Warner Music Group (NASDAQ:WMG) Hits New 12-Month High at $41.32

Warner Music Group Corp. (NASDAQ:WMG) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $41.32 and last traded at $41.18, with a volume of 956445 shares changing hands. The stock had previously closed at $40.04.

Several equities research analysts have commented on WMG shares. Zacks Investment Research lowered shares of Warner Music Group from a “buy” rating to a “hold” rating in a report on Thursday, August 5th. TheStreet raised shares of Warner Music Group from a “d+” rating to a “c-” rating in a report on Wednesday, September 8th. Finally, Tigress Financial upped their price target on shares of Warner Music Group from $42.00 to $48.00 and gave the company a “buy” rating in a report on Tuesday, August 17th. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Warner Music Group has an average rating of “Hold” and an average target price of $40.86.

The company has a market cap of $21.18 billion, a price-to-earnings ratio of 79.19 and a beta of 1.27. The company has a current ratio of 0.60, a quick ratio of 0.57 and a debt-to-equity ratio of 35.44. The stock’s fifty day simple moving average is $37.08 and its 200 day simple moving average is $35.99.

Warner Music Group (NASDAQ:WMG) last released its quarterly earnings data on Monday, August 2nd. The company reported $0.16 EPS for the quarter, beating the Zacks’ consensus estimate of $0.14 by $0.02. The company had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.20 billion. Warner Music Group had a net margin of 5.44% and a return on equity of 1,558.97%. Warner Music Group’s quarterly revenue was up 32.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.94) EPS. On average, analysts predict that Warner Music Group Corp. will post 0.74 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 1st. Stockholders of record on Wednesday, August 25th were issued a dividend of $0.15 per share. The ex-dividend date was Tuesday, August 24th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.46%. This is an increase from Warner Music Group’s previous quarterly dividend of $0.12. Warner Music Group’s dividend payout ratio (DPR) is currently -92.31%.

In related news, major shareholder Ai Entertainment Holdings Llc sold 3,133,907 shares of the stock in a transaction that occurred on Wednesday, September 8th. The shares were sold at an average price of $37.75, for a total transaction of $118,304,989.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 80.51% of the company’s stock.

A number of hedge funds have recently modified their holdings of the business. Parametric Portfolio Associates LLC boosted its position in Warner Music Group by 14.9% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 25,324 shares of the company’s stock valued at $913,000 after buying an additional 3,289 shares during the period. Marshall Wace LLP purchased a new stake in shares of Warner Music Group during the 2nd quarter worth $2,735,000. Marshall Wace North America L.P. purchased a new stake in shares of Warner Music Group during the 2nd quarter worth $2,782,000. Morgan Stanley lifted its position in shares of Warner Music Group by 78.0% during the 2nd quarter. Morgan Stanley now owns 1,189,242 shares of the company’s stock worth $42,860,000 after purchasing an additional 521,151 shares during the last quarter. Finally, Invesco Ltd. lifted its position in shares of Warner Music Group by 16.0% during the 2nd quarter. Invesco Ltd. now owns 2,801,034 shares of the company’s stock worth $100,950,000 after purchasing an additional 385,507 shares during the last quarter. 16.84% of the stock is owned by institutional investors.

About Warner Music Group (NASDAQ:WMG)

Warner Music Group Corp. operates as a music entertainment company in the United States, the United Kingdom, and internationally. The company 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 the related marketing, promotion, distribution, sale, and licensing of music created by such artists.

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