Loop Capital Cuts Warner Music Group (NASDAQ:WMG) Price Target to $35.00

Warner Music Group (NASDAQ:WMG) had its target price lowered by Loop Capital from $38.00 to $35.00 in a research report report published on Monday morning,Benzinga reports. The brokerage currently has a hold rating on the stock.

WMG has been the subject of a number of other research reports. Tigress Financial lowered their price objective on Warner Music Group from $52.00 to $44.00 and set a “buy” rating for the company in a research note on Thursday, September 12th. Macquarie restated a “neutral” rating and issued a $30.00 price target on shares of Warner Music Group in a research note on Friday, November 22nd. Wells Fargo & Company decreased their price target on Warner Music Group from $37.00 to $34.00 and set an “equal weight” rating for the company in a research note on Thursday, August 8th. Evercore ISI decreased their price target on Warner Music Group from $40.00 to $36.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on Warner Music Group from $42.00 to $36.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Two analysts have rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $35.79.

Warner Music Group Stock Down 0.9 %

Shares of NASDAQ:WMG opened at $32.10 on Monday. The stock has a 50 day moving average price of $31.93 and a 200-day moving average price of $30.64. The firm has a market capitalization of $16.63 billion, a P/E ratio of 38.67, a P/E/G ratio of 0.70 and a beta of 1.37. Warner Music Group has a 52-week low of $27.06 and a 52-week high of $38.05. The company has a debt-to-equity ratio of 5.95, a quick ratio of 0.65 and a current ratio of 0.68.

Warner Music Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 3rd. Stockholders of record on Tuesday, November 19th will be given a $0.18 dividend. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $0.72 annualized dividend and a dividend yield of 2.24%. Warner Music Group’s payout ratio is 86.75%.

Insider Activity

In related news, CEO Max Lousada sold 135,324 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $28.17, for a total value of $3,812,077.08. Following the sale, the chief executive officer now directly owns 2,725,964 shares in the company, valued at approximately $76,790,405.88. The trade was a 4.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 628,205 shares of company stock worth $17,628,757 over the last ninety days. Corporate insiders own 73.35% of the company’s stock.

Institutional Investors Weigh In On Warner Music Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Benjamin Edwards Inc. raised its position in Warner Music Group by 74.5% during the second quarter. Benjamin Edwards Inc. now owns 953 shares of the company’s stock valued at $29,000 after purchasing an additional 407 shares during the period. OmniStar Financial Group Inc. grew its stake in shares of Warner Music Group by 2.2% during the second quarter. OmniStar Financial Group Inc. now owns 19,812 shares of the company’s stock valued at $607,000 after buying an additional 420 shares during the last quarter. Capital City Trust Co. FL grew its stake in shares of Warner Music Group by 4.3% during the third quarter. Capital City Trust Co. FL now owns 10,422 shares of the company’s stock valued at $326,000 after buying an additional 431 shares during the last quarter. Sage Rhino Capital LLC grew its stake in shares of Warner Music Group by 2.8% during the second quarter. Sage Rhino Capital LLC now owns 17,548 shares of the company’s stock valued at $538,000 after buying an additional 473 shares during the last quarter. Finally, New York State Teachers Retirement System grew its stake in shares of Warner Music Group by 3.2% during the third quarter. New York State Teachers Retirement System now owns 20,743 shares of the company’s stock valued at $649,000 after buying an additional 643 shares during the last quarter. 96.88% of the stock is currently owned by hedge funds and other institutional investors.

Warner Music Group Company 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.