Advisors Asset Management Inc. Purchases 3,314 Shares of Warner Music Group Corp. (NASDAQ:WMG)

Advisors Asset Management Inc. lifted its stake in Warner Music Group Corp. (NASDAQ:WMG) by 10.7% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 34,328 shares of the company’s stock after buying an additional 3,314 shares during the quarter. Advisors Asset Management Inc.’s holdings in Warner Music Group were worth $1,074,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Benjamin Edwards Inc. grew its holdings in shares of Warner Music Group by 74.5% in the second quarter. Benjamin Edwards Inc. now owns 953 shares of the company’s stock valued at $29,000 after purchasing an additional 407 shares in the last quarter. OmniStar Financial Group Inc. grew its stake in shares of Warner Music Group by 2.2% in the 2nd quarter. OmniStar Financial Group Inc. now owns 19,812 shares of the company’s stock worth $607,000 after buying an additional 420 shares in the last quarter. Capital City Trust Co. FL raised its position in shares of Warner Music Group by 4.3% during the 3rd quarter. Capital City Trust Co. FL now owns 10,422 shares of the company’s stock valued at $326,000 after buying an additional 431 shares in the last quarter. Sage Rhino Capital LLC lifted its holdings in shares of Warner Music Group by 2.8% in the 2nd quarter. Sage Rhino Capital LLC now owns 17,548 shares of the company’s stock valued at $538,000 after acquiring an additional 473 shares during the last quarter. Finally, New York State Teachers Retirement System grew its position in Warner Music Group by 3.2% in the third quarter. New York State Teachers Retirement System now owns 20,743 shares of the company’s stock worth $649,000 after acquiring an additional 643 shares in the last quarter. 96.88% of the stock is currently owned by institutional investors.

Insider Transactions at Warner Music Group

In other Warner Music Group news, CEO Max Lousada sold 135,324 shares of Warner Music Group stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $28.17, for a total value of $3,812,077.08. Following the transaction, the chief executive officer now owns 2,725,964 shares in the company, valued at $76,790,405.88. The trade was a 4.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last quarter, insiders sold 628,205 shares of company stock valued at $17,628,757. Company insiders own 73.35% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on WMG. Bank of America reaffirmed an “underperform” rating and issued a $30.00 price objective (down from $33.00) on shares of Warner Music Group in a research note on Friday, October 4th. Macquarie reaffirmed a “neutral” rating and set a $30.00 price objective on shares of Warner Music Group in a research note on Friday. Loop Capital reduced their target price on shares of Warner Music Group from $38.00 to $35.00 and set a “hold” rating on the stock in a research note on Monday. Evercore ISI dropped 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 research note on Thursday, August 8th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on shares of Warner Music Group from $42.00 to $36.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $35.79.

Warner Music Group Stock Performance

Shares of Warner Music Group stock opened at $32.05 on Tuesday. 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’s fifty day moving average price is $31.82 and its 200-day moving average price is $30.61. The firm 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. Warner Music Group Corp. has a 12 month low of $27.06 and a 12 month high of $38.05.

Warner Music Group Dividend Announcement

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

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.