Warner Music Group (NASDAQ:WMG) Price Target Cut to $35.00 by Analysts at Loop Capital

Warner Music Group (NASDAQ:WMG) had its price target reduced by Loop Capital from $38.00 to $35.00 in a research note published on Monday morning,Benzinga reports. Loop Capital currently has a hold rating on the stock.

A number of other research firms have also recently issued reports on WMG. Bank of America reaffirmed an “underperform” rating and issued a $30.00 price target (down from $33.00) on shares of Warner Music Group in a report on Friday, October 4th. JPMorgan Chase & Co. cut their price target on Warner Music Group from $41.00 to $40.00 and set an “overweight” rating for the company in a report on Friday. Tigress Financial cut their price target on Warner Music Group from $52.00 to $44.00 and set a “buy” rating for the company in a report on Thursday, September 12th. Barclays cut their price target on Warner Music Group from $32.00 to $31.00 and set an “equal weight” rating for the company in a report on Friday. Finally, Macquarie reaffirmed a “neutral” rating and issued a $30.00 price target on shares of Warner Music Group in a report on Friday. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $35.79.

Warner Music Group Stock Up 0.6 %

Shares of NASDAQ WMG opened at $32.05 on Monday. The stock has a market cap of $16.60 billion, a PE ratio of 38.61, a PEG ratio of 1.00 and a beta of 1.37. The business has a fifty day moving average of $31.82 and a two-hundred day moving average of $30.61. Warner Music Group has a 52-week low of $27.06 and a 52-week high of $38.05. The company has a debt-to-equity ratio of 5.95, a quick ratio of 0.65 and a current ratio of 0.68.

Warner Music Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Stockholders of record on Tuesday, November 19th will be given a dividend of $0.18 per share. The ex-dividend date is Tuesday, November 19th. This represents a $0.72 annualized dividend and a dividend yield of 2.25%. Warner Music Group’s payout ratio is currently 86.75%.

Insider Transactions at Warner Music Group

In related news, CEO Max Lousada sold 64,047 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $28.25, for a total value of $1,809,327.75. Following the completion of the transaction, the chief executive officer now directly owns 2,909,422 shares in the company, valued at approximately $82,191,171.50. The trade was a 2.15 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last ninety days, insiders sold 628,205 shares of company stock worth $17,628,757. 73.35% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Warner Music Group

Several institutional investors and hedge funds have recently modified their holdings of WMG. Benjamin Edwards Inc. grew its position in shares of Warner Music Group by 74.5% in the 2nd quarter. Benjamin Edwards Inc. now owns 953 shares of the company’s stock valued at $29,000 after purchasing an additional 407 shares during the period. Concord Wealth Partners acquired a new position in shares of Warner Music Group in the 3rd quarter valued at approximately $30,000. ORG Partners LLC lifted its stake in Warner Music Group by 5,790.5% in the 2nd quarter. ORG Partners LLC now owns 1,237 shares of the company’s stock valued at $37,000 after acquiring an additional 1,216 shares in the last quarter. Assetmark Inc. lifted its stake in Warner Music Group by 9,400.0% in the 3rd quarter. Assetmark Inc. now owns 1,235 shares of the company’s stock valued at $39,000 after acquiring an additional 1,222 shares in the last quarter. Finally, ORG Wealth Partners LLC bought a new stake in Warner Music Group in the 3rd quarter valued at approximately $73,000. 96.88% of the stock is currently owned by institutional investors and hedge funds.

Warner Music Group Company Profile

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.