Envestnet Asset Management Inc. Sells 24,877 Shares of Warner Music Group Corp. (NASDAQ:WMG)

Envestnet Asset Management Inc. decreased its holdings in shares of Warner Music Group Corp. (NASDAQ:WMG - Free Report) by 7.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 294,999 shares of the company's stock after selling 24,877 shares during the period. Envestnet Asset Management Inc. owned about 0.06% of Warner Music Group worth $9,248,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its holdings in Warner Music Group by 2.9% in the 1st quarter. Principal Financial Group Inc. now owns 326,449 shares of the company's stock valued at $10,234,000 after acquiring an additional 9,103 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Warner Music Group by 5,272.3% in the first quarter. GAMMA Investing LLC now owns 95,304 shares of the company's stock worth $3,040,000 after purchasing an additional 93,530 shares in the last quarter. DigitalBridge Group Inc. lifted its position in shares of Warner Music Group by 29.7% in the fourth quarter. DigitalBridge Group Inc. now owns 896,445 shares of the company's stock worth $27,790,000 after purchasing an additional 205,529 shares in the last quarter. Exchange Traded Concepts LLC lifted its position in shares of Warner Music Group by 88.0% in the first quarter. Exchange Traded Concepts LLC now owns 59,437 shares of the company's stock worth $1,863,000 after purchasing an additional 27,821 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC lifted its position in shares of Warner Music Group by 43.5% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 7,920,342 shares of the company's stock worth $245,531,000 after purchasing an additional 2,400,500 shares in the last quarter. Institutional investors own 96.88% of the company's stock.

Warner Music Group Stock Up 1.4%

Shares of WMG traded up $0.43 during midday trading on Tuesday, hitting $31.44. The company had a trading volume of 1,558,482 shares, compared to its average volume of 1,765,787. The company's 50 day moving average price is $27.54 and its 200 day moving average price is $30.08. The stock has a market cap of $16.39 billion, a price-to-earnings ratio of 36.14, a PEG ratio of 1.18 and a beta of 1.24. Warner Music Group Corp. has a 52 week low of $25.56 and a 52 week high of $36.64. The company has a quick ratio of 0.64, a current ratio of 0.66 and a debt-to-equity ratio of 5.43.

Warner Music Group (NASDAQ:WMG - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.21). The company had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.52 billion. Warner Music Group had a net margin of 7.14% and a return on equity of 64.64%. The firm's quarterly revenue was down .7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.18 EPS. On average, equities research analysts predict that Warner Music Group Corp. will post 1.39 EPS for the current year.

Warner Music Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 3rd. Stockholders of record on Tuesday, May 27th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.29%. The ex-dividend date was Tuesday, May 27th. Warner Music Group's payout ratio is 82.76%.

Analysts Set New Price Targets

WMG has been the subject of several research reports. Rothschild & Co Redburn raised Warner Music Group from a "sell" rating to a "neutral" rating and set a $30.00 target price for the company in a research report on Tuesday, July 15th. FBN Securities started coverage on Warner Music Group in a research report on Friday, March 28th. They issued a "sector perform" rating and a $35.00 price objective for the company. Redburn Atlantic upgraded Warner Music Group from a "sell" rating to a "neutral" rating and set a $30.00 target price for the company in a research report on Tuesday, July 15th. Sanford C. Bernstein boosted their target price on Warner Music Group from $32.00 to $34.00 and gave the stock an "outperform" rating in a research report on Thursday, July 3rd. Finally, JPMorgan Chase & Co. boosted their price objective on Warner Music Group from $32.00 to $33.00 and gave the company an "overweight" rating in a research report on Monday, July 7th. Ten investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $33.72.

About Warner Music Group

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.