Warner Music Group (NASDAQ:WMG) Stock Rating Raised to "Buy" at Wall Street Zen

Key Points

• Wall Street Zen upgraded Warner Music Group from “Hold” to “Buy. Other analysts are broadly positive: MarketBeat reports a “Moderate Buy” consensus rating and an average price target of $38.60.
• Shares opened at $32.30, up 2.0%; they were trading above their 50-day and 200-day moving averages, at $29.42 and $28.66, respectively.
• Several institutional investors increased their holdings in the third quarter, including First Trust Advisors, which raised its stake by 152.2%. Institutional investors and hedge funds own 96.88% of the company’s shares.

Warner Music Group (NASDAQ:WMG - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report issued on Saturday, Wall Street Zen reports.

A number of other research analysts also recently issued reports on the company. Guggenheim restated a "buy" rating and set a $36.00 price target on shares of Warner Music Group in a research note on Tuesday, September 29th. UBS Group boosted their price objective on Warner Music Group from $42.00 to $43.00 and gave the company a "buy" rating in a research note on Thursday, October 1st. Stonex Financial raised Warner Music Group to a "strong-buy" rating in a report on Wednesday, October 14th. Morgan Stanley increased their price objective on Warner Music Group from $36.00 to $39.00 and gave the company an "overweight" rating in a report on Friday. Finally, Zacks Research upgraded shares of Warner Music Group from a "strong sell" rating to a "hold" rating in a research report on Friday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $38.60.

Warner Music Group Stock Up 2.0%

WMG opened at $32.30 on Friday. The business's 50-day simple moving average is $29.42 and its 200-day simple moving average is $28.66. The company has a debt-to-equity ratio of 4.94, a quick ratio of 0.72 and a current ratio of 0.73. Warner Music Group has a one year low of $23.34 and a one year high of $35.42. The stock has a market capitalization of $16.90 billion, a P/E ratio of 23.29, a price-to-earnings-growth ratio of 0.44 and a beta of 1.34.

Hedge Funds Weigh In On Warner Music Group

Several institutional investors have recently added to or reduced their stakes in WMG. Empowered Funds LLC raised its stake in Warner Music Group by 6.9% during the 3rd quarter. Empowered Funds LLC now owns 68,047 shares of the company's stock valued at $1,879,000 after acquiring an additional 4,391 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its position in Warner Music Group by 16.1% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 211,850 shares of the company's stock worth $5,849,000 after acquiring an additional 29,416 shares during the period. Bleakley Financial Group LLC acquired a new stake in Warner Music Group during the 3rd quarter worth approximately $396,000. Benjamin Edwards Inc. grew its stake in shares of Warner Music Group by 9.5% in the 3rd quarter. Benjamin Edwards Inc. now owns 291,562 shares of the company's stock valued at $8,050,000 after purchasing an additional 25,245 shares during the last quarter. Finally, First Trust Advisors LP grew its stake in shares of Warner Music Group by 152.2% in the 3rd quarter. First Trust Advisors LP now owns 181,746 shares of the company's stock valued at $5,018,000 after purchasing an additional 109,680 shares during the last quarter. Institutional investors and hedge funds own 96.88% of the company's stock.

About Warner Music Group

Warner Music Group is a global music entertainment company with two main businesses: recorded music and music publishing. Its recorded music operations discover and develop artists, release and market recordings, and distribute music through digital services and physical formats. The company works with artists across a range of genres and career stages. Through its recorded music labels, including Atlantic Records, Warner Records and Elektra Records, Warner Music Group supports artists with services such as artist development, marketing and distribution.

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