Warner Music Group's (WMG) Buy Rating Reaffirmed at Guggenheim

Warner Music Group (NASDAQ:WMG - Get Free Report)'s stock had its "buy" rating reiterated by investment analysts at Guggenheim in a research note issued on Tuesday, Benzinga reports. They currently have a $36.00 target price on the stock. Guggenheim's price objective would indicate a potential upside of 29.24% from the stock's previous close.

A number of other brokerages have also commented on WMG. Morgan Stanley reiterated an "overweight" rating and issued a $36.00 price target on shares of Warner Music Group in a research note on Thursday, August 6th. Weiss Ratings reiterated a "hold (c)" rating on shares of Warner Music Group in a research note on Monday, September 21st. Wall Street Zen lowered shares of Warner Music Group from a "buy" rating to a "hold" rating in a research note on Saturday, July 18th. Finally, Zacks Research lowered shares of Warner Music Group from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 22nd. Twelve equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $38.25.

Warner Music Group Stock Performance

Shares of WMG stock traded up $0.72 on Tuesday, reaching $27.86. The stock had a trading volume of 245,270 shares, compared to its average volume of 2,285,568. The company has a quick ratio of 0.72, a current ratio of 0.73 and a debt-to-equity ratio of 4.94. The firm's 50-day moving average is $27.38 and its two-hundred day moving average is $28.31. The firm has a market capitalization of $14.57 billion, a price-to-earnings ratio of 22.11, a P/E/G ratio of 0.46 and a beta of 1.31. Warner Music Group has a 12 month low of $23.34 and a 12 month high of $35.42.

Warner Music Group (NASDAQ:WMG - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $0.51 EPS for the quarter, topping the consensus estimate of $0.34 by $0.17. Warner Music Group had a return on equity of 85.50% and a net margin of 9.20%.The company had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.81 billion. During the same period in the previous year, the company posted ($0.03) EPS. The firm's revenue for the quarter was up 10.4% compared to the same quarter last year. On average, research analysts expect that Warner Music Group will post 1.45 EPS for the current fiscal year.

Hedge Funds Weigh In On Warner Music Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in WMG. JPMorgan Chase & Co. lifted its stake in Warner Music Group by 15.2% in the 4th quarter. JPMorgan Chase & Co. now owns 16,645,276 shares of the company's stock valued at $510,511,000 after purchasing an additional 2,200,362 shares during the last quarter. Darsana Capital Partners LP lifted its stake in Warner Music Group by 0.8% in the 2nd quarter. Darsana Capital Partners LP now owns 11,943,199 shares of the company's stock valued at $323,302,000 after purchasing an additional 93,199 shares during the last quarter. Geode Capital Management LLC lifted its stake in Warner Music Group by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 2,208,005 shares of the company's stock valued at $67,743,000 after purchasing an additional 56,727 shares during the last quarter. Renaissance Technologies LLC lifted its stake in Warner Music Group by 88.3% in the 1st quarter. Renaissance Technologies LLC now owns 1,521,800 shares of the company's stock valued at $38,867,000 after purchasing an additional 713,578 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Warner Music Group during the fourth quarter valued at $35,449,000. Institutional investors own 96.88% of the company's stock.

Warner Music Group Company Profile

Warner Music Group Corp. is a global music entertainment company that operates through two principal businesses: recorded music and music publishing. Its recorded-music operations discover, develop, market and distribute music from a broad roster of artists through labels including Warner Records, Atlantic Records, Elektra Music Group and Parlophone.

The company's music publishing business, Warner Chappell Music, manages and administers copyrights for songwriters and composers. Warner Music Group also provides artist and label services, digital distribution, licensing, marketing, physical and digital sales, and other services that support the commercial use of recorded music and musical compositions.

Warner Music Group serves artists, songwriters, labels, streaming platforms, broadcasters, brands and other music-industry partners in markets around the world.