Avior Wealth Management LLC Purchases Shares of 34,200 Warner Music Group Corp. $WMG

Key Points

• Avior Wealth Management LLC acquired 34,200 shares of Warner Music Group Corp., valued at approximately $932,000, in the second quarter, highlighting a significant institutional interest in the company.
• Warner Music Group reported a net margin of 4.59% and a year-over-year revenue increase of 8.7%, despite missing earnings estimates in its latest quarterly results.
• The company declared an increase in its quarterly dividend to $0.19 per share, resulting in an annualized dividend yield of 2.2% and a payout ratio of 133.33%.

Avior Wealth Management LLC purchased a new position in shares of Warner Music Group Corp. (NASDAQ:WMG - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 34,200 shares of the company's stock, valued at approximately $932,000.

Several other hedge funds have also recently modified their holdings of WMG. Banque Cantonale Vaudoise acquired a new position in shares of Warner Music Group during the 1st quarter worth about $40,000. UMB Bank n.a. raised its position in shares of Warner Music Group by 101.5% during the 1st quarter. UMB Bank n.a. now owns 1,453 shares of the company's stock worth $46,000 after purchasing an additional 732 shares during the last quarter. Quarry LP acquired a new position in shares of Warner Music Group during the 1st quarter worth about $54,000. PNC Financial Services Group Inc. raised its position in shares of Warner Music Group by 45.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,820 shares of the company's stock worth $88,000 after purchasing an additional 878 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Warner Music Group by 71.4% during the 1st quarter. GAMMA Investing LLC now owns 3,040 shares of the company's stock worth $95,000 after purchasing an additional 1,266 shares during the last quarter. Institutional investors and hedge funds own 96.88% of the company's stock.

Warner Music Group Stock Performance

Warner Music Group stock opened at $33.79 on Tuesday. The firm has a 50 day simple moving average of $32.39 and a 200-day simple moving average of $30.04. Warner Music Group Corp. has a 1-year low of $25.56 and a 1-year high of $36.64. The company has a debt-to-equity ratio of 5.37, a current ratio of 0.66 and a quick ratio of 0.64. The stock has a market cap of $17.61 billion, a price-to-earnings ratio of 59.28, a price-to-earnings-growth ratio of 1.65 and a beta of 1.31.

Warner Music Group (NASDAQ:WMG - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.30). Warner Music Group had a net margin of 4.59% and a return on equity of 39.95%. The firm had revenue of $1.69 billion during the quarter, compared to analysts' expectations of $1.59 billion. During the same period last year, the company earned $0.27 EPS. The business's quarterly revenue was up 8.7% on a year-over-year basis. On average, analysts expect that Warner Music Group Corp. will post 1.39 EPS for the current year.

Warner Music Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 3rd. Stockholders of record on Wednesday, August 20th were paid a $0.19 dividend. This is a positive change from Warner Music Group's previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Wednesday, August 20th. This represents a $0.76 annualized dividend and a dividend yield of 2.2%. Warner Music Group's dividend payout ratio is currently 133.33%.

Analyst Upgrades and Downgrades

WMG has been the subject of several research analyst reports. Sanford C. Bernstein upped their price target on shares of Warner Music Group from $32.00 to $34.00 and gave the stock an "outperform" rating in a research report on Thursday, July 3rd. Tigress Financial increased their price objective on shares of Warner Music Group from $44.00 to $45.00 and gave the company a "buy" rating in a report on Wednesday, September 10th. Redburn Atlantic upgraded shares of Warner Music Group from a "strong sell" rating to a "hold" rating and set a $30.00 price objective for the company in a report on Tuesday, July 15th. Cowen reiterated a "buy" rating on shares of Warner Music Group in a report on Thursday, August 7th. Finally, Bank of America upgraded shares of Warner Music Group from an "underperform" rating to a "neutral" rating and increased their price objective for the company from $28.00 to $33.00 in a report on Wednesday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $34.65.

Warner Music Group 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.

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