Citigroup Lowers Warner Music Group (NASDAQ:WMG) Price Target to $40.00

Warner Music Group (NASDAQ:WMG) had its price target reduced by equities research analysts at Citigroup from $41.00 to $40.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price target suggests a potential upside of 34.00% from the stock’s previous close.

Other equities analysts also recently issued research reports about the company. Wells Fargo & Company set a $39.00 target price on Warner Music Group and gave the company an “overweight” rating in a report on Tuesday, October 14th. Sanford C. Bernstein reiterated an “outperform” rating on shares of Warner Music Group in a research note on Wednesday, January 14th. Wall Street Zen downgraded shares of Warner Music Group from a “buy” rating to a “hold” rating in a research report on Saturday, January 3rd. Bank of America decreased their target price on shares of Warner Music Group from $36.00 to $33.00 and set a “neutral” rating for the company in a research note on Friday, November 21st. Finally, Jefferies Financial Group dropped their price target on shares of Warner Music Group from $38.00 to $35.00 and set a “buy” rating on the stock in a research note on Thursday, December 11th. Ten research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.88.

Warner Music Group Price Performance

WMG opened at $29.85 on Wednesday. The firm has a market capitalization of $15.59 billion, a P/E ratio of 42.64, a PEG ratio of 0.71 and a beta of 1.25. The stock has a fifty day moving average of $29.49 and a 200-day moving average of $31.17. The company has a quick ratio of 0.64, a current ratio of 0.66 and a debt-to-equity ratio of 5.77. Warner Music Group has a 12-month low of $25.56 and a 12-month 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 for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.14). The business had revenue of $1.87 billion for the quarter, compared to analysts’ expectations of $1.68 billion. Warner Music Group had a net margin of 5.44% and a return on equity of 47.78%. The business’s quarterly revenue was up 14.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.08 EPS. Equities analysts forecast that Warner Music Group will post 1.39 EPS for the current fiscal year.

Institutional Trading of Warner Music Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Nisa Investment Advisors LLC increased its holdings in shares of Warner Music Group by 120.1% during the 3rd quarter. Nisa Investment Advisors LLC now owns 865 shares of the company’s stock valued at $29,000 after acquiring an additional 472 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in Warner Music Group by 57.5% during the third quarter. Farther Finance Advisors LLC now owns 879 shares of the company’s stock valued at $30,000 after purchasing an additional 321 shares during the last quarter. GAMMA Investing LLC grew its holdings in Warner Music Group by 85.7% during the third quarter. GAMMA Investing LLC now owns 1,107 shares of the company’s stock valued at $38,000 after purchasing an additional 511 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its position in shares of Warner Music Group by 774.6% in the third quarter. Caitong International Asset Management Co. Ltd now owns 1,207 shares of the company’s stock valued at $41,000 after purchasing an additional 1,069 shares during the period. Finally, Mather Group LLC. acquired a new stake in shares of Warner Music Group in the third quarter worth $42,000. Institutional investors and hedge funds own 96.88% of the company’s stock.

About Warner Music Group

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.