Warner Music Group Corp. $WMG Stock: Hohimer Wealth Management LLC Boosts Position

Key Points

• Hohimer Wealth Management increased its Warner Music Group stake by 50.9% in the third quarter, adding 73,000 shares to reach 216,533 shares valued at about $5.98 million.
• Institutional investors and hedge funds hold 96.88% of WMG shares; several other firms also reported new or increased positions.
• Analysts give Warner Music Group a consensus “Moderate Buy” rating, with an average price target of $38.30, compared with a recent opening price of $31.30.

Hohimer Wealth Management LLC lifted its position in Warner Music Group Corp. (NASDAQ:WMG - Free Report) by 50.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 216,533 shares of the company's stock after purchasing an additional 73,000 shares during the quarter. Hohimer Wealth Management LLC's holdings in Warner Music Group were worth $5,978,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Continuum Advisory LLC acquired a new position in Warner Music Group in the second quarter valued at approximately $25,000. Root Financial Partners LLC acquired a new position in shares of Warner Music Group in the 3rd quarter valued at $29,000. Reyes Financial Architecture Inc. purchased a new stake in Warner Music Group during the third quarter worth $32,000. IFP Advisors Inc boosted its holdings in Warner Music Group by 108.6% during the third quarter. IFP Advisors Inc now owns 1,235 shares of the company's stock worth $34,000 after buying an additional 643 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in Warner Music Group by 148.1% during the first quarter. EverSource Wealth Advisors LLC now owns 2,377 shares of the company's stock worth $61,000 after buying an additional 1,419 shares in the last quarter. Institutional investors and hedge funds own 96.88% of the company's stock.

Warner Music Group Price Performance

NASDAQ WMG opened at $31.30 on Monday. Warner Music Group Corp. has a 52 week low of $23.34 and a 52 week high of $35.42. The company has a quick ratio of 0.72, a current ratio of 0.73 and a debt-to-equity ratio of 4.94. The business's fifty day simple moving average is $29.08 and its 200-day simple moving average is $28.62. The firm has a market cap of $16.37 billion, a PE ratio of 24.84, a P/E/G ratio of 0.44 and a beta of 1.34.

Wall Street Analysts Forecast Growth

WMG has been the topic of a number of recent analyst reports. Stonex Financial upgraded Warner Music Group to a "strong-buy" rating in a research report on Wednesday, October 14th. Guggenheim restated a "buy" rating and issued a $36.00 price objective on shares of Warner Music Group in a research report on Tuesday, September 29th. Zacks Research raised Warner Music Group from a "strong sell" rating to a "hold" rating in a research note on Friday, October 30th. Weiss Ratings upgraded Warner Music Group from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, October 16th. Finally, Morgan Stanley reissued an "overweight" rating and issued a $36.00 price target on shares of Warner Music Group in a research note on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Warner Music Group has a consensus rating of "Moderate Buy" and an average price target of $38.30.

Warner Music Group Company Profile

Warner Music Group is a global music entertainment company with two main businesses: recorded music and music publishing. Its recorded music operations discover and develop artists, release and market recordings, and distribute music through digital services and physical formats. The company works with artists across a range of genres and career stages.

Through its recorded music labels, including Atlantic Records, Warner Records and Elektra Records, Warner Music Group supports artists with services such as artist development, marketing and distribution.

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