Warner Music Group Corp. $WMG Position Decreased by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its Warner Music Group stake by 45.2% in the third quarter, selling 120,601 shares and retaining 146,019 shares valued at approximately $4.03 million. Institutional investors collectively own 96.88% of the company.
• Warner Music Group reported stronger-than-expected quarterly results, with EPS of $0.51 versus the $0.34 consensus estimate and revenue of $1.86 billion, up 10.4% year over year.
• The company raised its quarterly dividend to $0.20 per share, equivalent to an annualized $0.80 payout and a 2.6% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $38.27.

Assenagon Asset Management S.A. lowered its stake in Warner Music Group Corp. (NASDAQ:WMG - Free Report) by 45.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 146,019 shares of the company's stock after selling 120,601 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Warner Music Group were worth $4,032,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. State of Michigan Retirement System lifted its holdings in shares of Warner Music Group by 2.6% in the 1st quarter. State of Michigan Retirement System now owns 35,400 shares of the company's stock worth $904,000 after acquiring an additional 900 shares during the last quarter. Continuum Advisory LLC purchased a new position in Warner Music Group during the 2nd quarter valued at about $25,000. QRG Capital Management Inc. grew its position in Warner Music Group by 1.6% in the 1st quarter. QRG Capital Management Inc. now owns 61,847 shares of the company's stock valued at $1,580,000 after acquiring an additional 960 shares in the last quarter. Gabelli Funds LLC grew its position in Warner Music Group by 4.3% in the 1st quarter. Gabelli Funds LLC now owns 24,000 shares of the company's stock valued at $613,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund grew its position in Warner Music Group by 3.8% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 30,210 shares of the company's stock valued at $772,000 after acquiring an additional 1,100 shares in the last quarter. Institutional investors and hedge funds own 96.88% of the company's stock.

Warner Music Group Stock Up 0.9%

WMG stock opened at $31.33 on Wednesday. The stock has a market cap of $16.39 billion, a P/E ratio of 22.82, a PEG ratio of 0.43 and a beta of 1.40. The company has a current ratio of 0.73, a quick ratio of 0.72 and a debt-to-equity ratio of 4.94. Warner Music Group Corp. has a twelve month low of $23.34 and a twelve month high of $35.42. The company's 50 day moving average is $28.03 and its two-hundred day moving average is $28.72.

Warner Music Group (NASDAQ:WMG - Get Free Report) last released 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 return on equity of 85.50% and a net margin of 9.20%. The firm had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.81 billion. During the same quarter last year, the business posted ($0.03) EPS. The firm's quarterly revenue was up 10.4% compared to the same quarter last year. Research analysts expect that Warner Music Group Corp. will post 1.45 earnings per share for the current fiscal year.

Warner Music Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Thursday, August 20th were issued a dividend of $0.20 per share. This is an increase from Warner Music Group's previous quarterly dividend of $0.19. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Thursday, August 20th. Warner Music Group's dividend payout ratio is 63.49%.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Morgan Stanley reiterated an "overweight" rating and set a $36.00 price target on shares of Warner Music Group in a research note on Thursday, August 6th. Zacks Research lowered shares of Warner Music Group from a "hold" rating to a "strong sell" rating in a research note on Thursday, October 1st. Stonex Financia raised shares of Warner Music Group to a "strong-buy" rating in a research note on Wednesday, October 14th. Guggenheim reaffirmed a "buy" rating and set a $36.00 price objective on shares of Warner Music Group in a research report on Tuesday, September 29th. Finally, Wall Street Zen cut Warner Music Group from a "buy" rating to a "hold" rating in a research note on Saturday, July 18th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Warner Music Group presently has an average rating of "Moderate Buy" and a consensus price target of $38.27.

About Warner Music Group

Warner Music Group Corp. is a global music entertainment company that develops, records, distributes and promotes music. Its recorded-music operations work with artists across a range of genres and release music through labels including Atlantic Records, Warner Records, Elektra Music Group and Parlophone. The company distributes music through streaming platforms, digital services, physical formats and other channels.

Warner Music Group also operates Warner Chappell Music, one of the world's major music publishing companies.

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