Scotiabank upgraded shares of Warner Music Group (NASDAQ:WMG – Free Report) from a sector perform rating to a sector outperform rating in a research report released on Friday,Benzinga reports.
Several other brokerages have also recently weighed in on WMG. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Warner Music Group in a research report on Wednesday, January 14th. Weiss Ratings restated a “hold (c)” rating on shares of Warner Music Group in a report on Monday, December 29th. UBS Group set a $33.00 price target on Warner Music Group in a report on Friday, November 21st. Jefferies Financial Group decreased their price objective on Warner Music Group from $38.00 to $35.00 and set a “buy” rating for the company in a research note on Thursday, December 11th. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating on shares of Warner Music Group in a research report on Tuesday, November 25th. Twelve equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $35.69.
Get Our Latest Stock Analysis on Warner Music Group
Warner Music Group Price Performance
Warner Music Group (NASDAQ:WMG – Get Free Report) last released its quarterly earnings data on Thursday, February 5th. The company reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.07). Warner Music Group had a net margin of 4.43% and a return on equity of 38.33%. The firm had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the previous year, the firm earned $0.45 earnings per share. The business’s revenue was up 10.4% compared to the same quarter last year. On average, equities research analysts anticipate that Warner Music Group will post 1.39 earnings per share for the current fiscal year.
Warner Music Group Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 3rd. Shareholders of record on Wednesday, February 18th will be issued a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Wednesday, February 18th. Warner Music Group’s dividend payout ratio (DPR) is currently 131.03%.
Hedge Funds Weigh In On Warner Music Group
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Campbell & CO Investment Adviser LLC boosted its position in Warner Music Group by 762.5% in the 3rd quarter. Campbell & CO Investment Adviser LLC now owns 74,332 shares of the company’s stock worth $2,532,000 after purchasing an additional 65,714 shares in the last quarter. Covalis Capital LLP lifted its stake in shares of Warner Music Group by 203.1% in the 2nd quarter. Covalis Capital LLP now owns 566,627 shares of the company’s stock valued at $15,435,000 after purchasing an additional 379,661 shares during the period. Artisan Partners Limited Partnership lifted its stake in shares of Warner Music Group by 18.1% in the 2nd quarter. Artisan Partners Limited Partnership now owns 2,025,727 shares of the company’s stock valued at $55,181,000 after purchasing an additional 310,698 shares during the period. Thrivent Financial for Lutherans boosted its holdings in Warner Music Group by 6,227.3% during the third quarter. Thrivent Financial for Lutherans now owns 2,173,417 shares of the company’s stock worth $74,027,000 after buying an additional 2,139,067 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its position in Warner Music Group by 2.4% during the second quarter. Envestnet Asset Management Inc. now owns 301,988 shares of the company’s stock valued at $8,226,000 after buying an additional 6,989 shares during the period. 96.88% of the stock is owned by hedge funds and other institutional investors.
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.
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