Invesco Ltd. reduced its holdings in Warner Music Group Corp. (NASDAQ:WMG - Free Report) by 30.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 157,054 shares of the company's stock after selling 68,558 shares during the period. Invesco Ltd.'s holdings in Warner Music Group were worth $4,924,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also made changes to their positions in the company. Principal Financial Group Inc. grew its stake in shares of Warner Music Group by 2.9% in the 1st quarter. Principal Financial Group Inc. now owns 326,449 shares of the company's stock worth $10,234,000 after buying an additional 9,103 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Warner Music Group by 5,272.3% in the 1st quarter. GAMMA Investing LLC now owns 95,304 shares of the company's stock worth $3,040,000 after buying an additional 93,530 shares in the last quarter. DigitalBridge Group Inc. grew its stake in shares of Warner Music Group by 29.7% in the 4th quarter. DigitalBridge Group Inc. now owns 896,445 shares of the company's stock worth $27,790,000 after buying an additional 205,529 shares in the last quarter. Exchange Traded Concepts LLC grew its stake in shares of Warner Music Group by 88.0% in the 1st quarter. Exchange Traded Concepts LLC now owns 59,437 shares of the company's stock worth $1,863,000 after buying an additional 27,821 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC grew its stake in shares of Warner Music Group by 43.5% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 7,920,342 shares of the company's stock worth $245,531,000 after buying an additional 2,400,500 shares in the last quarter. 96.88% of the stock is owned by hedge funds and other institutional investors.
Warner Music Group Trading Down 0.1%
WMG traded down $0.05 on Monday, reaching $33.35. 918,647 shares of the company traded hands, compared to its average volume of 2,445,891. Warner Music Group Corp. has a one year low of $25.56 and a one year high of $36.64. The firm has a fifty day simple moving average of $30.57 and a two-hundred day simple moving average of $30.17. The company has a market cap of $17.38 billion, a P/E ratio of 58.51, a price-to-earnings-growth ratio of 1.65 and a beta of 1.31. The company has a quick ratio of 0.64, a current ratio of 0.66 and a debt-to-equity ratio of 5.37.
Warner Music Group (NASDAQ:WMG - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.03) earnings per share for the quarter, missing analysts' consensus estimates 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 company had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.59 billion. During the same quarter in the previous year, the business earned $0.27 EPS. The company's quarterly revenue was up 8.7% compared to the same quarter last year. As a group, equities research analysts expect that Warner Music Group Corp. will post 1.39 earnings per share for the current year.
Warner Music Group Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 3rd. Stockholders of record on Wednesday, August 20th will be issued a $0.19 dividend. The ex-dividend date is Wednesday, August 20th. This represents a $0.76 annualized dividend and a dividend yield of 2.3%. This is an increase from Warner Music Group's previous quarterly dividend of $0.18. Warner Music Group's dividend payout ratio (DPR) is presently 133.33%.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently issued reports on WMG shares. Citigroup restated a "buy" rating and issued a $34.00 target price (down previously from $35.00) on shares of Warner Music Group in a report on Thursday, May 29th. Wells Fargo & Company raised their target price on shares of Warner Music Group from $30.00 to $34.00 and gave the stock an "equal weight" rating in a report on Friday, August 8th. Morgan Stanley lowered their target price on shares of Warner Music Group from $32.00 to $31.00 and set an "equal weight" rating for the company in a report on Friday, May 9th. Redburn Atlantic upgraded shares of Warner Music Group from a "strong sell" rating to a "hold" rating and set a $30.00 target price for the company in a report on Tuesday, July 15th. Finally, JPMorgan Chase & Co. raised their target price on shares of Warner Music Group from $32.00 to $33.00 and gave the stock an "overweight" rating in a report on Monday, July 7th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $33.88.
View Our Latest Report on Warner Music Group
About Warner Music Group
(
Free Report)
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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