Goldman Sachs Maintains Warner Music Group Buy Recommendation – 24/7 Wall St.

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Fintel reports that on August 10, 2023, Goldman Sachs maintained coverage of Warner Music Group Corp – (NASDAQ:WMG) with a Buy recommendation.

Analyst Price Forecast Suggests 1.68% Upside

As of August 2, 2023, the average one-year price target for Warner Music Group Corp – is 33.39. The forecasts range from a low of 26.26 to a high of $54.60. The average price target represents an increase of 1.68% from its latest reported closing price of 32.84.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Warner Music Group Corp – is 6,262MM, an increase of 5.28%. The projected annual non-GAAP EPS is 1.08.

Warner Music Group Corp – Declares $0.16 Dividend

On May 12, 2023 the company declared a regular quarterly dividend of $0.16 per share ($0.64 annualized). Shareholders of record as of May 23, 2023 received the payment on June 1, 2023. Previously, the company paid $0.16 per share.

At the current share price of $32.84 / share, the stock’s dividend yield is 1.95%.

Looking back five years and taking a sample every week, the average dividend yield has been 1.77%, the lowest has been 1.23%, and the highest has been 2.86%. The standard deviation of yields is 0.41 (n=138).

The current dividend yield is 0.45 standard deviations above the historical average.

Additionally, the company’s dividend payout ratio is 0.78. The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company’s income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

What is the Fund Sentiment?

There are 413 funds or institutions reporting positions in Warner Music Group Corp -. This is a decrease of 8 owner(s) or 1.90% in the last quarter. Average portfolio weight of all funds dedicated to WMG is 0.39%, a decrease of 8.25%. Total shares owned by institutions decreased in the last three months by 1.48% to 143,176K shares. The put/call ratio of WMG is 0.22, indicating a bullish outlook.

What are Other Shareholders Doing?

Sands Capital Management holds 10,269K shares representing 1.99% ownership of the company. In it’s prior filing, the firm reported owning 10,674K shares, representing a decrease of 3.94%. The firm decreased its portfolio allocation in WMG by 20.06% over the last quarter.

Capital World Investors holds 5,956K shares representing 1.15% ownership of the company. In it’s prior filing, the firm reported owning 4,815K shares, representing an increase of 19.17%. The firm increased its portfolio allocation in WMG by 14.31% over the last quarter.

Caledonia (Private) Investments Pty holds 5,458K shares representing 1.06% ownership of the company. In it’s prior filing, the firm reported owning 6,259K shares, representing a decrease of 14.66%. The firm decreased its portfolio allocation in WMG by 30.64% over the last quarter.

Cooke & Bieler holds 4,819K shares representing 0.93% ownership of the company. In it’s prior filing, the firm reported owning 1,931K shares, representing an increase of 59.93%. The firm increased its portfolio allocation in WMG by 84.76% over the last quarter.

Darlington Partners Capital Management holds 4,097K shares representing 0.79% ownership of the company. In it’s prior filing, the firm reported owning 4,478K shares, representing a decrease of 9.30%. The firm decreased its portfolio allocation in WMG by 28.23% over the last quarter.

Warner Music Group Background Information
(This description is provided by the company.)

With a legacy extending back over 200 years, Warner Music Group (WMG) today brings together artists, songwriters and entrepreneurs that are moving entertainment culture across the globe. Operating in more than 70 countries through a network of affiliates and licensees, WMG’s Recorded Music division includes renowned labels such as Asylum, Atlantic, Big Beat, Canvasback, Elektra, Erato, First Night, Fueled by Ramen, Nonesuch, Parlophone, Reprise, Rhino, Roadrunner, Sire, Spinnin’, Warner Records, Warner Classics and Warner Music Nashville. WMG’s music publishing arm, Warner Chappell Music, has a catalog of more than 1.4 million musical compositions spanning every musical genre, from the standards of the Great American Songbook to the biggest hits of the 21st century. Warner Music Group is also home to ADA, the independent artist and label services company, as well as consumer brands such as Songkick, the live music app; EMP, the merchandise e-tailer; and UPROXX, the youth culture destination.

This article originally appeared on Fintel

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