TD Cowen initiated coverage on shares of Warner Music Group (NASDAQ:WMG – Free Report) in a research note published on Tuesday, MarketBeat Ratings reports. The brokerage issued an outperform rating and a $38.00 price target on the stock.
A number of other research analysts have also issued reports on WMG. JPMorgan Chase & Co. cut their price target on shares of Warner Music Group from $42.00 to $40.00 in a research note on Tuesday, April 25th. Atlantic Securities downgraded shares of Warner Music Group from an overweight rating to a neutral rating and dropped their price objective for the company from $39.00 to $26.00 in a report on Friday, June 2nd. UBS Group initiated coverage on shares of Warner Music Group in a report on Thursday, June 29th. They issued a neutral rating and a $29.00 price objective on the stock. Morgan Stanley dropped their price objective on shares of Warner Music Group from $41.00 to $38.00 and set an overweight rating on the stock in a report on Friday, April 21st. Finally, Barclays dropped their price objective on shares of Warner Music Group from $34.00 to $30.00 in a report on Friday, May 12th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Warner Music Group has a consensus rating of Moderate Buy and an average target price of $35.38.
Warner Music Group Price Performance
Warner Music Group stock opened at $31.63 on Tuesday. The stock has a market cap of $16.32 billion, a price-to-earnings ratio of 38.95, a price-to-earnings-growth ratio of 4.28 and a beta of 1.58. The company has a debt-to-equity ratio of 14.98, a current ratio of 0.69 and a quick ratio of 0.66. Warner Music Group has a 1 year low of $21.57 and a 1 year high of $38.76. The firm has a 50-day moving average of $26.75 and a two-hundred day moving average of $30.25.
Warner Music Group (NASDAQ:WMG – Get Free Report) last posted its quarterly earnings results on Tuesday, May 9th. The company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.14). Warner Music Group had a net margin of 7.36% and a return on equity of 192.79%. The business had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter in the prior year, the firm posted $0.18 EPS. The company’s revenue for the quarter was up 1.7% compared to the same quarter last year. On average, research analysts forecast that Warner Music Group will post 0.78 earnings per share for the current year.
Warner Music Group Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 1st. Stockholders of record on Tuesday, May 23rd were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 2.02%. The ex-dividend date of this dividend was Monday, May 22nd. Warner Music Group’s payout ratio is 79.01%.
Institutional Inflows and Outflows
A number of institutional investors have recently added to or reduced their stakes in WMG. FMR LLC raised its holdings in Warner Music Group by 2.3% during the first quarter. FMR LLC now owns 17,580,758 shares of the company’s stock worth $586,670,000 after purchasing an additional 399,304 shares in the last quarter. Vanguard Group Inc. raised its holdings in Warner Music Group by 0.6% during the third quarter. Vanguard Group Inc. now owns 10,284,488 shares of the company’s stock worth $238,703,000 after purchasing an additional 58,655 shares in the last quarter. BlackRock Inc. raised its holdings in Warner Music Group by 7.1% during the third quarter. BlackRock Inc. now owns 4,871,662 shares of the company’s stock worth $113,071,000 after purchasing an additional 323,128 shares in the last quarter. Jackson Square Partners LLC raised its holdings in Warner Music Group by 5.2% during the first quarter. Jackson Square Partners LLC now owns 4,016,398 shares of the company’s stock worth $134,027,000 after purchasing an additional 199,463 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in Warner Music Group by 11.0% during the first quarter. Invesco Ltd. now owns 2,362,008 shares of the company’s stock worth $89,402,000 after purchasing an additional 235,010 shares in the last quarter. Hedge funds and other institutional investors own 21.89% of the company’s stock.
About Warner Music Group
(Get Free Report)
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.
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