Exchange Traded Concepts LLC Sells 18,953 Shares of Warner Music Group Corp. $WMG

Exchange Traded Concepts LLC lowered its holdings in shares of Warner Music Group Corp. (NASDAQ:WMG) by 32.3% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 39,683 shares of the company’s stock after selling 18,953 shares during the period. Exchange Traded Concepts LLC’s holdings in Warner Music Group were worth $1,352,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in WMG. Darsana Capital Partners LP grew its holdings in Warner Music Group by 14.3% during the 2nd quarter. Darsana Capital Partners LP now owns 8,000,000 shares of the company’s stock valued at $217,920,000 after buying an additional 1,000,000 shares in the last quarter. Artisan Partners Limited Partnership boosted its position in shares of Warner Music Group by 18.1% during the second quarter. Artisan Partners Limited Partnership now owns 2,025,727 shares of the company’s stock worth $55,181,000 after acquiring an additional 310,698 shares during the last quarter. Norges Bank purchased a new position in Warner Music Group during the second quarter valued at $31,485,000. Bank of New York Mellon Corp increased its holdings in Warner Music Group by 1.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,147,326 shares of the company’s stock valued at $31,253,000 after acquiring an additional 11,566 shares during the last quarter. Finally, E. Ohman J or Asset Management AB lifted its stake in Warner Music Group by 3.3% in the 2nd quarter. E. Ohman J or Asset Management AB now owns 1,048,077 shares of the company’s stock worth $28,550,000 after purchasing an additional 33,652 shares in the last quarter. 96.88% of the stock is owned by hedge funds and other institutional investors.

Warner Music Group Stock Performance

NASDAQ WMG opened at $29.95 on Friday. The company has a market cap of $15.65 billion, a P/E ratio of 42.79, a P/E/G ratio of 0.71 and a beta of 1.32. The company has a debt-to-equity ratio of 5.77, a quick ratio of 0.64 and a current ratio of 0.66. The business’s 50 day moving average price is $29.87 and its 200-day moving average price is $30.72. Warner Music Group Corp. has a fifty-two week low of $25.56 and a fifty-two week high of $36.64.

Warner Music Group (NASDAQ:WMG) last issued its quarterly earnings results on Thursday, November 20th. The company reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.14). The company had revenue of $1.87 billion during the quarter, compared to the consensus estimate of $1.68 billion. Warner Music Group had a return on equity of 47.78% and a net margin of 5.44%.The firm’s quarterly revenue was up 14.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.08 earnings per share. Sell-side analysts predict that Warner Music Group Corp. will post 1.39 earnings per share for the current year.

Warner Music Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 2nd. Investors of record on Wednesday, November 19th were paid a dividend of $0.19 per share. The ex-dividend date of this dividend was Wednesday, November 19th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.5%. Warner Music Group’s payout ratio is currently 108.57%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on WMG. Weiss Ratings restated a “hold (c)” rating on shares of Warner Music Group in a research report on Monday. Wells Fargo & Company set a $39.00 price objective on Warner Music Group and gave the stock an “overweight” rating in a research note on Tuesday, October 14th. Tigress Financial upped their price objective on Warner Music Group from $44.00 to $45.00 and gave the stock a “buy” rating in a report on Wednesday, September 10th. The Goldman Sachs Group reissued a “neutral” rating on shares of Warner Music Group in a report on Tuesday, November 25th. Finally, Bank of America reduced their price target on shares of Warner Music Group from $36.00 to $33.00 and set a “neutral” rating on the stock in a research report on Friday, November 21st. Eleven equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $34.94.

Warner Music Group Company Profile

Warner Music Group is a major global music company that operates across recorded music and music publishing. Its recorded-music business comprises a portfolio of well-known labels—including Atlantic, Warner Records and Parlophone—as well as distribution and artist-services operations that support both established and emerging artists. The company’s publishing arm, Warner Chappell Music, manages songwriting catalogs and administers rights for compositions across multiple media, providing licensing for film, television, advertising and other commercial uses.

WMG’s activities span the full music value chain: signing and developing artists, producing and marketing recordings, distributing music through physical channels and streaming platforms, and monetizing rights through licensing, synchronization and neighboring-rights collection.