Warner Music Group Corp. (NASDAQ:WMG) Shares Sold by Bank of Montreal Can

Bank of Montreal Can trimmed its holdings in Warner Music Group Corp. (NASDAQ:WMG) by 58.2% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 246,082 shares of the company’s stock after selling 341,959 shares during the period. Bank of Montreal Can’s holdings in Warner Music Group were worth $7,678,000 as of its most recent filing with the Securities & Exchange Commission.

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

Analyst Upgrades and Downgrades

WMG has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft reduced 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. Citigroup lifted their price target on shares of Warner Music Group from $31.00 to $34.00 and gave the company a “neutral” rating in a report on Friday. JPMorgan Chase & Co. reduced their price target on shares of Warner Music Group from $41.00 to $40.00 and set an “overweight” rating on the stock in a research report on Friday, November 22nd. Guggenheim restated a “buy” rating and issued a $44.00 price target on shares of Warner Music Group in a report on Friday, November 22nd. Finally, Wells Fargo & Company reduced their price target on Warner Music Group from $37.00 to $34.00 and set an “equal weight” rating for the company in a report on Thursday, August 8th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $35.67.

Insider Activity

In other news, CEO Max Lousada sold 428,834 shares of the business’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $28.00, for a total transaction of $12,007,352.00. Following the completion of the sale, the chief executive officer now directly owns 2,289,771 shares of the company’s stock, valued at $64,113,588. The trade was a 15.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 73.35% of the company’s stock.

Warner Music Group Stock Down 1.1 %

Shares of WMG opened at $32.17 on Tuesday. The stock has a market capitalization of $16.66 billion, a PE ratio of 38.76, a P/E/G ratio of 0.70 and a beta of 1.35. Warner Music Group Corp. has a 12 month low of $27.06 and a 12 month high of $38.05. 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 firm’s 50 day moving average is $31.97 and its 200-day moving average is $30.62.

Warner Music Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Tuesday, November 19th will be paid 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 2.24%. Warner Music Group’s dividend payout ratio is 86.75%.

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.