction, the chief executive officer now owns 2,289,771 shares in the company, valued at $64,113,588. This trade represents a 15.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders sold 628,205 shares of company stock worth $17,628,757. 73.35% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
A number of large investors have recently made changes to their positions in the stock. Bayesian Capital Management LP acquired a new stake in Warner Music Group in the first quarter worth $759,000. Aristeia Capital L.L.C. acquired a new position in Warner Music Group in the second quarter valued at about $606,000. Mawer Investment Management Ltd. increased its holdings in shares of Warner Music Group by 2,699.4% in the third quarter. Mawer Investment Management Ltd. now owns 8,217,467 shares of the company’s stock worth $257,207,000 after acquiring an additional 7,923,926 shares in the last quarter. Perpetual Ltd acquired a new stake in shares of Warner Music Group during the third quarter worth about $15,766,000. Finally, Amalgamated Bank bought a new position in shares of Warner Music Group during the 2nd quarter valued at about $1,956,000. Institutional investors and hedge funds own 96.88% of the company’s stock.
About Warner Music Group
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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