Warner Music Group Corp. (NASDAQ:WMG) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC trimmed its position in Warner Music Group Corp. (NASDAQ:WMG) by 80.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 430,697 shares of the company’s stock after selling 1,762,343 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.08% of Warner Music Group worth $15,415,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Ossiam lifted its position in Warner Music Group by 31.1% in the first quarter. Ossiam now owns 1,787 shares of the company’s stock valued at $60,000 after buying an additional 424 shares during the last quarter. Royal Bank of Canada raised its stake in shares of Warner Music Group by 3.1% in the 2nd quarter. Royal Bank of Canada now owns 16,790 shares of the company’s stock valued at $439,000 after acquiring an additional 504 shares during the period. Exchange Traded Concepts LLC lifted its holdings in shares of Warner Music Group by 6.3% in the 4th quarter. Exchange Traded Concepts LLC now owns 9,224 shares of the company’s stock worth $330,000 after acquiring an additional 545 shares during the last quarter. Neuberger Berman Group LLC lifted its holdings in shares of Warner Music Group by 0.3% in the 3rd quarter. Neuberger Berman Group LLC now owns 178,664 shares of the company’s stock worth $4,147,000 after acquiring an additional 579 shares during the last quarter. Finally, State of Wyoming boosted its position in shares of Warner Music Group by 20.4% during the 4th quarter. State of Wyoming now owns 3,913 shares of the company’s stock worth $137,000 after purchasing an additional 664 shares during the period. Hedge funds and other institutional investors own 96.88% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on WMG shares. Redburn Atlantic upgraded Warner Music Group from a “sell” rating to a “neutral” rating and upped their price target for the stock from $17.00 to $21.00 in a research note on Monday, February 5th. Guggenheim decreased their target price on Warner Music Group from $46.00 to $45.00 and set a “buy” rating on the stock in a research note on Friday, April 5th. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Warner Music Group currently has an average rating of “Moderate Buy” and a consensus price target of $36.81.

Warner Music Group Stock Up 0.1 %

Shares of Warner Music Group stock opened at $33.46 on Tuesday. Warner Music Group Corp. has a 52-week low of $23.62 and a 52-week high of $38.05. The company has a 50 day moving average of $34.33 and a 200 day moving average of $33.99. The company has a quick ratio of 0.67, a current ratio of 0.70 and a debt-to-equity ratio of 6.50. The company has a market capitalization of $17.33 billion, a P/E ratio of 38.02, a P/E/G ratio of 2.10 and a beta of 1.46.

Warner Music Group (NASDAQ:WMG) last released its quarterly earnings data on Wednesday, February 7th. The company reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.13). The firm had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.68 billion. Warner Music Group had a return on equity of 128.86% and a net margin of 7.42%. As a group, research analysts forecast that Warner Music Group Corp. will post 0.99 EPS for the current fiscal year.

Warner Music Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Thursday, February 22nd were issued a $0.17 dividend. The ex-dividend date was Wednesday, February 21st. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.03%. Warner Music Group’s payout ratio is currently 77.27%.

Warner Music Group 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.