Warner Music Group (NASDAQ:WMG) Price Target Lowered to $35.00 at Evercore ISI

Warner Music Group (NASDAQ:WMG) had its price target reduced by equities research analysts at Evercore ISI from $36.00 to $35.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Evercore ISI’s price objective would indicate a potential upside of 19.29% from the stock’s current price.

Several other equities research analysts also recently weighed in on WMG. 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, November 25th. Tigress Financial cut their price target on shares of Warner Music Group from $52.00 to $44.00 and set a “buy” rating on the stock in a report on Thursday, September 12th. Citigroup raised their price objective on shares of Warner Music Group from $31.00 to $34.00 and gave the stock a “neutral” rating in a research note on Friday, November 29th. Bank of America reaffirmed an “underperform” rating and set a $30.00 target price (down previously from $33.00) on shares of Warner Music Group in a research note on Friday, October 4th. Finally, Macquarie reissued a “neutral” rating and set a $30.00 price target on shares of Warner Music Group in a research note on Friday, November 22nd. Two analysts have rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $35.69.

Warner Music Group Stock Up 0.1 %

Shares of NASDAQ:WMG opened at $29.34 on Thursday. The company has a 50-day moving average price of $31.87 and a 200 day moving average price of $30.77. The company has a current ratio of 0.68, a quick ratio of 0.65 and a debt-to-equity ratio of 5.95. Warner Music Group has a 12 month low of $27.06 and a 12 month high of $38.05. The company has a market cap of $15.20 billion, a price-to-earnings ratio of 35.35, a PEG ratio of 0.70 and a beta of 1.35.

Warner Music Group (NASDAQ:WMG) last announced its earnings results on Thursday, November 21st. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.20). The company had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.59 billion. Warner Music Group had a return on equity of 69.29% and a net margin of 6.77%. Warner Music Group’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.34 EPS. As a group, equities research analysts predict that Warner Music Group will post 1.34 earnings per share for the current year.

Insider Buying and Selling at Warner Music Group

In other Warner Music Group news, Director Lincoln E. Benet sold 35,000 shares of the business’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $30.96, for a total value of $1,083,600.00. Following the completion of the transaction, the director now directly owns 242,360 shares in the company, valued at approximately $7,503,465.60. The trade was a 12.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 73.35% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Benjamin Edwards Inc. boosted its holdings in Warner Music Group by 74.5% in the second quarter. Benjamin Edwards Inc. now owns 953 shares of the company’s stock worth $29,000 after acquiring an additional 407 shares in the last quarter. Concord Wealth Partners purchased a new position in shares of Warner Music Group in the 3rd quarter valued at approximately $30,000. Assetmark Inc. boosted 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 worth $39,000 after purchasing an additional 1,222 shares in the last quarter. GAMMA Investing LLC grew its position in Warner Music Group by 379.5% during the 4th quarter. GAMMA Investing LLC now owns 1,774 shares of the company’s stock worth $55,000 after purchasing an additional 1,404 shares during the last quarter. Finally, ORG Wealth Partners LLC acquired a new position in Warner Music Group during the 3rd quarter valued at approximately $73,000. Institutional investors 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.