Corient Private Wealth LP Acquires Shares of 228,996 Warner Music Group Corp. $WMG

Key Points

• Corient Private Wealth acquired 228,996 Warner Music Group shares worth approximately $6.2 million during the second quarter. Institutional investors collectively own 96.88% of the company.
• Warner Music Group exceeded quarterly expectations, reporting $0.51 EPS versus the $0.34 consensus and $1.86 billion in revenue, up 10.4% year over year.
• The company increased its quarterly dividend to $0.20 per share, equivalent to an annualized $0.80 dividend and a 2.9% yield. Analysts maintain a “Moderate Buy” consensus with a $38.25 target price, compared with the stock’s reported $28.02 price.

Corient Private Wealth LP bought a new position in shares of Warner Music Group Corp. (NASDAQ:WMG - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 228,996 shares of the company's stock, valued at approximately $6,199,000.

A number of other large investors have also modified their holdings of the business. Legal & General Group Plc raised its holdings in Warner Music Group by 29.3% in the 4th quarter. Legal & General Group Plc now owns 423,049 shares of the company's stock valued at $12,975,000 after acquiring an additional 95,956 shares during the last quarter. Intech Investment Management LLC acquired a new position in shares of Warner Music Group during the 4th quarter worth approximately $3,494,000. Assenagon Asset Management S.A. purchased a new stake in shares of Warner Music Group in the second quarter valued at approximately $7,217,000. JPMorgan Chase & Co. grew its position in shares of Warner Music Group by 15.2% in the fourth 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 in the last quarter. Finally, Entropy Technologies LP increased its holdings in shares of Warner Music Group by 267.9% in the first quarter. Entropy Technologies LP now owns 78,534 shares of the company's stock valued at $2,006,000 after purchasing an additional 57,188 shares during the last quarter. Hedge funds and other institutional investors own 96.88% of the company's stock.

Warner Music Group Stock Performance

Shares of Warner Music Group stock opened at $28.02 on Friday. The business has a 50-day moving average of $27.50 and a 200 day moving average of $28.34. Warner Music Group Corp. has a 12 month low of $23.34 and a 12 month high of $35.42. The stock has a market capitalization of $14.66 billion, a price-to-earnings ratio of 22.24, a price-to-earnings-growth ratio of 0.48 and a beta of 1.31. The company has a debt-to-equity ratio of 4.94, a current ratio of 0.73 and a quick ratio of 0.72.

Warner Music Group (NASDAQ:WMG - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.34 by $0.17. Warner Music Group had a net margin of 9.20% and a return on equity of 85.50%. The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.81 billion. During the same period in the prior year, the firm earned ($0.03) earnings per share. The business's revenue for the quarter was up 10.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Warner Music Group Corp. will post 1.45 earnings per share for the current year.

Warner Music Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Thursday, August 20th were issued a dividend of $0.20 per share. This is a boost from Warner Music Group's previous quarterly dividend of $0.19. The ex-dividend date was Thursday, August 20th. This represents a $0.80 dividend on an annualized basis and a yield of 2.9%. Warner Music Group's dividend payout ratio (DPR) is currently 63.49%.

Analyst Ratings Changes

A number of brokerages recently commented on WMG. Morgan Stanley reiterated an "overweight" rating and set a $36.00 price objective on shares of Warner Music Group in a research report on Thursday, August 6th. Zacks Research cut Warner Music Group from a "strong-buy" rating to a "hold" rating in a report on Monday, June 22nd. Wall Street Zen lowered Warner Music Group from a "buy" rating to a "hold" rating in a report on Saturday, July 18th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Warner Music Group in a research report on Wednesday, June 24th. Twelve equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $38.25.

Warner Music Group 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.

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