Crossmark Global Holdings Inc. Acquires 10,226 Shares of Warner Music Group Corp. (NASDAQ:WMG)

Crossmark Global Holdings Inc. raised its holdings in shares of Warner Music Group Corp. (NASDAQ:WMG - Free Report) by 3.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 303,329 shares of the company's stock after acquiring an additional 10,226 shares during the quarter. Crossmark Global Holdings Inc. owned approximately 0.06% of Warner Music Group worth $9,509,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Itau Unibanco Holding S.A. grew its stake in shares of Warner Music Group by 122.6% in the fourth quarter. Itau Unibanco Holding S.A. now owns 1,064 shares of the company's stock valued at $33,000 after buying an additional 586 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in shares of Warner Music Group in the fourth quarter valued at $35,000. Aster Capital Management DIFC Ltd bought a new position in shares of Warner Music Group in the fourth quarter valued at $43,000. UMB Bank n.a. grew its stake in shares of Warner Music Group by 101.5% in the first quarter. UMB Bank n.a. now owns 1,453 shares of the company's stock valued at $46,000 after buying an additional 732 shares in the last quarter. Finally, State of Wyoming bought a new position in shares of Warner Music Group in the fourth quarter valued at $47,000. 96.88% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. The Goldman Sachs Group cut shares of Warner Music Group from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $35.00 to $28.00 in a research report on Monday, May 12th. UBS Group reduced their price objective on shares of Warner Music Group from $41.00 to $38.00 and set a "buy" rating for the company in a research report on Friday, May 9th. JPMorgan Chase & Co. lifted their price objective on shares of Warner Music Group from $32.00 to $33.00 and gave the stock an "overweight" rating in a research report on Monday. Citigroup reaffirmed a "buy" rating and set a $34.00 price objective (down from $35.00) on shares of Warner Music Group in a research report on Thursday, May 29th. Finally, Barclays reduced their target price on shares of Warner Music Group from $31.00 to $28.00 and set an "equal weight" rating for the company in a research report on Friday, May 9th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Warner Music Group currently has an average rating of "Hold" and a consensus target price of $33.68.

Warner Music Group Stock Performance

Shares of WMG stock opened at $29.42 on Tuesday. The business's 50 day simple moving average is $27.42 and its 200 day simple moving average is $30.13. Warner Music Group Corp. has a one year low of $25.56 and a one year high of $36.64. The stock has a market capitalization of $15.34 billion, a PE ratio of 33.82, a PEG ratio of 1.21 and a beta of 1.24. The company has a debt-to-equity ratio of 5.43, a current ratio of 0.66 and a quick ratio of 0.64.

Warner Music Group (NASDAQ:WMG - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.07 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.21). Warner Music Group had a net margin of 7.14% and a return on equity of 64.64%. The company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter in the previous year, the company earned $0.18 earnings per share. The business's revenue was down .7% on a year-over-year basis. As a group, research analysts forecast that Warner Music Group Corp. will post 1.39 earnings per share for the current year.

Warner Music Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 3rd. Investors of record on Tuesday, May 27th were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.45%. The ex-dividend date of this dividend was Tuesday, May 27th. Warner Music Group's payout ratio is presently 82.76%.

Warner Music Group Company 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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